Cardano-based accelerator program Genius X has seen over $105 million in ADA delegated in its initial staking pool offering (ISPO).
This comes after the company’s decentralized automated market maker and liquidity management protocol, Genius Yield will complete its ISPO on May 10, with over 14,500 delegators staking 270 million Cardano (ADA) across four official staking pools, making it one of the largest ISPOs within the Genius Yield ecosystem. Cardano.
Genius Yield is a Cardano-based decentralized finance (DeFi) protocol that features a decentralized exchange with an order book. It integrates a liquidity provision model, whose objective is to mitigate market risk and eliminate impermanent losses.
Genius X will serve as the arm of the company’s accelerator program, providing early-stage blockchain startups with relevant tools, consulting and investment services to build blockchain-based companies within the ecosystem.
The Genius X ISPO has garnered significant support in the week since the ISPO launch on May 15th. More than 205 million ADA ($105 million) has been delegated to four staking pools by nearly 14,000 participants.
Genius X investors will receive GENSX for ADA delegated in the accelerator’s four ISPO staking pools: GENS1, GENS2, GENS3 and GENSX.
Dr. Sothy Kol-Men, Managing Partner of Genius, believes the strong interest in ISPO is encouraging considering the last fortnight of developments in the cryptocurrency space, dominated by the collapse of the stablecoin algorithmic platform and DeFi. Earth:
“This is an endorsement from our community and investors that we are on the right track, building and unlocking the foundation needed to accelerate growth, support ambitious projects that plan to leverage Cardano’s unique smart contracting architecture, and indeed further promote plus adoption.
An ISPO is the Cardano ecosystem’s crowdfunding equivalent of an initial coin offering (ICO). ADA stakers delegate tokens to pools and exchange staking rewards for a project’s native token. An ISPO is non-custodial, meaning investors can claim their delegated ADA at any time.
The fundraising method has gained popularity as investors remain in control of their funds delegated to a certain project, giving them added peace of mind. The method is in contrast to a conventional ICO, in which investors part with a specific token to have a stake in a project or company.
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