AlgoLaunch receives SupaGrant from the Algorand Foundation to develop an IDO platform
The Algorand Foundation announced today that it has awarded SupaGrant to AlgoLaunch, an IDO platform, to develop and build a brand new launchpad on Algorand. The AlgoLaunch IDO launchpad will serve to attract solid projects with enormous potential to the Algorand network and grow the ecosystem.
Problems
AlgoLaunch aims to solve problems regarding previously dissatisfying user experience on existing IDO platforms — high gas fees, delayed TGE.
One of the problems we target to solve is the token claiming method. On most IDO projects on Ethereum, the inevitable high gas fees led to platforms airdropping the purchased tokens to individuals, instead of letting the participants claim their tokens from the pool.
Solutions
Algorand was designed by the MIT cryptography expert Silvio Micali, and is able to scale the network for billions of users without sacrificing speed or raising transaction costs. Hence, Algorand users don’t have to worry about the high transaction costs and by Algolaunch developing a one click solution where participants can claim their tokens from the pool at their convenience, we minimize the delay during the TGE and ameliorate the user experience.
Launchpads like AlgoLaunch help projects bootstrap the building of their applications. AlgoLaunch helps developers get the word out and ensures that the community is well protected via internal due diligence processes. We are delighted to support AlgoLaunch, the first IDO launchpad on Algorand. The team’s experience, vision and ability to execute was paramount in our decision to make AlgoLaunch a grant recipient. AlgoLaunch aligns with our core mission to grow ecosystem TVL, while rewarding the community with participation in early stage Algorand project’s in a more controlled and safe environment.
— Daniel Oon, Head of Defi at Algorand Foundation
We are delighted to build a whole new launchpad on the Algorand chain. As we mentioned in our docs and papers, AlgoLaunch’s main goal is to enrich the ecosystem and help new projects and people adapt to Algorand.- The Algorand Foundation has clearly shown that they are eager to join and help. We believe that Algorand will play a major role in the forthcoming blockchain trilemma as an alternative solution to other chains and we want to be there when that happens.
— Johnny, Team Leader of AlgoLaunch
About Algorand Foundation
The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit our website.
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About AlgoLaunch
AlgoLaunch is a fully decentralized launchpad based on the Algorand blockchain, incubating and accelerating new Algorand based projects and startups who want to grow with the Algorand ecosystem. AlgoLaunch will be the first Algorand based launchpad to help projects raise funds through the IDO held at AlgoLaunch, and will be a frontier for Algorand ecosystem new coming projects.
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