Home News Genius Yield raises $118M via ISPO in first 48 hours

Genius Yield raises $118M via ISPO in first 48 hours

1289
0

Genius Yield, a decentralised automated market maker and liquidity management protocol based on the Cardano (ADA) blockchain, launched its first stake pool offering, or ISPO, on December 15. The fundraising campaign will last six months, from June 15, 2022, through June 15, 2023. At the time of writing, the stake pools had been allotted about 95.8 million ADA, valued at around $118 million.

In exchange for tokens of the new project they invest in during an ISPO, blockchain enthusiasts stake their cryptos in a protocol. After a lockup period has expired, investors can reclaim their staked cryptos. This approach allows investors to not only benefit, but also to get their money back on paper. Of course, the setup is still prone to risks. Such as technical breakdowns, hacking, and rug pulls, which are less visible with more traditional fundraising methods.

Users can receive the GENS token by depositing ADA from their Cardano wallet. Such as Yoroi, into one of four GENS stake pools. Genius Yield developers claim that ISPO investors will receive 10 million GENS tokens out of a total supply of 100 million. They’ll also get a share of the platform’s transaction fees, which will be worth 20%.

The money will be utilisable in part to develop a solution on the Genius Yield platform. That will allow consumers to profit from advanced algorithmic trading methods and yield optimization. Dr Sothy Kol-Men, the co-founder of Genius Yield, said the platform is working on a “community-driven training and mentorship” program to teach users about DeFi.

Previous articleSBI Group launches crypto-asset fund for Japanese investors
Next articlePolygon and Reddit co-founder launch $200M fund