Relite Finance, a cross-chain DeFi lending protocol built on Polkadot, has announced their $RELI initial dex offering on PAID’s Ignition launchpad, one of the leading IDO platforms with an influencer community of over 9 million users. The IDO is set to take place on Monday, May 17, 2021.
Once IDO is done, the Relite token would be listed shortly on the Uniswap exchange under the $RELI ticker. Besides that, in the following months, the Relite team intends to introduce its native asset to several other exchanges, including centralized ones.
Earlier in April, the Relite project announced that it had conducted the private sale round, raising over $1MM. It is worth noticing that while the stage’s cap was limited to $1,006,460, the private sale was highly coveted, thus, oversubscribed by nearly $100 million. Relite also recently announced the addition of key strategic advisors, including industry heavyweights Kyle Chasse & Orion Depp of Master Ventures, Dr. Deeban Ratneswaran of GD10, and Marco Calicchia of Certik.
George Groshkov, Relite CEO, has empathized the importance of the upcoming event:
“We are excited about the launch of RELI token with the PAID Network and proud to be a gamechanger in the DeFi landscape. We’d like to thank our community for the continuous support of our project and our long-term goals. We have exciting plans for the future, not only to launch a truly interoperable cross-chain DeFi lending platform but also to offer NFT-collateralized loans.”
The IDO whitelist has closed on May 10, yet, the winners are to be announced shortly. There was an overwhelming interest among the DeFi community, resulting in more than 10,000 participants signed up for the Relite IDO.
About Relite Finance
Relite Finance is a cross-chain DeFi money market protocol that enables users to lend, borrow, and stake all crypto assets in one interface by utilizing Polkadot’s Moonbeam Parachain, bridges, and a unique reserve fund module. Relite plans on creating interoperability with Bitcoin, Ethereum, and other blockchains. In addition, Relite plans to implement collateralization of NFTs with better fees and usability than other protocols can offer.