PAID DApp Mid-Year Progress Report
With back-to-back sell-out IDOs, partnership after partnership, and huge progress made on building crypto’s next killer product (the PAID DApp), it’s safe to say there has never been a dull moment for anybody in the PAID ecosystem.
By laying down the groundwork in the first half of the year focusing on infrastructure, product development, and community expansion, we have set the stage for what will certainly be an incredible second half.
Now, whether you are an established community member or have only just dived into the PAID ecosystem, we’ve wrapped up all of the key milestones we made this year — helping you get a better idea of what we’ve done and where we’re going.
Ready? Let’s jump in.
The $PAID Token Went Live
Kicking off the year with a bang, we launched $PAID, the native token for the PAID Network ecosystem in January. The token was immediately met with extreme demand on secondary markets and quickly became one of the best performing digital assets of the year.
Over the last six months, the $PAID token was added to a variety of decentralized and centralized exchange platforms and currently benefits from impressive liquidity. In total, the $PAID token now boasts 15,000 holders — many of which are participants of the PAID Ignition and Apollo-X token launchpads.
As part of our long-term cross-chain ambitions, we also unveiled the PAID Ethereum to Binance Smart Chain bridge and opened it for developer testing. At the time of writing, the PAID Bridge recently underwent a full scope security audit and is currently undergoing final testing prior to public launch.
With this, we begin our expansion to the broader blockchain ecosystem, and set the stage for integration with other blockchains in the future (including Substrate).
Ignition + FUEL Launch
PAID Network’s first major product launch, the Ignition platform went live in February, becoming the premier launchpad for promising cryptocurrency projects. To date, we have hosted the IDOs for dozens of vetted early-stage projects, allowing PAID holders to access highly sought-after projects just prior to their public launch.
These launches have included some of this year’s hottest projects, including AIOZ, IOI, Metis, and Globe. On average, tokens from these IDOs reached an average all-time high return of 2,670% — making PAID Ignition an excellent value-add for PAID holders.
We also established a joint venture with our parent company Master Ventures to launch FUEL, helping us accelerate the growth of promising new projects by providing strategic assistance and resources to maximize their chance of success. With FUEL, we take over much of the heavy lifting that comes with growing the community and achieving the right market fit, giving our most promising projects more time to focus on what matters most — their product.
Some of the projects incubated by Master Ventures Fuel have so-far included Shield Finance, ArGo, and Mozik.
Over the last five months, we have been constantly updating and expanding on the capabilities of the Ignition platform, and have forged numerous synergistic partnerships to expand the PAID ecosystem. This includes working with SuperFarm to collaborate on SUPER PAID — combining SuperFarm’s massive community with PAID’s battle-tested launchpad solution. As well as joining forces with the popular blockchain SaaS firm and project launchpad DAO Maker to expand the PAID ecosystem to DAO token holders.
In March, we launched a new way to incentivize and reward the PAID Network community — golden tickets. These tickets can be won, earned, or received in a variety of different ways, and entitle the user to guaranteed allocation in an upcoming IDO.
As part of our plans to further expand the range of opportunities available to PAID holders, while simultaneously making early-stage crypto token purchases more accessible to those with the right risk appetite, we announced the launch of Apollo-X in May. The platform is designed to host a more diverse range of IDOs that will appeal to the more daring PAID community members.
Shortly after the announcement, the Apollo-X platform went live and conducted the IDO for decentralized social media ‘Mega App’ Omni in mid-July. Needless to say, the launch was a resounding success, demonstrating the viability of the platform.
Most recently, we took the lid off our new and improved Ignition V2 platform, dramatically improving the user interface, adding support for WalletConnect and additional funding assets through new multi-pool smart contracts, while giving users more intuitive access to their KYC status and participation history.
Fine Tuning the PAID DApp
As always, the development of the PAID DApp and SMART Agreements technology has been one of our primary focuses over the last six months.
As part of our goal to streamline business agreements through a range of innovative tools and features made available through the PAID DApp, we’ve been hard at work fine-tuning the DApp experience and integrating new functionality prior to the release of the V2 product.
Some of the main highlights include launching the MVP back in December 2020; integrating decentralized identity (DID), smart agreement anchoring, and Binance Smart Chain (BSC); as well as completely overhauling the user experience to make leveraging SMART Agreements even more intuitive.
For a more in-depth look at what we’ve been up to with regards to the PAID DApp, click here.
The PAID Partner Ecosystem Has Expanded
Building great products and delivering them to users isn’t just about development. It’s also important to establish a diverse ecosystem of strategic partners and synergistic firms that can help add value to our products and help bootstrap the user base for the PAID DApp.
In line with this belief, we’ve spent the last six months forging relations with some of the most promising projects in the crypto space, securing the first wave of business users for the PAID DApp, while bringing in technical solutions to expand its capabilities further. In total, we formed partnerships with close to 60 different projects, of which more than half are poised to begin leveraging the PAID DApp and SMART Agreements.
Among these, we also onboarded a wide range of technology partners, including Bridge Mutual, Litentry, AllianceBlock, and Chainlink — each of which will be helping to power some aspect of the PAID DApp’s functionality.
Click here to get a full breakdown of how our partner network evolved over the last six months.
Want to see more from PAID Network? Check out our Twitter or follow us on Telegram — we post useful resources all the time.
About PAID
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
For any questions for the PAID network, please feel free to reach out to us on:
- Website: PAIDNetwork.com
- Telegram: @PaidNetwork
- Twitter: @PAID_Network
