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KICK.IO, a pioneering decentralized fundraising platform on the Cardano blockchain is set to conduct its token’s public sale on ExMarkets, an emerging IDO launchpad.
Scheduled to hold on September 16, the Kick.io token sale will make a major milestone for the protocol, as the Cardano blockchain is on track to launch the Alonzo Upgrade, a network shift that will usher in numerous smart contracts on the scalable network.
The current hardcap of the proposed token sale is pegged at $22,680,000, a figure that indicates an endless possibility for the token. The Kick.io token sale is billed to take place in different stages. The Phase 1 of the token sale will see 24,500,000 tokens being sold for a price of $0.22 per token, and Phase 2 of the token sale will see 14,000,000 tokens being sold for $0.26 per token.
Participation in the token sale will be accompanied by a 6-month lockup, with a 10-months vesting period. Exactly 10% of the tokens purchased will be released every month, a model that is so designed to prevent a massive falloff of the token with combined investor selloffs.
The Need for Kick.io on the Cardano Blockchain
The world of decentralized finance (DeFi) has witnessed remarkable growth in the past year as definitive protocols have emerged in the space. With the broader acceptance of what DeFi has to offer, the primary blockchain built to support DeFi protocols, that is the Ethereum blockchain has been pushed to its limits. The implication of this push is an unending congestion that makes gas or network fees extremely expensive. Scalability is also an impediment, and this all begs the need for a more resilient, scalable and cheap network.
This puts Cardano on the radar. While there are a number of supposedly functional Ethereum killers, Cardano is on track to bust all bubbles with its supposedly superior technology. Many DApps and smart contracts will now be making their debut on Cardano, and there will be a need for these projects to raise funds through token sales. This is where the Kick.io platform seeks to make a change.
The platform seeks to bring the principle of decentralization into the project financing in such a way as to guarantee fairness to investors. Projects also have their tokens evenly distributed with a liftoff secured from a wide range of early investors.
“Everything we do is governed by a philosophy of decentralization — funds raised are distributed directly to projects, tokens purchased are sent directly to the personal wallets of users without burdensome checks or unnecessary delay. We also take financial sustainability and inclusion seriously, working diligently to ensure that our efforts benefit all stakeholders, helping to evolve the reputation and maturity of the DeFi industry,” the project detailed in its description.
The Kick.io platform will have the native Cardano token support and will handpick projects that has what it takes to add value to the Cardano ecosystem.
A Fair for All IDO
The role of Kick.io according to the project Whitepaper is not designed to place a burden on either token issuers or investors. Unlike what is on offer by existing IDO launchpads, Kick.io is very upfront with its fees. After the IDO, the project is billed to receive a total of 92.5% of the funds, and the remaining 7.5% are allocated for endorsement rewards platform Commission fee which comes in at 5 and 2.5% respectively.
By the project roadmap, the Kick.io platform is expected to attain maximum functionality by Q4 2022.