Genius Yield raised US$118 million through ISPO in the first 48 hours

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On December 15, Genius Yield, a Cardano-based decentralized automated market maker and liquidity management protocol.have) Blockchain, announced the launch of its initial equity pool product or ISPO. The fundraising event will last for six months until June 15, 2022. At the time of publication, there are already more than 95.8 million ADAs, valued at approximately US$118 million at the time of writing. Commission To the equity pool.

In ISPO, blockchain enthusiasts bet their passwords in an agreement and receive tokens for new projects they fund as rewards. After the lock-up period, investors can withdraw their pledged cryptocurrency. By using this method, investors can not only get income, but also can recover the initial investment on paper. Of course, this setup is still vulnerable to risks such as technical failure, hacking, or carpet pulling, which are not obvious in more orthodox financing methods.

In this particular ISPO, users deposit their ADA from their Cardano wallet (e.g. Yoroi) into one of the four GENS equity pools and receive GENS tokens. According to the developer of Genius Yield, out of 100 million total supply, 10 million GENS tokens will be distributed to ISPO investors. In addition, they will also charge a 20% transaction fee on the platform.

related: MELD’s 1B USD ISPO highlights emerging use cases for Cardano cryptocurrency fundraising

Part of these funds will be used to build a solution that enables users to benefit from advanced algorithmic trading strategies and profit optimization on the Genius Yield platform. Dr. Sothy Kol-Men, co-founder of Genius Yield, said that the platform is establishing a “community-driven education and guidance” program to teach users decentralized finance or DeFi.