With the extreme growth in the blockchain and cryptocurrency economy, A lot of ways have been opened up for entrepreneurs who want to raise funds for their products. One such way is the Initial offerings. The initial offerings are of different types such as Initial Dex offering, initial exchange offering, and initial coin offerings. Every type has its unique advantages and disadvantages. The most common initial offering nowadays used, is the IDO or Initial Dex Offering.
In recent few times, the IDOs have become the most demanding platforms as a lot of startups and products are coming up in the web3 space and are trying to raise funds. The first-ever IDO campaign was done in June 2019, when a company called Raven Protocol was incepted.
In this blog, we will discuss a lot more about IDOs and how to build one such platform.
What Are IDO launchpads?
IDOs or the Initial Dex Offering launchpad is the platform where projects can list themselves and raise funds. Most of the IDO platform uses the decentralized exchange for transactions to ensure security and due diligence.
The idea of IDO came into existence when a lot of chains were facing trouble and community members lost their funds due to rug pull projects. The method used by the Decentralised crypto launchpad is like a pink sale which is similar to the crowdfunding platform without any centralized authority.
Different features offered by IDOs are following
- Seamless trading experience,
- Sufficient Liquidity
- Fair and open process for all.
- Uses ICOs and IEOs sometimes for raising capital.
Some of the common IDO launchpads opened up are the DAOMaker( on Ethereum Network), BSCPad (on Binance smart chain), and Solanum on Solana.
What is the Pink sale?
Pink scale is a decentralized crypto launchpad, that comes with a preset of tools for users to create and develop erc20 standard tokens and cryptocurrencies. It was launched on Binance smart chain in 2021, whereas the white paper was launched quite before that.
If any blockchain product, seeking help to list their tokens on different decentralized exchanges like Pinkswap, Uniswap, and many more. All the steps do not require any deep knowledge of smart contract coding or tokenomics. Everything will be suggested by the Pink sale.
How to Develop a Decentralised Crypto Launchpad similar to Pink sale?
As per the advice of various Blockchain experts and Consultants, there are 6 main steps to launch a Decentralised Launchpad as given below.
Step 1: Strategise the Launchpad development
Step 2: Write a lite paper and whitepaper.
Step 3: Work on UI/UX design and development roadmap.
Step 4: Choose a chain and integrate the wallet accordingly.
Step 5: Develop the features like Pink sale and add some new features.
Step 6: Launch the Launchpad on Blockchain like BSC or Ethereum.
Planning and strategizing the Launchpad development.
For any Blockchain Project, the first major step is to strategize the development process and product features. Based on the type of launchpad you want to develop, conduct market research and do a complete competitor analysis. This would help you to stand out among your competitors and attract a more customer base.
Write a Litepaper or the whitepaper
Every blockchain project follows a standard of publishing a white paper or light paper. The whitepaper covers all the technicalities and the features that your product would have such as no code feature to deploy an erc20 token. This would help you to reach out to potential customers and explain to them the complete working of your product and its Unique Selling Point.
Design a UX and Develop Features
UX or User experience is the next step that one should focus on while developing the launchpad. The UX should be based on completing the requirements of the potential customers since they would be using the platform. Since everything will be deployed on Blockchain such as smart contracts, it is necessary to deliver the exact requirements since, once the launchpad would be deployed, you cant change it. Hence do complete research and design a proper UX.
Based on the customer feedback and the chain on which you want to deploy your project, you can shortlist some wallets. Wallets are the key component for the launchpad as all the interactions on the application such as launching, buying, or selling a token would happen through it. If you are building a crypto launchpad for EVM compatible chain, then you can integrate wallets like Metamask, Walletconnect, Ledger, and many more.
Integrate Features of Pink sale
If you are trying to provide a similar user experience to Pink sale, then you should also implement features offered by it. Along with it, you can develop some unique features because no customer would want to use the same features always. With different innovative ideas, you can lead in the crypto sphere with the help of your product.
Deploy Launchpad and Build a community.
Choose a blockchain and its ecosystem to deploy the launchpad. Before launching it on the main net, it is recommended to launch on a test net. At test net, you don’t spend real money to do transactions, therefore you can do extensive testing of your smart contracts and resolve any bugs. Once you have done the quality assurance and testing, you can go ahead and deploy it on the main net.
Some of the common features that you should implement for your launchpad.
Any user should be able to airdrop tokens or transfer multiple investors at the same time. This would help them to have a significant amount of tokens in the market.
Token Supply and token development.
Having a feature where any user can deploy tokens and create supply would be always helpful. Since most launchpads are used by non-technical users, you should ensure that this feature should be quite easy to use for them without any technicalities.
For any blockchain product, successful marketing and branding are quite important. With the help of such a feature, any user would be able to make the marketing and branding quite seamless and fast.
Token Vesting and locking
To avoid inflation for the cryptocurrency, there should be a feature that allows users to enable the token vesting. This would work in a similar way to the stock vesting.
Building a complete end-to-end launchpad could be quite a tiresome process as it requires a lot of technical features to implement. You can choose anyone out of two ways such as deploying the crypto launchpad completely from scratch or using a clone script.
If you are coming from a non-technical background, then you can always choose to take some expert advice or consultation as they can guide you through the complete process of deploying a launchpad.
If you are thinking of a new business opportunity or want to incentivize the large community then launching a Pink sale platform could be a good way to contribute to the web3 world.
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