Place/Date: Tallinn, Estonia - May 13th, 2021 at 8:54 am UTC · 2 min read
Contact: Relite Finance, Source: Relite Finance
Relite Finance, a cross-chain lending protocol powered by Polkadot, announced the IDO of its native $RELI token on Ignition launchpad. The initial dex offering will happen on Monday, May 17, at the leading IDO venue powered by PAID.
Shortly after the IDO, the Relite token will be listed on Uniswap exchange under the $RELI ticker. The team also plans to expand the list of exchanges, including some centralized ones in the upcoming months.
Earlier in April, the Relite project announced that it had conducted the private sale round, raising over $1MM. It is worth noticing that while the stage’s cap was limited to $1,006,460, the private sale was highly coveted, thus, oversubscribed by nearly $100 million. Relite also recently announced the addition of key strategic advisors, including industry heavyweights Kyle Chasse & Orion Depp of Master Ventures, Dr. Deeban Ratneswaran of GD10, and Marco Calicchia of Certik.
George Groshkov, Relite CEO, has empathized the importance of the upcoming event:
“We are excited about the launch of RELI token with the PAID Network and proud to be a gamechanger in the DeFi landscape. We’d like to thank our community for the continuous support of our project and our long-term goals. We have exciting plans for the future, not only to launch a truly interoperable cross-chain DeFi lending platform but also to offer NFT-collateralized loans.”
The IDO whitelist has closed on May 10, yet, the winners are to be announced shortly. There was an overwhelming interest among the DeFi community, resulting in more than 10,000 participants signed up for the Relite IDO.
Relite Finance is a cross-chain DeFi money market protocol that enables users to lend, borrow, and stake all crypto assets in one interface by utilizing Polkadot’s Moonbeam Parachain, bridges, and a unique reserve fund module. Relite plans on creating interoperability with Bitcoin, Ethereum, and other blockchains. In addition, Relite plans to implement collateralization of NFTs with better fees and usability than other protocols can offer. Follow Relite on Twitter and Telegram.