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The project announced the listing via its Twitter account two days ago, April 11th, urging the users to claim their first token unlock (15%) as part of the announcement. Pancakeswap itself is a popular DEX whose native cryptocurrency, CAKE, is the 40th-largest coin by market cap at the time of writing.
Meanwhile, on its Telegram channel, DeFiDrop also announced a number of new developments in the coming week, including the unveiling of an advisor and partnership, DROPS staking, and SCORE, followed by tiers information for its first IDO.
What is DeFiDrop?
As mentioned, DeFiDrop is a new project that offers a DeFi-specific launchpad. The launchpad for DeFi is a necessary invention for a number of reasons. First of all, DeFi is higher than ever, and despite the fact that it was considered a 2020 “trend,” DeFi is now much more than that.
It has grown to become a legitimate sector of the crypto industry, and one of the main directions in which the industry is developing. At the time of writing (April 13th), the DeFi sector has a total value locked of 53.45 Billion USD, which is its brand new all-time high. On top of that, the sector continues to attract more money, more traders/investors, and more developers who are constantly coming up with new projects.
It is these developers that seek a DeFi launchpad, which can help them focus on development, rather than on marketing, or creating a community that would invest when their project is ready to launch. Of course, there are many other launchpads out there, but those are generic launchpads that offer the same services for the entire crypto industry.
DeFi may fall under the category of altcoins, but they are a different sort, and as such, they require a specific launchpad. DeFiDrop also focuses on projects whose developers wish to remain anonymous. Under any other circumstances, this would be something that would awake distrust in the project, as the crypto world typically considers anonymous developers untrustworthy and shady, at best. But, there are many reasons why developers wouldn’t want their identities known.
DeFiDrop will help them launch a project successfully without having to reveal themselves, by doing its own checks and making sure to only launch legitimate projects. So, by trusting the platform, investors do not need to know who developers are in order to have confidence in the project.
Apart from the launchpad, the platform also offers an incubator for DeFi projects, which will allow them to quickly stand on their own two feet and take off with more success than they would have if they were left to find their own way in the world.
What do You Need to Know About DeFiDrop?
Before we continue, there are a few things to note about the project. For example, the project has been fully audited by HashEx, which confirmed that DeFiDrop itself is a legitimate, clean project that doesn’t have any suspicious dealings on the side, or other red flags that might be troublesome for the users. It is not in charge of the custody over the users’ funds — instead, it uses CryptEx Locker for that purpose.
As mentioned, it was launched on PancakeSwap, where it can be obtained in exchange for a variety of different tokens, including BNB — the third-largest coin, with which it has a special connection, as we will explain soon.
But, before that, we should also note that DeFiDrop has partnered with a number of DeFi powerhouses, including DeFiBoost, UniMex, HashEx, CryptEx Locker, and others, which the project aims to unveil soon, as mentioned.
Next, the project also comes with a variety of great features that DeFi fans will appreciate very much, including:
- DROPS staking and LP staking programs
- Token buybacks/Token burns — periodic buybacks and burns using IDO/incubator fees
- DROPS holders and stakers tiered model for private and public sale allocations
- DROPS stakers governance for IDOs
- Cross-chain IDOs and fees
- Cross-chain token listings/Atomic swap
The project also recently held a private sale for its DROPS token, which was concluded in record time. The entire sale was over in under 2 minutes, with the project selling 7.5 million DROPS tokens in exchange for 750,000 USD in BNB. The public presale was extremely successful, as well. This one offered 20,000,000 DROPS tokens to users who managed to buy every last one of them in less than a day.
How does DeFiDrop Work?
DeFiDrop, as the name suggests, is a decentralized project, which relies on smart contracts to ensure the security and reliability of investing in upcoming DeFi protocols. Through the use of smart contracts, users can rest assured that there are no single points of failure that could be attributed to human error. In other words, the project is completely trustless and automated, which further improves its security.
This means that projects and users alike can participate in the IDO process seamlessly, to the mutual success and benefit of all of the ecosystem’s participants.
Of course, the project also has a list of recommendations and requirements for any project that plans to apply for launch on its platform. Those include:
- Trustless and immutable code
- No minting of any kind
- Minimum base liquidity ock on DEX
- Minimum base team token lock/Vesting
- Proof of concept or MVP pre-IDO
- Networking, which is important in crypto itself, but crucial for DeFi
- Optional KYC by DeFiDrop only
- Code audits
So far, the project has functioned perfectly, and there was only a single minor issue following the public sale, which was a minor claim time offset due to the public sale ending early. The project promised to do a 500 BNB buyback at the time of token unlock to make up for it, and it delivered on that promise, further proving its legitimacy and respect for its community.
DeFiDrop is a new project that aims to offer a DeFi-specific launchpad and an incubator for DeFi projects, thus providing a new, easier experience for project developers and users alike. It is fully automated, and it operates through the use of smart contracts, increasing security and minimizing the possibility of an error. So far, it has partnered with some highly successful projects and reputable firms, with which it cooperates for audits, token custody, and more. Also, its token recently got listed on Pancakeswap, meaning that it is already available for users interested in participating in staking, governance, and other benefits of joining the project.
In short, it is a new company that provides DeFi-specific services, and with the sector advancing as quickly as it is, these and other services that are specially tailored for DeFi projects are likely to be in high demand. And, with DeFiDrop currently being the only provider, the company will likely be very busy in weeks, months, and even years to come.