The crypto exchange market has recently seen the birth of new companies to study before entering the sector. With an ever more comprehensive market offer, it is up to the individual investor to understand the industry’s best operator. Keeping in mind that different traders are better suited to different types of investors, today we will impartially talk about BitYard, a Singapore-born trader. Founded in 2019, BitYard is a cryptocurrency exchange that offers a range of services to its customers, as…
Thanks to new technologies, the world is witnessing an unprecedented wave of economic innovations. As a result, today, many entrepreneurs, sometimes even with little experience, can conceive truly remarkable business ideas. Launching innovative start-ups has given rise to entities known as incubators.
An incubator usually provides the resources to take a start-up to a large-scale business. Although the number of incubators on the market is snowballing, a start-up does not always select these companies.
Failure to select a quality project raises important questions about the actual transparency of an incubator. For this reason, a group of entrepreneurs decided to create an incubator based on blockchain technology, launching the 0xPad project.
The blockchain, by its nature, does not have a centralized entity. This mechanism can make the entire incubator sector more democratic and transparent. Our review will impartially talk about 0xPad and its main features.
Being an ongoing project, we will be glad to provide the readers with more details on the initiative in the future.
The 0xPad ecosystem
We believe it is crucial to clarify that seeing 0xPad as a mere incubator is probably an understatement. The whole 0xPad ecosystem revolves around four main products:
- 0xLaunchPad: each user on 0xPad can access innovative projects at the Initial DEX Offering (IDO) stage by using the 0xLaunchPad product. Each project is vetted before gaining access to this section, and transparency requirements need to be met.
- 0xIncubator: this is a pure incubator system. What is new is that even someone with little funds can become an angel investor thanks blockchain technology. This means that a valid innovative project will no longer have a single angel investor, but a whole angel network
- 0xVault: to join 0xPad as a member, a user can participate in one of 0xVault’s staking pools. You should know that each pool lets users access different IDOs
- 0xMine: if you want to join the ecosystem, you can also consider using 0xPad’s liquidity mining product, with access to IDOs and rewards.
First of all, it is essential to understand that there are two ways to participate in this system:
- Guest participation: you can enjoy some of the perks that come with the system
- Member participation: you can take full advantage of the 0xPad network
To be a registered guest in the system, you should, first of all, allow your wallet address. Once this step is complete, your wallet should contain 0xPad’s liquidity. This is a fundamental requirement to allocate proportionate participation during an IDO process.
Remember that, during allow listing, you may also be asked to complete a few additional steps (e.g. like and retweet a post). Furthermore, the system does not guarantee participation allocation to a guest during each IDO phase.
While the guest participation can be appealing to someone new to the business who wants to try it, being a member brings a different type of user experience. The system has four different types of membership, ranging from bronze to platinum. The following section will provide more details regarding this distinction.
The staking system
Explaining what staking is and how it works is not the primary goal of this review, but we can briefly sum it up for you. Think of staking to earn passive income in the crypto universe. Committing cryptos to the system helps the system verify transactions on a blockchain network.
The whole staking process can be detailed much more, but this is not the goal of our review. Consider this: each staking level on 0xPad comes with a different level of rewards (or APR, meaning “Annual Percentage Rate”) and lockup period, namely:
- Bronze level: 3 days of lockup time and APR equal to 5%
- Silver level: 30 days of lockup time and APR equal to 10%
- Gold level: 180 days of lockup time and APR equal to 20%
- Platinum level: 365 days of lockup time and APR equal to 40%
Each member can get access to internal governance rights and the incubator pool.
Following the first preliminary phase, which ended with success in Q3 2021, the final project go-live began. The 0xVault and 0xMine products have already been deployed on Binance Smart Chain (BSC).
Thanks to the deployment on BSC, in January 2022, we will see the first IDO phase, with an ongoing target of 2-3 IDOs monthly. In addition, the project development will involve other networks (such as Ethereum and Solana), effectively transforming 0xPad into a multichain system by the end of the year.
What can we conclude on 0xPad?
0xPad represents yet another exciting application of blockchain technology to solve a current issue in our economy. But, unfortunately, the incubator market is far from perfect, and, sometimes, it can be monopolized by whale investors.
By giving single users the chance to become part of an incubator system, this business model aims at revolutionizing the industry. However, whether it will reach this target will depend on how the next ambitious development steps will evolve.
In the meantime, if you are curious to know more about the initiative, you can visit 0xPad’s official website.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurrencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More