MAHE, SEYCHELLES / ACCESSWIRE / May 19, 2021 /Scaleswap, a fully decentralized IDO launchpad leveraging layer 2 scaling technology powered by Polygon, has announced a $2.5 million fundraise with participation from Ascensive Assets, Spark Digital, Pluto Digital Assets, A195, Magnus Capital, Rarestone Capital, AU21, Momentum 6, X21 Digital, INBlockchain, and other leading blockchain funds. The most recent rounds include $250,000 raised in seed funding and a heavily oversubscribed private round of $2,250,000.
Scaleswap has garnered recent attention for developing what will be the first layer 2 IDO launchpad focused on providing users with low fees, convenience, and flexibility in their preferences towards potential projects to participate in. Recent IDO launches have been challenged by high transaction fees, causing the average ticket of participation to sometimes be lower than the fees themselves. Scaleswap solves this while providing a fair model that rewards users the chance to participate in IDOs based on their involvement and engagement.
Ralf Gerteis, Co-Founder and CEO of Scaleswap, says, "We are excited to have the support of many prominent funds who understand the IDO market and current challenges the market faces. Our mission is to create a more sustainable and community-centric model that will sustain both market fluctuations and network congestion - something that Scaleswap solves using layer 2 scaling technology that will help remove the burden of high gas fees from IDO participants. This is something that is in the best interest of the greater DeFi community."
Scaleswap's raise precedes the company's upcoming IDO which will be held on their own platform and give community members the chance to first purchase Scaleswap's native token (SCA). SCA tokens will be used for various utilities on the platform, including determining a user's ScaleSCORE to determine which features become available to certain token thresholds.
Scaleswap is tentatively targeting an IDO in May, with more details to be soon announced.
Scaleswap is the first fair IDO launchpad focused on transparency and a long-term vision to transform IDOs into a more sustainable and community-driven launch strategy. Using an ETH layer 2 scaling protocol powered by Polygon, users will get to enjoy low fees and convenience, not to mention more say in what projects they want to support. Scaleswap plans to release a fully customizable autopilot pool participation functionality, innovative swap service offerings, and an instant mass-airdrop tool - all firsts in the launchpad ecosystem.
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