ShadowSwap Launches IFO Model to Enhance Core
ShadowSwap decentralised exchange (DEX), a protocol built on Core Blockchain, has announced the launch of an Initial Farm Offering (IFO) model to maximise community engagement and strengthen the Core ecosystem.
The IFO model features the iSHDW initiative, thereby permitting users to commit the DEX ecosystem’s native token, SHDW, to take part in upcoming IFOs on the ShadowPad launchpad.
What is the ShadowSwap IFO model and how does it work?
The ShadowSwap IFO model promotes the stability of SHDW through the iSHDW mechanism and provides pre-launch support (in the form of IFOs) to projects launching on Core via the ShadowPad.
The iSHDW mechanism is relatively easy to understand. iSHDW works in the form of credits. For example, 1,000 iSHDW enables you to commit 1,000 SHDW in upcoming IFOs on ShadowPad.
It should be noted that iSHDW is not a new token. Rather it is a mechanism to determine the maximum amount of SHDW a user can commit to the IFO system. You can obtain iSHDW by staking SHDW in Shadow Pools. The longer the staking duration, the more iSHDW will be allocated to you.
The lock duration threshold is set for six weeks. This basically means that you will not receive the full iSHDW allocation if you stake SHDW for a period below six weeks. You will receive the full allocation if you stake the cryptocurrency for a lock period meeting or surpassing the threshold.
This, of course, will come with the passive income you earn through staking in Shadow Pools. This move will improve the stability of SHDW, as users will stake the crypto token to receive maximum iSHDW allocation and participate in IFOs. ShadowSwap has also launched token vesting.
According to a tweet published by the DEX on 18 March, the token vesting feature "gradually releases tokens, boosting IFO allocation for users and avoiding supply shocks on project launching as we have seen across all IFOs/IDOs done on Core".
These moves will lead to healthier project launches on Core and encourage solid community building and engagement. It is likely that large IFO raises will take place, encouraging developers to build on Core and launch via the ShadowPad.
Source: Twitter (arewa_crypto)
Overall, the move seems to be a solid one, with ShadowSwap promising a Twitter user that a "special Q&A" session will be conducted for further details into the IFO model.
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!