1.Project Overview: TrustPad ($TPAD)
Announced in April 2021, Trustpad is a permissionless, multi-chain, fundraising platform for crypto projects that aims to kickstart their launch in the space via IDO capital raising, while guaranteeing exclusive access and prime blockchain security to early projects investors.
While this could be considered TrustPad’s portrayal in a very concise, nutshell-like fashion, that wouldn’t do justice to all that the project currently offers to its stakeholders. So let us unpack the short description above and provide the deserved context and information about TrustPad’s value-packed services.
2. A brief introduction to IDOs (Initial DEX Offerings)
In order to understand Trustpad’s value proposition, it is important to introduce the concept of IDOs. Just like many DeFi-era projects, TrustPad is deeply rooted and intertwined with 2020/2021 DeFi’s boom (which is also expected to blossom throughout 2021 and in the coming months/years) and thus, it’s best to go a little back in time and do a quick, yet partial “crypto history” recap.
The adoption of DeFi solutions finally emerged with hugely successful projects, like Uniswap and Compound (two of the most notable protocols among the successful DeFi lot), attracting investments that brought billions of dollars in traded volume in the cryptocurrency markets and snatching a considerable (and constantly growing) amount of market share from centralized exchanges.
DeFi bloomed, but while many already structured new projects blossomed as well, just as many potentially promising projects needed to find the right way to market themselves and communicate their unique value proposition to potential investors.
That’s how the fundraising activity got enriched by the launch of IDOs – whose ancestral and conceptual forerunner in the crypto space is deemed to be Binance’s IEO (“Initial Exchange Offering”) Launchpad: investors who wanted to participate would be required to stake a certain amount of BNB tokens for a predefined timespan, during the crowd sale period.
3. How do TrustPad IDOs work?
And now that’s when TrustPad entered the IDO landscape.
Like several other IDO launchpads, TrustPad is not tied to any centralized exchange. Just as with Binance centralized Launchpad & BNB of the very beginning, in order to participate in upcoming project pools, TrustPad users are instead required to deposit/stake the corresponding platform token ($TPAD).
On the platform’s end, the process is multi-phased. Start-up IDOs reach out to TrustPad’s team and submit their project, providing all of the project’s fundamental and relevant information (technical documentation, whitepapers, etcetera) and defining the token allocation for the $TPAD community investors.
The TrustPad team carefully screens out candidate projects, following strict initial security procedures in order to validate a project’s legitimacy beforehand, deciding whether or not to accept the request, and eventually deciding the crowd sale date on TrustPad’s platform.
Therefore, if approved, the project is then queued into the pipeline and, to facilitate due diligence on the part of the investors (which, as always, is highly recommended), relevant details and official links to the project’s social channels and websites are provided, allowing future IDO participants to study it.
Few days before the established date, the project’s whitelist opens to all eligible IDO participants. IDO eligibility and selection criteria may vary in time according to TrustPad’s tiering system. Investor participation in any Trustpad IDO is dependent on the numbers of $TPAD tokens owned & staked. Some higher tiers allow for a guaranteed allocation, while lower levels employ a lottery mechanism where the probability of getting whitelisted is a step function of the numbers of $TPAD tokens staked.
This is meant to be a fair presale mechanism and has been designed due to the high token demand that precedes IDO launches, which most of the time are far superior to the allocated amount for the IDO. For that reason, a max contribution per each $TPAD whitelisted user is set, where each lucky investor gets to contribute up to a maximum, customized amount of BUSD, according to the level to which participant belongs.
On the crowd sale date, only those who have the whitelisted right to join will then be able to calmly proceed with the pool’s contribution, enabling users to receive an established amount of the launching project tokens on the native blockchain of reference – as of now, either BSC, Solana or Ethereum.
Since $TPAD is the cornerstone that makes the above design possible, It’s important to share some key token metrics.
As mentioned earlier, the $TPAD token is required to be able to fully tap into TrustPad’s platform features and to participate in any future hosted IDOs. In addition to this main function, $TPAD also possesses several desirable tokenomics traits:
- the total supply is 100,000,000 $TPAD but the token itself is “dynamically deflationary”, thanks to a 2% re-distribution & burn fee on every $TPAD transaction Basically, part of the transacted $TPAD is proportionally redistributed to all $TPAD stakers, while another fraction is sent to the burn address, thus effectively removing $TPAD from circulation and, in turn, increasing the value and scarcity of each token over time.
- Furthermore, as a plus to its IDO requirement, $TPAD’s IDO staking earns a current, juicy ~50% APR (subject to change as TVL increases). The token can also be farmed by staking $TPAD in a separate “$TPAD only” pool or by becoming a BNB/TPAD liquidity provider on PancakeSwap, actually earning up to a fabulous 180%.
- Finally, the fact that $TPAD is a BEP-20 token also adds to the token’s value, by considering that, at the time of this writing, BSC transaction fees are way lower compared to Ethereum’s mainnet, as per the actual market juncture.
Here is a quick overview of TPAD’s basic tokenomics:
5.TrustPad’s Philosophy and Competitive Advantage
TrustPad’s Launchpad protocol lives and operates primarily on Binance Smart Chain and integrates with Ethereum (while full-fledged multi-chain integrations on Solana, Matic, Polkadot, and Cardano coming soon) making it a 100%, decentralized, permissionless, safe & innovative IDO platform.
As hinted earlier, TrustPad’s aim is dual, both on the investors and project team side, allowing reputable, premium projects to safely raise capital, while giving $TPAD investors the assurance and confidence of the project’s reputability and legitimacy, at the same supporting projects’ growth in a transparent (the team is public), safe (the code has been twice by high-caliber auditing firms Certik and QuillAudits) and sustainable fashion.
Thus, following TrustPad’s core mission, the project is driven by a “quality over quantity” philosophy, whose positive spill-overs can benefit the broader blockchain world as a whole, thanks to the intrinsically long-term, value-loaded, yet safe-grounded approach that’s being actively sought and pursued by the TrustPad’s team via the attentive selection of the LaunchPad projects.
This professional, virtuous, and community-centric approach bore its fruits by distinguishing TrustPad from the competition in the IDO niche, leading to its astonishing growth since its very recent launch in April 2021, with more than ten successful project launches (and three more already on the ramp – Flourishing Capital, Xion, and Triall – for the coming days), many reputable VC backings and partnerships struck (BlockSync Ventures, Lotus Capital, BuidlHodl, to name a few) and a cemented community base, that now boasts more than 89,000 followers on TrustPad’s Twitter account and well over 81,000 members on the official Telegram group.
Not just IDOs but NFTs…TrustPad’s NFTs TalentPad
Trustpad’s growth is not expressed only in networking terms. The second quarter of 2021 will also witness the birth of TrustPad’s newest product integration: the TalentPad.
The TalentPad will be TrustPad’s NFT LaunchPad and marketplace, which will showcase original and exclusive artworks from both notorious & emerging, talented artists, thus allowing $TPAD stakers to get early access, invest, own and trade unique NFT creations and masterpieces – some of which will also grant owners exclusive perks and benefits for upcoming TrustPad IDOs.
TalentPad’s official announcement is bound to come in the next weeks of July, where – barring any unforeseen delays – we will also see the first NFT Auction Pools going live.
6.Coming Down The Road – TrustPad’s Roadmap
TrustPad’s roadmap has a lot on the plate for 2021, starting with the Solana blockchain integration and the aforementioned TalentPad launch, up to the Q3/Q4 inter-chain compatibility on the Polygon and Polkdadot chains, together with CEX listings, $TPAD governance features going live and much more. Let’s break everything down in concise quarters:
Q2 – 2021: Solana integration, TalentPad launch, Auction Pool for NFTs going live,
Q3 – 2021: Insurance Fund and Front-Running Prevention Systems going live, Polygon and Polkadot integrations, IDO-type bonding curve fundraising feature.
Q4 – 2021: Cardano integration, CEX listings, TrustPad’s DAO, and Governance up and running.
The following infographic sums it all up.
With a strong, passionate, and thriving community already in place as the backbone of the project, many key partnerships under the belt, and the constant, steady development that’s been brought to fruition by the team so far, TrustPad has anything it takes to keep playing a pivotal role in the IDO niche. If the team keeps on buidling and delivering the coveted cross-chain integrations & ambitious features outlined in the project’s roadmap, the stars could be potentially aligned, calling for a bright future for TrustPad in the cryptoverse.
8.Community and Social Channels (as of July 2nd, 2021)
For everything you need to know about Colony, visit the official TrustPad Website.
Join the conversation on Telegram to stay in the know about TrustPad.
To keep up with the latest updates from TrustPad, follow them on Medium.
Get in touch and social with other members of Colony’s community. Join the community on Twitter.