DeFiDrop, a launchpad for DeFi projects, held a token sale last week for a project called PancakeLock.
The token sale completed according to plan, with unsold tokens being burned immediately after the sale.
Furthermore, the project was already listed on PancakeSwap — Binance Smart Chain’s largest DEX.
DeFi launchpad and incubator, DeFiDrop, recently organized an IDO for PancakeLock, and the sale was a big success which was immediately followed by PancakeSwap listing.
Despite the fact that crypto prices have been struggling for a month and a half now after seeing a 50% drop in May, new projects are still being launched in the DeFi space. Not only that, but many of these launches turn out to be quite successful.
One example is PancakeLock — a project that was launched on DeFiDrop only a week ago, as previously reported. The listing took place on June 24th, and it was a big success. However, it did not manage to sell all of the tokens that were on offer.
However, that was not an issue, as the team foresaw it, and made a plan for all extra tokens that may remain following the token sale. The plan, of course, was to burn them, meaning that they will be locked up in a smart contract that wouldn’t allow anyone to withdraw them ever again, making them permanently indisposed.
According to PancakeLock’s announcement, there were around 2.7 million PancakeLock (PLOCK) tokens remaining from the IDO round, and they were all sent to a specific address, where they would remain indefinitely.
PancakeLock got listed on PancakeSwap
Immediately after the IDO and the token burning, PancakeLock’s token was listed on Binance Smart Chain’s largest decentralized exchange (DEX) — PancakeSwap. The listing took place on June 24th at 2 PM UTC. The distribution of the purchased tokens took place simultaneously with the listing, and the token is now available for purchase and trade within the exchange.
Meanwhile, the team made another move to reassure investors and give them hope for the future of the token. It locked up all the tokens belonging to the developers for an entire year, thus making sure that investors will know that the project is not some kind of scam or a trick.
While the move was likely unnecessary, given the fact that the project launched via DeFiDrop’s launchpad which is already trusted by the community, it is encouraging to see that the team has that much trust in the project’s future that they are willing to wait for a year before gaining access to their own cryptocurrencies.
This is particularly impactful given the recent state of the crypto market and the market sentiment. As many are likely aware, the prices are struggling to grow, and most projects are still stuck near their support levels that originally stopped their mid-May drops. Bitcoin itself is barely able to step away from $30k per coin, after previously hitting an all-time high at around $64.8k.
Lastly, following the launch and listing of PancakeLock, the project entered a strategic cooperation agreement with Rock’n’Block — a company that focuses on development and implementation of blockchain technology. In other words, PancakeLock is already seeing significant progress only days after coming to the market, which further encourages its community to stick around.