Decentralized Exchange Capricorn Launches IFO Platform Green...| MENAFN.COM

Sunday, 07 August 2022 11:05 GMT

Decentralized Exchange Capricorn Launches IFO Platform Greenhouse, With Inaugural Offering From Lending Protocol Zenith.Finance


(MENAFN- News Direct)

London, UK | July 01, 2022 02:00 AM Eastern Daylight Time

 

Capricorn, the core DEX protocol built on Cube Network, today announced the launch of its new Initial Farm Offering (IFO) platform, Greenhouse . As part of its launch, the platform will host a US$100,000 IFO for Zenith.Finance , the leading lending protocol incubated by Gringotts Labs, at 06:00 (UTC) on July 1. Capricorn users will be able to subscribe from a pool of 500,000 ZNT tokens on the newly launched IFO section of the Capricorn platform. At 0.15 CUBE/ZNT, the offering is valued at US$100,000.




Enabling retail access to Initial Farm Offerings

Greenhouse is designed to enable retail investors to participate in IFOs. The platform introduces an“Over-allotment Pool” function to meet the investment needs for investors on Capricorn. During an IFO, when the target number of IFO tokens for sale is met, there will still be 20% of the target number tokens offered for sale as“Over-allotment Shares”. After the offering,“Over-allotment Shares” will form an“Over-allotment Pool”, consisting of both tokens raised in the IFO and project tokens. When the price of the project token rises by more than 50% of the fundraising price, users can manually trigger a sell order, and when the price falls by more than 20%, users can manually trigger a buy order.

The platform is also designed to reward loyal Capricorn users. Simply by pledging CORN tokens, Capricorn users can participate in Greenhouse IFOs and buy tokens of promising projects, maximizing capital efficiency and providing access to new investment opportunities. During the funding period, Capricorn users can buy tokens or withdraw their funds at any time, albeit with certain fees. Start-ups launching IFOs on Greenhouse can benefit from an expedited review process.

Capricorn selects Zenith.Finance for first IFO

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Zenith.Finance is the first lending protocol to be built on Cube Network, and will launch on its mainnet on July 4. It has received hundreds of millions of dollars in liquidity investments from the Cube Eco Foundation. Featuring a fast, low-cost, safe, and simple-to-use lending platform, Zenith.Finance allows every crypto player——from novices to veterans——to earn high-interest yields on their cryptocurrency assets. By providing strong, efficient, and highly-scalable markets, Zenith.Finance will improve Cube Network's capital efficiency and user engagement, enabling it to realize its full potential.

Zenith.Finance IFO Details

As part of Zenith.Finance's IFO, 500,000 ZNT tokens (0.5% of total supply) will be offered to investors, in order to raise 75,000 CUBE tokens. To participate, Capricorn users need to stake US$500 worth of CORN in the designated 'stake CORN to earn CORN' pool here. After registering, Greenhouse users can subscribe for ZNT tokens with CUBE tokens. CUBE tokens are the governance tokens of Cube Network. The pre-sale of ZNT will last for 24 hours, from 6:00 (UTC), July 1, to 6:00 (UTC), July 2.

 

About Capricorn

Capricorn is the leading decentralized exchange (DEX) rolled out by Gringotts Labs, a crypto incubator that plans to deploy a series of DeFi protocols on Cube Network. Since officially launching on Cube Network's mainnet, Capricorn has accrued about $200 million in TVL, becoming the most popular protocol in the Cube network ecosystem. Within three hours after launching, the total value locked on Capricorn exceeded $10,000,000, with several liquidity pools, including 'CORN-USDT' and 'CORN-WCUBE', reaching high APRs.

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