Oooh, another crowdsale coming on ... and along with it, a new condition on joining the crowdsale, namely that your account needs to be prefunded with at least 100 USDT/C (the minimum purchase amount) before your registration is accepted... and that there is now no grace period for funding your purchase, it needs to be taken immediately upon commitment to the crowdsale from your existing reserve on
Honestly, this is one of the better developments in the evolution of how conducts their crowdsales. There have been too many problems with bots, farmers, and multis hogging up the purchase spots and clogging up the queue system... hopefully, by making people pre-fund their accounts you will make a huge dent in those practices to make more spots open for actual retail investors.
... but anyway, lets go straight to the project that is being featured, Chainflip (FLIP).
The problem of cross-chain swaps has been a real pain for decentralised networks. The current solutions of bridges involves locking up large liquidity pools on either side of the bridge, and pairing them with wrapped representations of the tokens/coins on the opposite chain. At least, that has been the go-to solution for Ethereum and all the similar smart contract networks.
RUNE has chosen a different implementation, with native token/coin swaps... but the problem of large liquidity pools remains. Idle capital, that is essentially serving as a large honeypot waiting to be drained...
Recently, UniSwap announced a solution that is similar to COWswap (Coicidence of Wants), which would do away with liquidity pools in the Ethereum swap ecosystem... and later expanding with zero-knowledge proofs to cross chain native swaps.
Given the large problem looking for a more efficient and safer solution, it is no surprise that that Chainflip is trying out a similar decentralised just-in-time solution to solving the cross-chain swap dilemma.
So, here we are... permissionless, decetralised swaps... a decentralised version of an OTC desk with predictable pricing. What is slightly unclear to me is where the liquidity for these swaps will come from... Uniswap will use existing liquidity pools along with a network of "fillers" for their orders. By the looks of things, Chainflip will do something similar, acting as an aggregator across existing liquidity providers.
... and here we go with the sale rules. After registration and pre-funding (minimum 100 USDT/C), keeping in mind that there is no NO grace period for the purchase. You can only allocate what you happen to have in your account at the moment of commitment.
There is only a single round, but the existing wallet linkage (to determine if the potential investor is a "good" fit) and Karma system is in place to possibly allow access to the priority queue. A high price per token, and so weeds out those with a high unit bias!
What is a little unexpected is the 100 percent unlock on Token Generation... eep, I expect that that will cause a cascading dump on the unlock day! I had better schedule that in my calender... I need to check whether or not earlier investment rounds have the same conditions (at a lower price points...).
So, it appears that FLIP is not a governance token (thank goodness... getting sick of those!), but designed to be an utility token instead... validator collateral, fees, and with a burn mechanism. I honestly prefer these utility versions over the nebulous (and currently dubious) attempts at governance representations.
The crowdsale allocation is roughly similar to the community airdrop allocation... that is pretty decent, seeing as I generally hate running around performing "tasks" to try and catch an airdrop... mostly, I find it a annoying marketing exercise for the project to pad their usage metrics, and there is always some inherent danger in interacting with unknown and untested protocols. Being the guineapig is not always a good feeling!
Still, if you miss out on the crowdsale, there is still a small allocated testnet participants, if you already happen to be doing that! Much smaller at 250k tokens, but better than nothing I guess!
So, it seems like the bulk of the circulating supply at TGE will be the Coinlist crowdsale, with partial unlocsk from earlier investors and the team... and oddly enough, seemingly full unlocks for the treasury?
You can see the distribution over time... the token sale will slowly get diluted by the unlocks of other token holders. That is not even counting the likely dumping that usually happens...
So, a fairly fast timeline... looking to be pretty much operational by the end of the year? I guess that there is a bit of competition for this sort of cross-chain decentralised solution... being first to market would be a handy advantage, but not necessarily a killer... COWswap being a case in point, and there is that giant monster of Uniswap coming down the pipeline as well!
Critical infrastructure provision... this is definitely what floats my boat... the sale is at a poop time in Australia, but rest assured, I will be setting my alarm for this. I've already registered and pre-funded my Coinlist wallet. Bridges and Liquidity Pools need to be phased out... and any attempt to do that is definitely going to be worth a bet for me!
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