Cryptocurrencies were designed to leverage new technologies and expand opportunities, create a fairer system and build a better world for the financially disenfranchised. Decentralized systems and Web 3.0 represent the future of finance, and should stand for fairness, equal participation, and access to ecosystem value for all participants.
However, this has not always been the case. As the turbulence of the past few months in the crypto markets has shown, the industry can sometimes fall victim to its own hype. IDOs have become similar to the much-hyped ICOs of 2017 where everyone’s focus is on token price multiples and most token holders are just in it to make a quick buck. Many projects use any launchpad they can to get their token launched and then fail to produce anything of substance.
The current system determines whether a project has merit or not based on the performance of its IDO. A good example is Polkastarter which has strayed away from providing network utility and adoption and has become more of a hype pad. In fact, many of its launched projects are not even building on Polkadot anymore. The fact is launch success is a poor signal of merit.
This oversaturation of IDOs, and IDO Launchpads for that matter, seems to indicate that they’ve become the end-goal for many projects. Launches should instead be the turning of a new chapter for a project, an indication of its direction and the means to an end.
Enter Purpose-Built Launches
Launchpads need to change, conceptually. Instead of being a voting system on whether the project will succeed based on the value it trades at, it should be based on whether the project will provide value to the ecosystem of the network it’s built on, or to the industry as a whole.
Some projects have reverted to using their launch to signal their commitment to a specific network or ecosystem development they’re trying to achieve. An example of this is Cirus Foundation which is building a Web 3.0 data monetization platform. Over the past few weeks, the project has been through a series of accomplishments including the implementation of a dual IDO that contrasts against current practices.
Using a purpose-built model, Cirus partnered with two launchpads to make its CIRUS token widely available. It was selected as the Flagship project for Scaleswap, a premier L2 IDO launchpad which focuses on fairness, transparency and inclusion for the community. Likewise, the project partnered with MantraDAO’s new ZENDIT launchpad which brings DeFi integrations on the same standard and will bring opportunities for Cirus’ users to re-invest their passive income from data-revenue.
Both L2 IDO launchpads work with the popular full stack scalability solution Polygon. Cirus has already integrated with Polygon and has chosen to work with projects who reflect the same long-term vision of building scalable services. As a result, it was possible to carefully plan participation tiers, investment caps, whitelisting strategy, public and private pools, and initial allocations with maximization of user value and accessibility in mind.
A Better Ecosystem
The purpose-built dual IDO strategy proved successful as the CIRUS token ranked 7th on the top 10 most visited digital assets on CryptoRank over the past week. Moreover, this integrated and purpose-built approach to the launch helped create value for the whole ecosystem. The project has become a clear example of how a guided launch should occur, and hopefully paves the way for future projects. It has invited other ETH Layer 2 participants to support the project. Among these is Dfyn.network and others are in the pipeline.
In “one last thing” fashion, the team also announced that former Apple CEO Gil Amelio would be joining Cirus as a senior advisor. The seasoned executive has shared his thoughts on Cirus’ potential as a bridge for mainstream users.
At Cirus we will be building the inroads for [data ownership] to be possible and we are starting from the ground up. Blockchain is the next mega-trend and with Cirus we’re seeing the first project that nails its mass adoption.
Amelio’s long tenure as a director at telecom giant AT&T will certainly be a huge benefit to the project as well.
Altogether, Cirus’ focus on the potential of blockchain beyond speculation has been welcomed by industry leaders inside and outside the blockchain space. A purpose-built launch, strategic partnerships, and counting on insights from an industry veteran are the right steps to take in the direction of crypto’s original goals.