WhiteBIT Launchpad Finishes in 8 Minutes: Scamfari
In simple words, Launchpad is the tool for looking for new crypto projects.
Crypto launchpads, also known as cryptocurrency incubators, are websites that enable blockchain-based enterprises to generate revenue while giving their group of investors access to token sales at an early stage.
Before the market is exposed to the entire public, investors who have access to early-stage deals gain significantly. Additionally, because the cost of launching on a crypto launchpad is inexpensive (or negligible), more projects are turning to launchpads for funding.
It’s 4 Types of Launchpad:
- Initial DEX Offering (IDO) launchpads
IDO launchpads are decentralised platforms for crowdfunding. Tokens that stand in for the assets kept on a DEX are traded here. Several well-known IDO launchpads include FireStarter, BSCPad, GameFi, Seedify, and TrustPad.
- Initial NFT Offering (INO) launchpads
Investors can fund projects through INO launchpads where a grouping of nonfungible tokens (NFTs) are made available for purchase on the platform. Some INO launchpads include Only1, BSCStation, and Seedify.
- Initial Coin Offering (ICO) launchpads
ICO launchpads allow founders to acquire money to finish developing their blockchain projects by giving tokens to investors. Investors will provide funds to deserving endeavours in the anticipation of a significant return. ICO launchpads like CardStarter and Polkastarter are a few well-known examples.
- Initial Game Offering (IGO) launchpads
Through the IGO launchpads, game and metaverse developers can get funding for their projects. These launchpads host IGOs, play-to-earn initiatives, gaming utilities, and related NFTs. IGO launchpads include Gamestarter, Enjinstarter, and PlayPad, to name a few.
Launchpad Benefits
Low costs: While some launchpads do not charge any fees for listings, some do. Some launchpads lower the entrance barriers, making it simple and quick to start a project.
Security: Launchpads thoroughly assess users and projects, protecting all parties. The whole ownership of the assets belongs to the investors, and launchpads have no involvement with user cash; therefore, the likelihood of suffering a breach is extremely remote.
No waiting period: Tokens are available immediately after purchase without any processing time.
Beginner-friendly: IDOs can list their tokens on DEXs with low to no fees and no restrictions. Any team can submit their product to a crypto launchpad as long as they match the admission requirements.
WhiteBIT exchange was also offered the first Launchpad project. They chose the Scamfari as a pioneer.
According to the WhiteBIT Blog:
Scamfari, created by the HAPI Foundation, is a crowdsourcing platform that unites the cryptocurrency community in promoting security awareness within the blockchain realm. The goal of the project is to collect a database of crypto wallets of fraudsters and wallets involved in raising funds for criminal or terrorist activities. Credibility is maintained through dependable sources and real-time tools.
Scamfari works on the principles of cooperation and transparency. The project invites users worldwide to actively contribute to detecting and reporting fraud, phishing sites, and fraudulent blockchain projects.
1⃣ Crowd-Sourced Vigilance
Scamfari leverages the collective efforts of the crypto community. Users can report suspicious activity and projects through a convenient website.
2⃣ Categorization
To simplify the reporting process, users categorize the nature of the scam, choosing from options such as “Social Media Scammer,” “Fraudulent Website,” or “Scam Project/Rug Pull.”
3⃣ Submission and Verification
Reports are submitted with evidence. The Scamfari team uses advanced tools and real-time data sources to verify the accuracy of the information provided.
4⃣ On-Chain Transparency
Applying the principles of Web3 technology, Scamfari takes transparency to the next level by logging submissions and rewards on the blockchain.
5⃣ Rewards and Recognition
Realizing that community participation is the cornerstone of success, Scamfari rewards users for their validated submissions. This encourages an active and vigilant user base.
In turn, crypto-enthusiasts discovered and identified tens of thousands of cryptocurrency transactions related to the financing of the Russian military aggression against Ukraine. The total value of the listed virtual coins exceeded 1.5 billion hryvnia.
Eventually, 1749 users participated in the Launchpad, and 99% of the tokens allocated for the Scamfari Launchpad were sold in just 8 minutes. That was actually a great result for the first project on WhiteBIT Launchpad.
