What is Poolz.finance ($POOLZ)?
Poolz.finance ($POOLZ) aims to be the bridge between cryptocurrency projects and early investors.
Poolz.finance has already integrated Ethereum, Polkadot and Tomochain. Projects can simply sign up with a simple Google form on the Poolz official site and they would help launch token sales on the Poolz platform.
In addition to launching token sales, Poolz can also help projects fundraise flexibly by allowing them to specify lock-in periods whereby only after the specified period expires can investors receive tokens for their swapped amount. On the other hand, pools of tokens camn also be created for a project’s token so investors can get immediate access to the project’s tokens.
To catch up with the yield-farming craze, Poolz also provides staking-as-a-service, allowing projects to set up staking for their token. And with that of course also brings concerns for security, which Poolz does recognise and therefore can allow projects to request token audits.
Check out our interview with CEO and Co-founder Guy Oren.
Poolz decentralized NFT auction house
Poolz is also capitalizing on the popularity of Non-Fungible Tokens (NFTs) by allowing cryptocurrency projects to auction their NFTs on the Poolz auction house. Poolz has integrated the ERC-721 standard, which allows developers to code the owners’ identity and address into the NFT- making each token unique and ensuring that each NFT only has one owner.
During this initial phase, projects can sell their NFTs for ETH and DAI. However, it is expected that more payment methods will be accepted in the future, such as the project’s native cryptocurrency or other stablecoins.
$POOLZ token holders get exclusive benefits on Poolz’ NFT auction house such as price benefits and special access to the “last call” feature. Poolz’ “LastCall” feature comes after the conclusion of the “open” auction phase. Once the “open” auction for the NFTs are closed to the public, the “LastCall” phase opens whereby the NFT pool is exclusively open for POOLZ token holders to make their bids- thus increasing their chances of getting a winning bid before the auction finishes.
What is the $POOLZ token and its uses?
$POOLZ is Poolz Finance’s native ERC-20 token. $POOLZ token is mainly used as user incentives, governance, staking, token burns and project development.
Incentives. include exclusive benefits in the NFT auction house and better swap ratios for pools running on their platform.
Governance. The Poolz platform will implement the Proof of Stake (PoS) mechanism. This allows POOLZ holders to have voting rights when they stake their tokens in specific wallets.
Staking. According to the Team, POOLZ token holders can get passive income from staking them in particular ERC-20 wallets. In return, these token holders will get staking rewards.
Token burn. Poolz will use 16.67% of its daily earnings to buy $POOLZ tokens from the market and burn the same, subject to an upper limit of 20% of the POOLZ supply. This keeps the supply of tokens low.
Project development. Poolz has reserve tokens that are allocated for future development such as marketing, exchange fees for listings, and long-term liquidity.
1/3 of the total $POOLZ token supply is locked and will be released over a period of 10 years. The Poolz team believes this model will ensure a low supply and keep prices high, and to show that they intend to stay with this project for the long haul.
The allocation of $POOLZ is as follows:
- 2.2M POOLZ (44%): Public and private sale
- 800,000 POOLZ (16%): Staking rewards. This will be circulated in the form of average annual yields to those who stake their tokens in a compatible wallet. 80,000 POOLZ will be released each year for 10 years (i.e. 1,539 tokens per week).
- 800,000 POOLZ (16%): Swapping rewards. These will be rewarded to liquidity providers on the participating pools on the platform. 80,000 POOLZ will be released each year for 10 years (i.e. 1,539 tokens per week). This may be subject to change via governance decisions.
- 600,000 POOLZ (12%): Reserve. This will be for future initiatives and to support the community.
- 375,000 POOLZ (7.5%): Team. For incentivizing the Poolz team and will be distributed over 6 months of equal vesting after a lock-in period of 1 year.
- 125,000 POOLZ (2.5%): Advisors. Given to advisors as incentives over 1 year of monthly vesting.
- 100,000 POOLZ (2%): Liquidity fund. This is for providing liquidity on Uniswap and other exchanges.
$POOLZ token sale
- Total Supply: 5,000,000 POOLZ
- Initial Market Cap: USD $423,500
- Fully Diluted Valuation: USD $3.5M
- Private and public sale: 2.2M POOLZ (44% of total supply) will be allocated for private and public sales.
- Pre Seed: 100,000 POOLZ at USD $0.35: 3 months initial lockup, then 8.33% released monthly.
- Strategic Round: 400,000 POOLZ, at USD $0.455: 10% released upon Token Generation Event (TGE), then 9% released monthly over a period of 10 months.
- Private Sale 1: 700,000 POOLZ, at USD$0.47775: 20% released upon TGE 20%, then 20% released monthly.
- Private Sale 2: 900,000 POOLZ at USD $0.50050: 25% released on TGE, then 25% released monthly.
- Auction Pools: 100,000 POOLZ at USD $0.7: no lockup period.
The USD$1m private sale of POOLZ has already been completed and was oversubscribed by 25x. More details on the private sale.
$POOLZ public token sale
On 15th January 2021, $POOLZ will do a public sale by way of an Initial DEX Offering (IDO) and Uniswap listing.
The IDO will be held on the Poolz platform itself so that after it goes live, you can directly buy $POOLZ from their own platform. Afterwards, $POOLZ will be available on Uniswap. There is no minimum purchase amount for this IDO.
Note the IDO has sold out in 18 seconds
How to buy $POOLZ on Uniswap
The $POOLZ token will be listed on Uniswap from 15th January 2021 onwards, meaning that users will be able to buy $POOLZ on Uniswap. Buying $POOLZ can be done in 4 easy steps:
Step 1:On Uniswap, select which cryptocurrency you want to trade $POOLZ with in the “From” row. Note that Ethereum is set as the default.
Step 2: Set to swap for $POOLZ tokens. In the “To” row, enter the correct Poolz address. Be very sure that the address is correct or else you could risk losing your funds.
Step 3: Enter the amount of $POOLZ token you want to obtain. Once you’ve entered the amount of $POOLZ token you want to buy, double-check the swap details and click “Confirm swap”.
Step 4: Confirm purchase on MetaMask. After confirming on Uniswap, you will be taken to MetaMask to confirm the payment. Click “confirm”. Once the payment is processed you will receive $POOLZ tokens in your MetaMask wallet.
Is Poolz safe?
Poolz Finance engaged Arcadia for an independent security audit of its smart contracts. Poolz reports that Arcadia did not find any issues with their smart contracts.
The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.