We will explore the SolPAD project and the PAD token in this post.
SOL Pad: The first multichain crowdfunding platform based on the Solana blockchain, allowing projects to crowd-fund using the Solana and Binance Smart Chain.
The Platform users will be able to take advantage of a variety of secured and reliable features, including crowdfunding, private and public sales, liquidity mining, stakes, multichain swapping, and several more. With SolPAD, we aim to provide a centralized platform that lets you manage as many cryptocurrencies and blockchains as possible. In addition to automatic whitelisting and a fully transparent KYC process, their pools will also offer multiple types of swaps.
As part of the SolPad plan, SolPad will also create the only crypto-oriented business incubator in the world.
We aim to become a Multichain project built on Solana, allowing users and projects to do cross-chain functions.
SolPad is built on the following products:
SolPad—A multi-chain IDO and Guaranteed allocation for holders supporting the crowdfunding platform.
SolSwap — Multichain DEX
SolWallet — Multichain Mobile Wallet
SolPad – Solana’s First Multi-Chain Support Crowdfunding Platform
Market conditions are chaotic at the moment. Almost every day, there is a new project available. However, not all will get a chance to participate. As for the most recent projects, most of them are developed on the Binance Smart Chain and Ethereum.
SolPad was originally born as a Solana-only launchpad. The Solana ecosystem lacks Apes in spite of its high technological sophistication and top-notch participants. While Solana TVL is around $30 million, Pancakeswap has an annual TVL value exceeding $8 billion.
When the majority of DeFi projects launch on Solana, the ultimate equilibrium will be reached, according to the Solpad team and advisors. Binance Smart Chain, however, is superior in terms of UX since it enables seamless integration between Binance, BSC, and Pancakeswap.
In the future, Solpad will be the go-to IDO platform that integrates all major Layer 1 chains. It is for this reason that SolPad will be the first Multichain project running on Solana. Also, SolPad will give everyone on its platform an equal chance to join IDO. By setting up a tiered structure to benefit our holders, the IDO will be accessible to everyone, and not just whales using bots.
What is IDO?
IDO stands for Initial DEX Offering. An initial dex offering, or IDO, represents tokens of any type that are stored on a decentralized exchange (DEX). An IDO is when a project issues a token via a decentralized liquidity exchange.
Anything from cryptocurrencies to music albums to battleships powered by aether can be turned into an IDO. Businesses can leverage IDOs to perform better and make better decisions for their assets while simultaneously communicating with their communities.
DEX projects receive funding from individual investors as they do with traditional startups. Unlike an IPO, investors in initial dex offerings do not own any equity in the project. In addition to immediate liquidity and trading, IDOs have lower listing costs than ICOs and IEOs.
IDO (initial DEX offering) refers to the listing of crypto on a decentralized exchange. A blockchain project would introduce its coin on a DEX for the first time in an IDO so that retail investors can invest. Both IDOs and initial exchange offerings (IEOs) allow crypto projects to launch their tokens via a centralized exchange and to raise funds by offering funds as well. The following are some of the restrictions imposed by centralized exchanges:
Payment of an enormous amount or part of the exchange tokens
Limiting a project’s ability to list on competing exchanges
Offering very little control over a project’s token sale parameters
Token sale and listing models offered by IDOs, on the other hand, would be significantly less expensive. In a DEX, an IDO can provide quick liquidity without excessive slippage via available liquidity pools.
SolSwap — Multichain DEX
We have built-in a DEX that allows incubated projects in SolPad to list instantly on SolSwap. First, SolSwap was designed as a multichain DEX, connecting Solana and Binance Smart Chain. A border does not exist with SolSwap.
SolWallet — Multichain Mobile Wallet
There are very few cross-chain solutions available today, especially if you are investing in multiple projects on different chains. Having created SolWallet, a mobile blockchain-agnostic wallet, we tried to address this issue.
Despite our fascination and belief in Solana’s own architecture, we do not think that the whole crypto ecosystem can be contained in just one network. Our position on Multichain is that it’s the future. We are establishing an effective infrastructure across chains with SolWallet.
Users can, in brief, do the following with SolWallet:
Regardless of where the assets are stored, digital assets can be transferred.
Integrate blockchain applications from different chains
A seamless swap between protocols is possible.
Maintaining digital assets across different chains
Using just a single wallet, users can conveniently and safely store their digital assets.
It is our goal to make SolPad a truly autonomous, decentralized platform that benefits our token holders. Holders of the PAD token would be able to vote en masse on everything related to the platform, from which projects to allow IDOs on the platform, to which pairs to make available on SolSwap. It is going to take time, but eventually, it will happen.
The future of SolPad will be decided by a DAO consisting of the current SolStarter and tier prices for the pools. It’s our mission to democratize fundraising, and we’re inviting the community to make it happen.
A Quick Guide To Creating a Sollet Web Wallet In The Solana Wallet
In order to create a new wallet, you will be given a 24-word mnemonic seed. You must ensure the safety of this information by backing it up. In the event that you lose the seed word, you’ll lose the coins in your wallet.
Make a note to store the 24-word seed phrase somewhere secure before proceeding.
The second step entails encrypting your seed with a password.
Set up your password
Forgotten passwords can be remedied by using the seeds words you created before. Clearing the cache in your browser will also prevent you from logging in with your password. Using the seed word, you need to restore the wallet again.
How To Add SPL Tokens To The Solana Wallet
For the same reason that GAS fees on Ethereum are charged, you need to spend some SOL to add SPL tokens to your Sollet wallet. A SOL transaction can be completed using Binance or FTX. SOL can be purchased and sent to the SOL deposit address in a Sollet wallet.
No tokens will be able to be added to your wallet if you do not have enough Sol in your wallet. This error message will appear.
Here’s how you can add SPL tokens once you have deposited SOL.
For the purpose of adding tokens to your wallet, simply click on the plus icon.
Three options will be available: Popular Tokens, ERC20 Tokens, and Manual input.
The most popular tokens on the Solana ecosystem can be found on the popular tokens section. Among them are Serum (SRM), MegaSerum (MSRM), Bonfida (FIDA), LQID, KIN, MAPS, RAMP, Raydium (RAY), and Oxygen Protocol (OXY). Aside from projects built on Solana ecosystems, you’ll also find wrapped tokens like wrapped Bitcoin and Ethereum, wrapped XRP, FTT, YFI, LINK, USDT, etc.
The Sollet wallet can also be used to store ERC20 tokens other than SPL tokens. In essence, these are pegged tokens. The ERC20 contract address can be entered manually if you cannot find your wrapped ERC20 tokens in the popular tokens tab.
Despite being listed on several crypto exchanges, users cannot directly buy PAD with fiat currency, as is the case with other cryptocurrencies. This coin can still be purchased by first buying Bitcoin, ETH, USDT, and BNB, and then transferring to the exchange that offers this coin. In this guide, we will explain in detail the steps needed to purchase this token.
Binance Exchange will be used here since it is one of the largest crypto exchanges that accept fiat deposits.
This popular cryptocurrency exchange started out in China before moving its HQ to Malta, an EU island that is crypto-friendly. For its cryptocurrency exchange services, Binance is popular. During the mania of 2017, Binance exploded on the scene, becoming the world’s leading crypto exchange.
Upon completing the KYC process. Your payment method will be required. There is the option to purchase Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB), and other cryptocurrencies with either your credit or debit card or through a bank transfer.
After you finished the signup process, depending on the current market pairs, you will need to make a BTC, ETH, USDT, or BNB deposit to the exchange from Binance. Then you can purchase PAD on our website if the deposit is confirmed: https://www.solpad.finance
📢 This article and blog post contain information that is solely meant for educational and entertainment purposes. The only thing I am is a crypto enthusiast who believes that blockchain technology will change the world, not a financial advisor or legal expert. Be sure to do your own research before investing in any crypto and or platform, and be aware of the risks! Cryptocurrencies are extremely volatile digital assets that come with significant risks.