Sologenic’s IDO Launchpad: Unlocking Funding Opportunities for Developers and Start-Ups on the XRPL
An Initial DEX Offering (IDO) is a popular fundraising method that leverages decentralized exchanges to allow early-stage projects to issue tokens and raise funds directly from the public. Through the Sologenic IDO Launchpad, blockchain projects can easily create and promote their offerings with a streamlined process on the XRP Ledger.
The XRPL provides a strong platform for projects to launch IDOs due to its fast transaction times and low fees. Synergically, the ledger’s built-in decentralized exchange utilized by Sologenic provides a seamless way for users to trade their tokens immediately after purchasing them during an IDO.
How to create an IDO on Sologenic
Operating on a decentralized public blockchain, any user can create and launch an offering. There are two scenarios to consider amidst starting the process:
- If the token to be employed for the IDO does not exist at the time of creation, users will have the option to issue a new XRPL token through the streamlined process within Sologenic.
- If the token already exists within the ledger and has been listed in the Sologenic Market Index; users need to employ the same wallet that is associated with that token on the Sologenic database.
To create an IDO, the user is required to provide the following information:
- Total Token Supply: The maximum supply of tokens for the specific IDO.
- Name: The name of the IDO.
- Link: An external link to the promotional page for the IDO or general project page.
- IDO Stages: The dates for each stage in which the IDO will be promoted.
When creating an IDO on Sologenic, there is no limit to the number of stages that can be created, but if there is a live or upcoming IDO, another one cannot be created for that token at the same time. Each stage requires specific information such as the start and end date, the stage supply, price per unit in USD, name, description, and an external promotional link.
Managing and Updating Your IDO
The IDO creator can update all information regarding the offering on the dashboard as many times as the user intends, as long as the IDO is still in the unpublished status.
Token ownership validation is performed before allowing any changes, just as it was done during creation. Upon passing the validation, the current information of the IDO to be updated is displayed in the form and the user can then freely update it before saving.
The status of an IDO cannot be changed through the update process. It is reserved only for the publishing process which can signal one of the three following status:
- UNPUBLISHED: The initial status from creation until publishing. This is the only status that the creator can update details on. IDOs in this status are only visible to the creator but not to the public. They won’t show up in the search, either.
- PUBLISHED: The status where the creator cannot update IDO information anymore. Once the status marks PUBLISHED, the creator can update the status to HIDDEN but cannot revert it back to UNPUBLISHED. In this stage, the IDO will be visible and searchable by the public.
- HIDDEN: The status used when the creator decides to make a published IDO inaccessible to the public.
The IDO Launchpad on the Sologenic Ecosystem
Last year, the Sologenic team launched the Market Index — a component that provides real-time metrics and pricing of the top XRPL tokens directly on the Sologenic DEX web application. The index showcases relevant information for potential investors such as tokenomics, market capitalization, trading volume, and information about the project behind each token.
Furthermore, the team also introduced a fully decentralized voting mechanism that allows users to vote “one-time” in favour or against a project token by signing a transaction on the ledger. This feature is called Trust Score and will appear on the IDO page with the aim to promote community trust and transparency within a decentralized ecosystem.
Similar to the NFT Marketplace, the IDO Launchpad will have a keyword search feature that allows users to find IDOs based on their name, stage name, or token symbol. The search will be case-insensitive, but the presence of a space between keywords may affect search results.
Overall, the Sologenic IDO Launchpad was created to drive innovation and growth within the blockchain space by providing dApp developers with a new way to raise capital and fund their projects. As more projects turn to IDOs to raise capital, the XRP Ledger’s fast, efficient, and cost-effective rails will become increasingly valuable.
Sologenic is a sophisticated ecosystem built on top of the XRPL offering decentralized applications catering to both experienced traders and new blockchain users. Users can trade in the Sologenic DEX, the NFT Marketplace, and use the SOLO Wallet while being in control of their assets at all times. The SOLO token enables the use of these applications through a burn mechanism.