The First Round of the SKYWARD Token Sale Exceeded Expectations: Are You Ready for Round 2?
On July the 1st, Skyward Finance launched its initial token sale of $SKYWARD — the native utility token on Skyward Finance for a starting rate of 3.792 NEAR per skyward. At the end of the week the token price almost doubled reaching 6.428 NEAR.
The hype about Skyward token sale is growing as NEAR tokens continue to be deposited making $SKYWARD’s value appreciate. A million NEAR were deposited for the SKYWARD initial sale but the numbers steadily augmented throughout the week, now reaching the incredible amount of 1.265 million $NEAR committed to the future IDO platform.
The initial sale has already exceeded all expectations, leaving early buyers one only regret: not having bought more. And indeed, the trend shows that the other sales will see the same kind of hype if not more. The next tier of the sale, set to start on August 1st, will offer to prospective buyers another 20% of $SKYWARD tokens. As a general reminder, there are only 1 million total $SKYWARD tokens.
How Skyward Sale Works and What Holding $SKYWARD Implies
Skyward Finance is a project created to make token launches open and fair to the community: Skyward allows for fair price discovery, avoids frontrunning, and accepts any tokens of the project’s choice. The launch of $SKYWARD demonstrates this new paradigm for token launches. Skyward is structured around streaming time-based auctions that create a market between their token and any other token, split the token distribution and spread them out over a period of time.
This model does not allow buyers to immediately resell the token in the same pool and since prices are determined by demand, withdrawing from an order would make someone lower their return. In this way, Skyward avoids the most common pitfalls of token launches: bots and pump and dump schemes.
The concept is extremely innovative, but the way it works is very simple to grasp: The only requirement to participate in the sale is having some $NEAR in your NEAR wallet. The sale lasts for a week and is split over 6 sales, that means that starting from July through December there will be a $SKYWARD token sale every month selling up 90% of the total supply by the last auction. For more detailed information on how the sale will look like for buyers check out this blog post.
When someone buys $Skyward he buys a share in the Skywards Finance Treasury, that is, the pool that collects the fees for the use of the Skyward Finance platform. Going forward, each sale done on Skyward will see a portion of the funds raised distributed out to $SKYWARD token holders.
Getting Ready For The Next Round
The first round of sale has really shown the value of Skyward Finance as well as its efficiency. Skyward Finance is a new paradigm for token launches that brings a breath of fresh air to the world of crypto that the crypto community has not hesitated to recognize. The next sale is going to take place in August so save the date and stay tuned!
