Introducing CeloLaunch — The First DeFi Launchpad On Celo Network
CELOLAUNCH — A rug-proof IDO launchpad designed to assist projects in crowdsourcing funds through the use of advanced token pooling and distribution mechanisms
I. Celo Network
The Growth of Celo Network
Celo’s mission is to enable anybody in the globe with a smartphone to access financial services, send money to phone numbers, and pay merchants.
The project’s objective is to create a decentralized platform that is not controlled by a single body but rather developed, upgraded, and maintained by a diverse community of individuals, organizations, and partners.
Celo is unique in that it is focused on offering the easiest experience possible for end customers who may be unfamiliar with cryptocurrencies and may be utilizing low-cost devices with inadequate connectivity. To do this, the project uses a full-stack approach, encompassing both the protocol and the apps that utilize it.
Celo is an open, distributed cryptographic protocol that enables programs to interact with and compute on a family of cryptocurrencies, including those tied to ‘fiat’ currencies such as the US Dollar. Celo Wallet, the first application in an ecosystem of applications, enables end users to manage accounts and make payments safely and easily by leveraging the Celo protocol’s features.
Among the highlights are the following:
a) Currencies with a Stable Value
Celo natively supports numerous ERC20-compliant stable currencies tied to ‘fiat’ currencies such as the US dollar, facilitating the usage of Celo as a payment method.
b) Accounts Connected to Mobile Phone Numbers
Celo maintains a secure decentralized mapping of phone numbers that enables wallet users to send and receive payments with their existing connections easily and confidently.
c) Fees for Transactions in Any Currency
Users can pay transaction fees in stable currencies, eliminating the need to monitor several currency balances.
d) Syncing is instantaneous, even over slow connections.
Due to the extremely rapid and safe synchronization between mobile devices and the Celo network, Celo can be used by wallet users with high latency, limited bandwidth, or high-cost data tariffs. Celo eliminates the requirement to verify each received header. Additional performance improvements will be made via BLS signature aggregation and succinct zero-knowledge proofs using zk-SNARKs.
Celo employs a consensus technique based on proof-of-stake. In comparison to Proof of Work systems such as Bitcoin and Ethereum, this avoids negative environmental impact and enables users to conduct transactions that are cheaper, faster, and irreversible once completed.
f) Incentives for Complete Nodes
Celo rewards users that run complete nodes to service the light clients that run on each mobile device. Unlike previous proof-of-risk systems, users can earn cryptocurrency without needing to stake dollars.
g) Governance on the blockchain
Celo offers quick upgrades and protocol changes via on-chain governance, which all cryptocurrency holders can participate in.
h) Adaptable (Full EVM Compatibility)
Celo contains a programmable smart contract platform that is compatible with the Ethereum Virtual Machine, which is widely accepted, well-known to developers, and well-supported by tools. Celo is able to create rich user experiences and fast support a diverse ecosystem of third-party applications and extensions as a result of this.
Users retain complete control over their funds and account keys and are not reliant on other parties to make payments.
Celo Network Statistics
At 11:00 AM UTC on October 10th 2021, Celo Network has reached to block 9,257,633 which is a huge number for the newly formed network compared to 11,650,011 of Binance Smart Chain (BSC) Network and 13,390,580 of Ethereum (ETH) Network.
Celo Network has a large user base of 38,422,806 transactions and 1,086,618 wallet addresses in total at the moment. Additionally, the gas fee charged by Celo Network for each transaction is extremely low equal to 1/1000 of the charged fee by BSC Network.
II. CeloLaunch Introduction
The success of DeFi applications has been remarkable since their introduction, and although being limited at first, their growth has accelerated to catapult the industry surrounding financial disintermediation to a multi-billion dollar behemoth.
In spite of initially modest DeFi market capitalization, it has grown exponentially through the summer of 2020. By injecting decentralized governance and peer-to-peer access mechanics, all on-chain inclusive and incorruptible, the institutional landscape of DeFi is rapidly spreading, taking over, morphing and synthesizing the institutions of traditional finance.
Another important element driving the fast expansion is the sheer potential for community innovation enabled by the open source nature of the majority of the DeFi software. The foregoing leads to an obvious conclusion: we are in the early stages of forming a new institutional environment that will redefine the financial system as we know it in the coming decades, transforming it into something very different, something fair and efficient.
To replace the current financial system’s core institutions, decentralized apps have become increasingly sophisticated and efficient in terms of lending and borrowing mechanisms, risk management, and the formation of on-chain liquidities. The rate at which inventions occur has never been faster, and it is only going to get faster. With the launch of CELOLAUNCH, an IDO Platform based on Celo Network, that day has come. CELOLAUNCH’s major goal is to tackle the Celo Ecosystem’s illiquidity problem and give a single unified UX/UI on our platform (an important thing that usually getting neglected by other projects).
CELOLAUNCH, launched in September 2021, provides a constantly expanding set of decentralized services by offering revolutionary, flexible technology to add value to the DeFi industry as a whole, in CELO Network specifically. Startups may boost their initiative and reward communities by utilizing our services.
The CELOLAUNCH team appreciates you taking to read our documentation. We sincerely hope that whoever you are you will profit from the services and utilities provided by the CELOLAUNCH ecosystem.
Initially launched on CELO network, CELOLAUNCH Team is seeking for strong partners to help startups, communities, and token developers utilize the best tools available.
CELOLAUNCH is motivated by a strong desire to help others and we’re looking forward to the positive behavior from our community which sets us apart. CELOLAUNCH’s ethos and utility are founded on the foundations that our community continues to construct.
Positive or negative criticism is vital as long as we could learn anything from the hundreds of interactions we got everyday. Having said that, concentrating on communities allows the CELOLAUNCH Team to position as a product-market fit reference.
Our vision is straightforward, to build an automated, decentralized, and scalable technologies on the CELO Network. Moreover, everyone in CELOLAUNCH community is invited to join us since we are more powerful when we work together.
Current DeFi Problems:
One of the biggest risks that we are facing in DeFi ecosystems that no investors would like to encounter. The recurring number of rugs has surpassed $5 billion in total. Tokensniffer has reported around 15 such suspicious projects in a single day.
2) Insufficient Liquidity
New projects are being created lacking sufficient liquidity commitment. This indirectly is a definition of scam. We have also witnessed projects providing average liquidity on listing and wiping them out on the next day.
3) Unfair IDO Participation
Allocation providing for everyone on each project is indeed difficult because a smaller total allocation is supposed to be gathered from a large pool of investors resulting in a problem that small investors are being left behind most of the time.
Consider the remedies CELOLAUNCH Team deals with the aforementioned issues:
1) Rug-proof Launchpad
Rug-pull is the common issue of the projects with high hard caps and no MVPs. We rigorously verify total raiseable amounts against the token economics of the project before presenting them to the community. This manner, all of those scams will be sorted out, resulting in a safe ecosystem.
2) Liquidity Locked
Inadequate and unlocked liquidity is the most serious threat to the fastest-growing DeFi ecosystem, which is why we have worked to include automatic liquidity locking via our native smart contract for projects that choose CeloLaunch.
3) Guaranteed Allocation
As you may know that obtaining a guaranteed allocation in DeFi projects is quite rare and even holders acquiring a specified number of tokens are inducted into the FCFS mechanism. CELOLAUNCH Team rectifies this by providing a guaranteed allocation to our dearest holders.
CeloLaunch is coming soon — Stay tuned!