The DeFi project Indefieco announced the completion of the initial distribution of 10% of the platform’s governance tokens. As part of this process, partners supplied liquidity in various cryptocurrencies, receiving xIDF tokens for free.
After the scheduled February 2021 main launch, holders of xIDF tokens will be able to exchange them for a proportional share in the 1 million IDF tokens put up for distribution.
The soft cap of $2 million set by the round’s organisers was reached within two hours on December 16. Over the next ten days, liquidity equivalent to $1.545 million was added to the project team’s disposal.
Total funds provided by more than 40 partners amounted to over $3.5 million.
According to the terms of the recently completed multi-party audit of the smart contract, these assets are invested in current Indefieco DeFi projects with high yields, and the profits earned during the 90 days will be directed toward preparing for the main launch.
Partners have the right to demand their funds at any time by returning the xIDF tokens received during the distribution. After 90 days they may withdraw the provided liquidity without returning the governance tokens. By default they will begin to receive yields with the possibility of online withdrawal. Already now for Indefieco clients there is a deposit service in the DAI stablecoins, offering up to 15% annual yield in US dollars.
“Our relations will be built on the basis of maximum trust between us on this new platform, which will be a second wind for the development of the cryptocurrency market,” said Indefieco founder Alexander Lebedev.
Currently, the development team is focused on preparing the main smart contract and technological solutions for the directions of work for the sector’s first DeFi bank of smart contracts, laid out in its memorandum and white paper.
In January 2021, developers plan to launch a bridge for Binance Smart Chain and Ethereum, which will provide Binance users with near-zero fees when interacting with popular DeFi projects.
Earlier, Alexander Lebedev announced in September the creation of a large-scale “anti-bankster” DeFi project. He said Indefieco is designed to solve the chronic problems of the traditional financial system.
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