DeFiDrop recently put its new Launchpad to use by launching its first protocol — Echo.
Echo is a project that offers tools for checking out new DeFi protocols and determining their profitability.
With its tools, users can find new opportunities early on and make smart investments before others.
DeFiDrop, a project that offers a launchpad and incubator for DeFI protocols, recently held its first token sale on behalf of another project — Echo — which allows investors to compare different DeFi protocols and compare their safety and profitability.
DeFiDrop, a new DeFi project looking to offer an easy way for developers to launch their protocols and gain exposure early on, recently launched its first project. According to their Medium post, the first protocol to make use of DeFiDrop’s Launchpad is called Echo, which offers real-time DeFi tools for early investors, analysts, traders, and developers. Essentially, it is a platform for comparing safety and profitability of DeFi.
Echo allows investors a number of advantages gained through its service, such as the ability to recognize worthwhile projects early on and invest before others, use advanced tools for swap traders, such as the ability to copy-trade, track whale movements, and more.
The first round took place on the DeFiDrop Launchpad on April 25th, at 18:00 UTC. Those participating in the token sale were able to obtain tokens in exchange for BUSD. The second round started only 30 minutes after the end of the first one. The token’s price in Round 1 was $0.50 per unit, but for Round 2, it slightly increased to $0.625 per unit.
There was a single limit during the sale, which only allowed 5,000 BUSD per address. This was put into place in order to prevent whales from buying all the coins and manipulating its price later on.
DeFiDrop also announced that staking will become possible at some point next week, which would be the first week of May, so anyone interested should hold on to their DROPS tokens.
What is DeFiDrop?
As mentioned, DeFiDrop is a DeFi-oriented project that aims to help new, emerging DeFi protocols. Since it went big in 2020, DeFi has grown at a rapid pace, with hundreds of projects across different chains currently struggling to attract users through some excellent and innovative features and deals.
However, since it became so competitive, it is not unusual for new projects to get lost in the sea of others trying to attract attention. When developers come close to the completion of the initial project, they are expected to start a marketing campaign in order to spread the word, interest investors, and present their project as best as possible. But, there is no guarantee that they will be able to reach enough investors, or that their marketing campaign will be interesting enough to attract users. Not only that, but splitting their resources to focus on marketing is likely to further slow the development, cause some issues to be overlooked, and more.
Enter DeFiDrop — a project that offers a Launchpad and incubator for DeFi protocols. DeFiDrop has its own community that continues to increase with each passing day. The project handles the marketing, technical details about the launch, and everything else that needs doing. This has plenty of benefits, such as allowing developers to focus on their work, checking the project out in order to only present its community with legitimate protocols, and giving new projects that have potential a chance to shine before they are trampled by their competitive peers.
What Makes DeFiDrop Stand Out?
Of course, similar platforms already exist. Binance Launchpad, for example, was the first one to emerge and make IEOs popular back in January 2019, when it launched BitTorrent Token on behalf of TRON. However, these launchpads for regular altcoins are not specifically tailored for DeFi projects, and many could feel that it’s not quite it.
DeFiDrop came up with a DeFi-specific platform, and considering that the sector is continuing to explode well into 2021, it was clearly a good decision to launch a platform like that. Furthermore, with DeFiDrop checking the project before launching it on its platform, users are assured of its quality and legitimacy — provided that they trust DeFiDrop’s judgement, of course.
With all the scams in the crypto sector, this is more than necessary, especially since many of the projects’ developers wish to remain anonymous. But, if you trust your launchpad and it approves of some project, it should be safe to invest in it. At least, it should be as safe as one can expect in the crypto sector, where volatility and violent price shifts can happen at any time and for any reason.