On the 7th of May at 12:00 AM UTC, CoinDogg officially kicked off their initial liquidity offering (ILO) on decentralized exchange SakeSwap. Depending on your timezone and sleeping schedule you’d be forgiven for missing the whole thing, with the entire process being sold out and over in less than four hours!
The sale raised a cool 20 ETH for the project and comes off the back of a successful month just being completed on the ExMarket’s exchange launchpad both initiatives aimed to help realize the vision of supporting independent content creators across the globe and accelerating the adoption of crypto by the mainstream.
SakeSwap launched in 2020 and has already been making waves in the crypto space with its novel ILO crowdfunding platform and AMM liquidity pools, which are designed to give access to top-quality projects for all investors ranging right down from whales to shrimps.
How an ILO works?
ILO raises on the SakeSwap platform are conducted on an application basis with the process involving approval by core members of the SakeSwap team and community voting before projects are accepted onto the platform.
Project founders provide details outlining the project’s vision and token info including pool cap Info, investor access, and contribution limits, dates & Token Lock Period. The intention of the lock period is to give the project stability and the community more confidence.
Once approved, projects submit their tokens to SakeSwaps ILO smart contract pending the ILO opening. Assuming the ILO is well received and gains investor interest, investors also contribute funds to the smart contract with half of the funds being deposited converted to the project token and half remaining unchanged.
Investors receive LP tokens to prove their contribution to the pool whereas the project receives half the funds deposited by investors, equivalent to the value of project tokens deposited.
For a more detailed understanding of how the ILO process works and to find out about potential future projects launching on the SakeSwap exchange check out their information page here.