In this article, we will look at the ICO of the new DEFIWALL crypto project. ICO stands for initial coin offering – it’s the cryptocurrency’s version of an IPO or initial public offering. Developers who want to get additional funds to create a new coin, application or service can start an ICO as a way to create a large number of projects.
Investors are then given tokens associated with the project, usually at a fixed rate, as a reward for being an early investor. The DEFIWALL ICO has just been launched, with the first phase taking place between November 5th and November 10th, while the second phase is set to launch immediately after the first phase closes and will last for five days until November 15th.
What is DEFIWALL and tokens?
DEFIWALL claims to be the “gateway to Web 3.0” – an all-in-one platform that offers access to decentralized exchanges, NFT markets, and an embedded wallet, the FIWA Wallet, for storing digital currencies.
Specifically, DEFIWALL claims to offer “an easy way to store all your unique ERC721 and ERC1155 crypto NFTs and game assets in one place”.
According to the DEFIWALL project, it is designed as a democratic platform, with the option for users to share original tokens and will receive an annual percentage rate, or APR, of return. APR is different from APY (annual percentage yield) because it only considers simple interest instead of compound interest. Risk aside, it is believed that many crypto enthusiasts tend to prefer projects that offer some form of staking rewards.
In terms of project structure, DEFIWALL is quite specific. The breakdown of token usage is as follows: 30% tokens to liquidity and staking, 16% dedicated to strategy development, 15% reserved for project developers – who at this stage are not identified – 12% designed for ongoing project development , a further 12% for public sale, 7% for marketing, 5% for seeding, and 3% designed for the initial launchpad of the project.
Phase 1 and 2
Phase 1 of the ICO is currently underway via KICK.IO. This phase offers 3 million FIWA tokens at 3 US cents per token, with a minimum purchase amount of 1,666 tokens or $49.98 US cents. 3 million tokens represent 3% of the total supply – indicating a potential total supply of 100 million tokens. Cardano’s ADA will be used to purchase FIWA tokens.
Phase two of the ICO is set to happen through Dodo, with 2.5 million tokens on offer but with an increase in the price of each token for ICO investors to 5 US cents. It would be too speculative at this point to make predictions about this ICO because more information is needed about the development team, and the whitepaper, although adequate, is quite short.
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