Zug, Switzerland — September 15, 2022. Genius X, a revolutionary launchpad and business accelerator helping Web3 startups attain speed, scale, and edge, is thrilled to announce the launch of the world’s first Multi-Token ISPO!
An ISPO, or Initial Stake Pool Offering, is a permissionless, community-funding method unique to Cardano that allows anyone to support promising early-stage startups. Traditionally, only accredited or professional entities could participate in the growth of early-stage startups, eliminating many people because of their lower financial wealth. ISPOs allow anyone, regardless of net worth or nationality, to support startups in exchange for the project’s tokens. Whether you have $10 USD or $100,000 USD, you can support promising startups early in their development.
In an ISPO, delegators stake their ADA tokens to a Cardano stake pool run by a startup. Delegators give up their usual ~ 4–5% APY, or annual returns, in ADA staking rewards in exchange for receiving a project’s native tokens. These are utility tokens, which will be used for activities on the platform such as governance, staking, or interacting with the project’s application. Startups use the ADA staking rewards to fund development for their new venture. Cardano ISPOs have become one of the most egalitarian mechanisms for startups to raise funds from Cardano’s growing 3.5+ million community.
The World’s First Multi-Token ISPO by Genius X
Raising the bar further for ISPOs, Genius X will introduce the world’s first multi-token ISPO for selected startups in the Genius X Accelerator Program. Many people involved in crypto are interested in getting the tokens of multiple projects. Unfortunately, most people delegate to one ISPO at a time. The Genius X Multi-Token ISPO is a solution for giving the community access to multiple projects simultaneously. Delegators will get the tokens of five projects by delegating their ADA to a single ISPO.
1. Stake Pools — GENS1, GENS2, GENS3, and GENSX. Verify the stake pool has the correct Pool ID before delegating.
2. Staking Rewards Allocation — Staking rewards across the four stake pools will be split equally between each startup. Some of the ADA rewards will be paid to Genius X as fees to cover marketing and operations.
3. ISPO period — The ISPO will last 25 epochs, or around four months.
4. Development Stage — Startups accepted for the multi-token ISPO needed to have a proven track of development and prospects for growth.
1. GENS1 —pool1cjz6kg9a8ug9uk0nc59q60a67c2628ms58rd98gq587jwa2x5qt
What are the benefits of joining the Multi-Token ISPO by Genius X?
– Maximize value of your ADA — Unique opportunity to get tokens from multiple projects within one ISPO. Operations of the Multi-Token ISPO will be handled by Maestro, a participant in the Genius X Accelerator Program.
– Your keys, Your Tokens — ADA delegated to a stake pool is non-custodial and is never locked, allowing you to withdraw or transfer your ADA at any time. You retain full control of your funds.
– Permissionless — ISPOs are permissionless and pseudonymous. Anyone with any amount of ADA and a personal crypto wallet can participate.
– Low Risk — Your initial delegation of ADA is never at risk. If the startup fails, delegators only risk losing potential staking rewards during ISPO. Your funds never leave your wallet.
The Multi-Token ISPO will start when epoch 363 begins at 21:45 UTC on September 12th, 2022, and will last 25 epochs. To participate, delegators will have to stake their ADA to any of the four GENS pools before epoch 364 begins at 21:45 UTC on September 17th, 2022. You can stake your ADA at any time during the ISPO period to participate in the remaining epochs. The multi-token ISPO ends at the beginning of epoch 388 at 21:45 UTC on January 15th, 2023.
Delegators will receive their tokens according to the vesting schedule of each project.
How to delegate your ADA to a GENS pool?
First, you need to acquire ADA. You can exchange your fiat currency for ADA through a trading platform, such as a centralized exchange (CEX). Some popular CEXs include Binance, Coinbase, Crypto.com, FTX, Kraken, or Kucoin. Your access to these exchanges can vary by your country of residence.
There are other crypto wallets you can also use such as Nami. Always do your research before downloading any software and confirm you are using the correct site. Safely store your private keys or spending password. Losing your keys means losing your funds forever. Learn more about wallet security with this Genius Academy article.
Below are the first five startups and their token allocation for the first cohort of the Genius X Multi-Token ISPO.
1. Smart Places ($SMART), 900,000,000: Connect-2-Earn social matchmaking application incentivizing real-life interactions
2. Ledgity ($LTY), 82,800,000: Digital wealth management platform bridging Centralized and Decentralized Finance, bringing private banking to the masses
3. Outlaws Brawl ($HYN), 300,000: A multiplayer online First- & Third-Person Shooter game set in the Hell Hyenas Motorcycle Club universe
4. Reach Metaverse ($REACH), 16,650,000: ‘Metaverse-as-a-Service’ — Infrastructure and hosting provider
5. Drunken Dragon ($DG), 60,000,000: An Autonomous Fantasy Franchise with Decentralized Intellectual Property where fans can contribute proposals to shape the development of their universe
About Genius X
Genius X fosters innovation by empowering Web3 startups to build impactful and scalable blockchain-based companies that will have a massive global impact. We accelerate and scale incredible Web3 projects through our advisory, mentorship, and growth experiences.
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.