Within a few years, the CoinsPaid team has become a leader in iGaming payment transactions and now, with its well-established and well-coordinated team of professionals, has entered the DeFi space with its own token. Following the goal of enabling traditional businesses and their customers to use DeFi tools, the company took the first step in its journey to launch the first IDO in its history. CoinsPaid CEO shared his experiences and views on the IDO launch and how the first phase of IDO worked successfully;
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“About a year ago, I wrote an article on how to avoid scam projects in the world of DeFi, where you can freely read my thoughts on the subject. During the IDO launch, my team and I created an action checklist to help us understand what steps to take and what to focus on before the project goes live.”
- Evaluate how feasible it would be to create the DeFi token or token. CoinsPaid carefully studied tokenomics to evaluate all scenarios and created a successful strategy to develop the CPD coin.
- Choose a platform to launch and choose a team of crypto-experienced advisors. If you already have a well-established team, involve them instead of outsourcing. You can also hire managers to train your employees on the specifics of working with an IDO.
- Generate tokens on a blockchain that meets your needs by answering the following questions: which algorithm is used, for what purpose, how many tokens are issued, etc. For example, CPD is an ERC 20 token based on the Ethereum blockchain.
- Consider your cross-chain strategy. In our ecosystem, the CPD token is available for the ETH, TRX, BSC, SOL and DOT blockchains, allowing both companies and users to use the token to exchange within other ecosystems and wallets. The “bridge” in this case is the network of smart contracts, using which it becomes the guarantor of their execution.
- Create a distribution strategy and allocate a certain percentage of tokens for project creators and team members. Tokens held in the project ecosystem are a proven motivation for every contributor.
- Prepare a document and include technical details, financial aspects, legal terms and conditions and benefits available to investors via DeFi token or coin.
- Actively promote the token through various media channels to increase demand. Build a community of interested people, negotiate as openly as possible, talk about events before/during and after IDO. One of the critical indicators of the stability of a project is the willingness of its authors to be as open and ready as possible for any kind of dialogue from the very first days.
- After activating and launching the token, offer prompt technical support to handle inquiries from users and investors.
Currently, CoinsPaid has implemented or is in the process of implementing the steps mentioned above. Throughout the project, it went through a series of transformations that provided a deeper understanding of how the DeFi market works and what developers need to know when entering this segment with a new product. Here are the tips he wants to share:
While sales and tools need to be in smart contracts, the process needs to be decentralized.
An application that relies on third-party resources to store user assets cannot be called DeFi. Like listing on the DEX, selling and distributing tokens is a fully automated process over which even the sales promoter has no control; everything should be written into a smart contract.
The app should give users full control over assets.
Generally, the app secures transactions with self-executing smart contracts. Users must generate a private key that they use to withdraw funds.
No agent should complete a transaction.
Once executed, if a predefined set of rules are met, the smart contract works autonomously to issue withdrawals at the customer’s request if the lock and entitlement conditions are met. Therefore, DeFi applications do not involve third parties or intermediaries in transactions.
Services in the app must be globally available.
The essence of DeFi is to provide access from anywhere in the world. As such, apps are designed to be global, and users should be able to access DeFi services and networks regardless of their location. However, in some cases this may not be possible due to local laws.
Since we started CPD, we have tried to go our own way without making the same mistakes as others. It allowed CoinsPaid to create a token we can be proud of. However, we will draw full-fledged conclusions after IDO. In my future articles, I will tell you about the other stages of the project.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.