OpenSwap Confirms Impossible Finance as First Project to Utilize Booster Queue
OpenSwap recently introduced on Troll Talks, the new Booster Queue technology, a project-focused DeFi feature designed to facilitate self-service on-chain funding rounds with additional guarantee tokens buyback capabilities.
We are elated to announce that Impossible Finance, a multi-chain incubator and DeFi launchpad, will be the first project to leverage this unique technology in tandem with their upcoming private strategic investment round with IJS Technologies.
The Strategic Investment
IJS Technologies, an award-winning blockchain development team, and OpenSwap’s technology contributor, has agreed to proceed with a strategic investment into Impossible Finance to strengthen the alliance and technological synergy as both sides anticipate an upcoming evolution in DeFi fundraising methodologies.
“We are excited by the possibilities of the Impossible Finance vision and thrilled that we are able to carry out an investment in them through the Booster Queue offering provided by OpenSwap.” - Tony Tam, CEO of IJS Technologies
“We’ve already launched tens of projects with Impossible, and we’re excited to use Openswap’s Booster Queue technology to protect our users and be able to offer buyback protection programs that reduce the risk of our users in investing in our early-stage projects.” - Calvin Chu, Founder of Impossible Finance
How Will OpenSwap Booster Queue Facilitate
Compared to a conventional offline SAFT (simple agreement for future tokens) or other kinds of sales agreements, this is a revolutionary and innovative way to conduct a private token sale using smart contracts and is done fully on-chain!
Much of the procedures are simplified and replaced by smart contracts of Booster Queues consisting of 3 queues: Sales Queue, Buyback Queue, and Redemption Queue. Booster Queues provide an on-chain solution to revolutionize this process.
The exact procedure of this sale would go as follows:
- Impossible Finance would create the 3 queues by paying the setup fee in OSWAP tokens for each of them: Sales Queue, Buyback Queue, and Redemption Queue. IF will then deposit IDIA tokens into the Redemption Queue and Buyback Queue.
- IJS deposits BUSD tokens into the Sales Queue and gets bqIDIA1 tokens in return. 25% of these BUSD tokens will be sent to the Buyback Queue and the rest would go to Impossible Finance.
- At the redemption date, if the price of IDIA is above the Buyback price, IJS can exchange its bqIDIA1 token for actual IDIA tokens from the redemption queue. In this case, the IDIA deposited into the Buyback Queue would be returned to Impossible Finance. Otherwise, IJS can choose to use the Buyback Queue, triggering a liquidation that allows IJS to get 95% of their investment back.
Upcoming Plans
As this strategic investment between IJS and Impossible Finance takes place using OpenSwap Booster Queue, this will set as a major milestone for the OpenSwap ecosystem as the project transit from solving on-chain swaps and crosschain problems to also having the capability to assist token projects in getting additional fundings, protecting investors from rug pulls, and providing investors with the comfort of guaranteed buyback for token sales.
About Impossible Finance
Impossible Finance is a DeFi-native ecosystem of multi-chain products. The core vision of IF is to nurture and accelerate top-tier blockchain projects as a product-first incubator. Central to this vision is a set of products that form an essential base for our incubator, the Impossible Launchpad, and Impossible Swap.
Twitter | Telegram | Discord | Medium | Website
About IJS Technologies
IJS is a software company focused on new secure blockchain development approaches and protocols that will pave the way for the new age of crypto-commerce. The team started off delivering solutions for various blockchain and fintech projects such as the likes of OpenSwap, and after seeing firsthand some of the problems faced in the blockchain space, IJS has since focused on developing new DeFi 2.0 protocols and frameworks with the aim of helping power a new generation of blockchain solutions.
Twitter | Website | Media Contact: marketing@instajs.com
About OpenSwap
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset crosschain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDLing.
Medium | Twitter | Telegram | News | CoinMarketCap | CoinGecko | Youtube
