Cryptocurrency

CoinWind Token $COW IDO (Initial DEX Offering) Lasted all of Ten Seconds on MDEX.COM

Oversubscribed and highly anticipated, the $COW IDO took barely 10 seconds to collect about USD 1.5 million worth of MDX, HT and BNB tokens.

Singapore, 26 May, 2021 –  The decentralized finance (DeFi) smart yield aggregator CoinWind has released its $COW token. During its IDO (Initial DEX Offering), CoinWind offered 3.24 million of its native tokens for sale on three platforms – MDEX, WeStarter and Helmet.

All in all, the launch was a big win for CoinWind, who tweeted out to its 19 thousand followers that the 1st phase of the MDEX IDO (coined an ‘IMO’ – “Initial MDEX Offering”) lasted “only 10 seconds”.

The majority of the tokens, about 3 million $COW, were released on MDEX.COM. MDEX is one of the top, leading decentralized exchanges (DEXes) that is currently in the DeFi industry’s limelight since taking up the lion’s share of the market. The platform  employs a special dual mining strategy that utilizes both transaction and liquidity mining, which led to its impressive growth in transaction volume.

A total of 8,874 wallets took part in the ‘IMO’, carving out all of the 3 million $COWs for an estimated USD $1.5 million in these cryptocurrencies – MDX, HT and BNB.

As of this writing, the token sale is said to have scooped up an impressive 47.85 million MDX on BSC, 64.63 million MDX on HECO, 1.14 million on the MDX/BNB token pair liquidity pool and 9.25 million on the MDX/HT token pair liquidity pool.

DeFi’s Massive Rise

The DeFi space has been bursting with activity since the last quarter of 2020 during its sudden surge in popularity. It grew from about USD $3 billion TVL (total value locked) to USD $80 billion TVL in the span of 12 months. However, not everyone has had the easiest time taking part in this DeFi wave, as some have struggled with low yields and others feel that DeFi investing might be risky, which could lead to a loss of funds. 

CoinWind’s Solution to Subpar Profits and Risky DeFi Investments

A representative for the CoinWind team has said that the project fixes both above mentioned challenges.

CoinWind gets around the problem of low yields with automated contracts that move users’ pledged tokens flexibly around different pools, using an algorithm to ascertain the most profitable pools at the time, so as to optimize their earnings.

Musk, Head of CoinWind Community adds, “Furthermore, income generated is automatically reinvested every 5-10 minutes into high-yield projects, ensuring all income is used to generate profit, and no opportunity is lost. We also use hedging strategies to reduce impermanent losses.”

In DeFi, “impermanent loss” is defined as the losses incurred by an investor whose tokens’ prices have fallen in comparison to the original prices of the tokens when first deposited into the liquidity pool. 

Competitive Edge

To attract liquidity providers, CoinWind offers low user thresholds and has been very popular in the Chinese crypto space for single-asset farming.

Both single-token (or single-asset) and liquidity pool (LP) farming are offered on the platform with high annual percentage yield (APY) and flexible staking options.

Tokenomics of $COW

$COW Tokenomics

There are 100 million $COWs in supply.

65% of them will be distributed as rewards to CoinWind liquidity providers, with the output being halved every year.

15% will be kept by the team for the project’s operations and research and development. It will be unlocked one month after the launch for a year.

10% will be allotted to early bird investors.

And the rest will be kept for fundraising, marketing and the community foundation activities.

As CoinWind expands, the team hopes to integrate more blockchains, like Solana, Ethereum, OKChain and many others.

For more info about CoinWind, visit the official website: https://www.coinwind.com

CoinWind Official Channels:

Twitter: https://twitter.com/coinwind_com

English Telegram: https://t.me/CoinWind

Chinese Telegram: https://t.me/coinwind_cn

Medium: https://coinwind.medium.com

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