Enterprise-grade decentralized finance (DeFi) platform Trace Network is all set to host its Initial DEX Offering (IDO) of its native token $TRACE on Sushiswap’s recently revealed IDO launchpad MISO. Trace is amongst a few very early projects to be conducting its IDO on MISO.
Trace is an innovative project that brings together DeFi, NFTs, and real-world enterprises onto a single platform. During its initial funding rounds, Trace Network managed to get the backing of some of the blockchain industry’s top-shot investors like Morning Star, Spark Capital, LD Capital, OKEx Blockdream Ventures, and more. Now, with the launch of its IDO, Trace Network aims at roping in the attention of the public.
Due to their decentralized nature, IDOs have become a new favorite way of launching tokens, with more and more crypto projects choosing them over ICOs or IEOs. By eliminating the need for middlemen and providing instant liquidity, IDOs make it extremely convenient for the public to participate in the launch of the token. Given its benefits, it’s clear why Trace Network chose to go public with an IDO.
According to the Trace Network team, the project’s IDO will have a total allocation of $100,000 with each $TRACE token priced at $0.20, i.e., 500,000 $TRACE tokens will be sold during the IDO. The whitelist for the IDO is set to start on June 9, 2021, and remain live till June 11. The project will announce the winners the following day, on 12th, whereas the IDO will officially commence on June 15. All TRACE tokens will be 100% redeemable on the MISO launchpad.
Trace Network: Solving Enterprise Business Problems with DeFi and NFTs
Today’s enterprise business space is anything but perfect. Since their inception, businesses have to face problems in the supply chain that limit their growth and also cost them a fortune to manage. Some of these problems include disconnected data exchange within the company, production of counterfeit products and their inclusion in the supply chain, delayed trade settlements, and the lack of visibility across the supply chain. Even after years of trials, the problems don’t cease to exist. That’s a woe that Trace Network says it has the technology to solve.
Trace Network is an enterprise-grade, DeFi protocol that aims to solve the challenges faced by these businesses through the use of NFTs and DeFi. With its main focus on fashion, lifestyle, and luxury goods sectors, Trace has come up with three viable solutions for these problems.
Firstly, Trace says that it will allow businesses to mint an NFT every time they create a new product. These NFTs will then act as a QR code and can track the movement of the new products through the supply chain. The NFTs will also provide a way for customers to verify the authenticity of the product, thus eliminating counterfeit products.
Secondly, Trace promises to facilitate sharing of data between trade partners in a secure and organized manner through its Electronic Data Interchange smart contract. The project claims that businesses will be able to easily integrate the smart contract to bring visibility and trust across the supply chain.
Finally, it seeks to solve the financing issues of these businesses by leveraging the power of DeFi. DeFi helps solve the current trading issues by eliminating the need for middlemen and cutting down interest rates. Apart from this, all important documents like invoices and stock value would be readily available on-chain to place as collateral against loans. The Trace Network also plans to launch a stable coin to settle invoices.
This three-step plan, once fully implemented, could solve many major problems faced by enterprises and push for blockchain adoption in the real world.
The Trace Network can turn out to be a critical project in terms of bridging the gap between DeFi and enterprises. Its IDO with SushiSwap’s launchpad MISO seems like the perfect step forward in terms of introducing the project and the token to a large community.
Interested participants can apply for the IDO whitelist here