VENT’s GPS is a departure from the traditional IDO launchpad model that it has used to introduce other projects. The idea is to expand its crowdfunding opportunities to anyone who wants to participate in early-stage crypto projects by lowering the barrier to entry. With it, anyone can join in the sale with no basic token balance requirement. Simply go through the KYC/AML verification and you’re ready to take part.
As opposed to VENT’s traditional launchpad, which requires a $VENT token balance, participants in the GPS will pay a 20% participation fee on all purchased WRT tokens. Part of the proceeds will be used to buy back $VENT tokens in a move designed to maintain existing token value dynamics, VENT said. The GPS sale will feature an allocation reserved for $VENT token holders, however.
For new projects, the main benefit of the GPS model is that they’ll gain much wider exposure and more publicity, and hopefully receive more targeted public funding, VENT explained.
To participate in the WingRiders GPS, users only need to sign up to the VENT Launchpad, complete KYC/AML and top up their wallets with sufficient USDC.
VENT is confident that the WingRiders GPS will attract a lot of interest. Powered by VacuumLabs, WingRiders is an automated market maker and decentralized exchange on Cardano that relies on the extended unspent transaction (eUTxO) model. WingRiders provides access to extensive DeFi functionality, allowing users to swap, stake, provide liquidity and deposit into yield farms.
Launched earlier this year, WingRiders has already emerged as a top-three DEX on Cardano in terms of its total value locked. It has brought a number of firsts to the Cardano ecosystem too. Notably, it was the first DEX to diversify into non-Cardano assets like ETH, BTC and ERC20 tokens. It was also the first to bring stablecoins to Cardano, the first to launch ADA auto staking and the first to provide triple reward opportunities when staking ADA.
VENT said it’s partnering with WingRiders on a $500,000 public raise, with a target of $300,000 via an IDO and $200,000 through the GPS allocation.
Looking ahead, VENT said it will hold many more GPS sales through its platform. However, that doesn’t mean it is abandoning IDO launchpads. Rather, the plan going forward is to combine both models to bring optimum benefits to early project creators and backers, plus loyal $VENT token holders.
“Users who participate in the IDOs are also qualified to take part in the GPS and benefit from the extra allocation,” VENT said. “Additionally, to incentivize our community, we will prioritize access to existing Ventorians and long-term $VENT holders.”