At PAID Network, we’re always looking to push the boundaries when it comes to making burgeoning new projects accessible to the masses, while also helping to ensure their long-term success.
This drive led to the release of Ignition, which has been the final contact point between projects and pre-public investors for some of this year’s hottest launches — including the likes of Shadows Network, Blind Boxes, and IOI. Every now and then, we come across a platform that perfectly aligns with our ethos and provides an opportunity to increase value for communities on both sides of the equation.
We believe Genesis Shards falls squarely into this category and we’re excited to announce that they’re now joining the PAID Network ecosystem as a working partner.
Kyle Chassé, PAID Network CEO, comments:
“Pre-IDO liquidity is a tricky thing. While many users want to trade their tokens prior to exchange listing or source liquidity for their assets early, actually doing so is generally a risky endeavor. Genesis Shards tackles this problem by marrying DeFi options with NFTs to produce the perfect pre-IDO liquidity vehicle. We can’t wait to see where this collaboration will take us!”
Genesis Shards helps to address a major unmet need in the cryptocurrency industry — the ability to safely trade pre-IDO tokens without relying on dubious middlemen or opening oneself to potential risks. Genesis Shards overcomes this challenge by providing a solution for projects to wrap fully fungible tokens into NFTs, each known as a Gen Ticket NFT.
Each Gen Ticket NFT represents a fixed number of time-locked pre-IDO tokens, which can be exchanged for post-IDO tokens as per the time-lock (or vesting) schedule of the tokens, or be freely traded in their non-fungible state.
Garlam Won, Genesis Shards co-founder, on the partnership:
“PAID has established itself as a tour-de-force in the IDO space with its Ignition platform. Now, PAID projects will be able to explore pre-IDO liquidity offerings before launch, helping to provide even more value to their communities!”
As part of the partnership, select Ignition projects will have a Gen Ticket NFT option, giving investors the opportunity to immediately source liquidity for their investment as and when needed via Genesis Shards. This, without affecting the subsequent public market — much like OTC trades and dark pools.
Beyond this, Genesis Shards will integrate PAID Network’s SMART agreement technology with its DeFi NFT options and pre-IDO liquidity platform, known as Genpad — allowing Genpad projects to streamline their business operations. We will also be exploring potentially launching the IDO round of select Genpad projects on the Ignition platform.
About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens.
By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens
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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.
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