Blockchain and cryptocurrencies: conceived as a decentralized solution to all the world’s problems, it is fair to say there’s a fly in the ointment. The bigger, popular, and more mainstream crypto becomes, the more centralized the currencies become. Regulations and rules are being created and implemented every day. Almost every platform must have a know your customer (KYC) process, which leads to questions about how data is protected and your anonymity.
Thorstarter – a decentralized blockchain-based launch and funding platform for cryptocurrency projects – is launching its first IDO to allow the crypto community to keep things decentralized and anonymous. “What’s an IDO?,” I hear you cry? An “initial DEX offering” is the launch of a cryptocurrency on a decentralized exchange, which gives opportunities to those who may not have owned them before.
Through its IDO, crypto enthusiasts have an opportunity to invest in Skyrim Finance and bolster that platform’s liquidity. What’s special about Skyrim Finance? Generally, within decentralized finance (DeFi), there are two types of yield farming investors on the market; investors who want low risk with a fixed annual percentage yield (APY) and those who seek high leverage for higher yields. Skyrim Finance is looking to build a product that blends these two camps, helping investors of different profiles have risk-adjusted returns. The goal is to build a “robo-advisor” that can devise the right kind of risk-adjusted return, customized for each investor.
Thorstarter’s launchpad offers an opportunity for almost anyone to participate in the decision-making process surrounding new blockchain projects, giving them the ability to vote on their launch and determine project dividends. Participants can also purchase a retail token that gives them the ability to buy into new projects. While Skyrim Finance’s fundraising endeavors have already netted the startup $2.1 million, raised in May 2021, Thorstarter’s IDO will allow it to get to the next stage of development.
So, can any DeFi project gain funding on Thorstarter?
“Any project using distributed ledger technology can apply to launch on Thorstarter,” Compound22, cofounder at Thorstrater, told me. “Our selection of projects is case by case and can be tailored to different ecosystems. Right now, we are doing our first IDO launches on Ethereum, followed by launches on THORChain, with the possibility of adding more chains in the future.”
And what about other projects beyond DeFi?
“We plan to launch all kinds of project types, from DeFi tools to NFTs,” Compound22 said. “We are quite open, so long as projects meet our standard of quality. For us, it’s not about the project type; it’s about the product potential.”
When it comes to getting involved in a Thorstarter project, the good news is that almost anyone can participate.
“Anyone who holds Thorstarter’s XRUNE token can participate in Thorstarter IDOs,” Compound22 said. “The easiest way to buy XRUNE is on SushiSwap or THORSwap. If you do not yet have a wallet, we recommend making one with XDEFI or MetaMask.”
Unlike some investment and crowdfunding platforms, Thorstarter doesn’t have geographical boundaries for participation either. In fact, the team has no way of knowing where the XRUNE token holder is from.
So what if you want to get your project on the Thorstarter platform? What’s the secret sauce, and why did Skyrim Finance make the grade?
“In the crypto world, there is a debate as to whether one blockchain will come to dominate the space, or if multiple can coexist,” Compound22 said. “We share with Skyrim a vision of a multichain future (multiple blockchains working together in harmony). In addition, we find their product, a ‘Robo-Advisor for the DeFi ecosystem,’ very compelling; it’s like a Betterment or Wealthfront for crypto.”
And what’s coming next for Thorstarter? Well, it turns out you don’t need to wait for long in the fast-moving world of blockchain. Thorstarter launched the latest solution on the platform yesterday.
“We foresee a huge success with the latest product, BNPL,” Compound22 said. “BNPL (buy now pay later) seeks to disrupt the global credit markets by creating the first of its kind DeFi backed uncollateralized lending protocol. The protocol will allow users to borrow funds through its distributed P2P lenders run natively on the Ethereum blockchain. To do this, BNPL is building a network of lenders and borrowers linked by ‘banking nodes’ made up of BNPL token stakers. That means a credit or buy now pay later system backed by DeFi, which traditional companies can use without ever knowing they’re using crypto.”