Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

First Token to Launch From World’s First BaFin-Regulated DeFi Exchange

CryptocurrencyJul 09, 2021 06:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
First Token to Launch From World’s First BaFin-Regulated DeFi Exchange

⦁ SMT will power liquidity on Swarm Markets

⦁ Community to set SMT price

Berlin-based Swarm Markets today announces it will launch its first token, SMT, to power liquidity on the world’s first BaFin-regulated DeFi exchange.

The SMT payment token offers rewards to people staking liquidity and 50% discounts on protocol swap fees for those trading on the platform. The more SMT held, the greater the discounts and rewards available. Swarm Markets’ liquidity provider programme currently has more than 540 individuals signed up who have pledged over $34 million in assets and have begun onboarding to the platform.

The maximum supply of SMT is 250 million. 50 million tokens with a nominal value of $4.25 million will be made available to the public to buy via a two-phased sale. 50% of tokens are reserved for the rewards pool and there is no team allocation.

Timo Lehes, co-founder of Swarm Markets, said,

“Instead of us coming out and telling the market what we think the value of SMT should be, we firmly believe the community behind Swarm Markets should set the token’s price. A batch auction is an innovative use of technology to do this. SMT is unique because holders can instantly benefit from rewards and savings on the Swarm Markets platform when they provide liquidity and trade.” The first phase will begin with a week-long allocation mining event (AME) on Launchpool, starting July 12, 2021. This will be the lowest price available to the public and purchasers must join the Launchpool platform ahead of the sale.

Swarm Markets will then hold a public batch auction, using Gnosis Auction, on July 21, 2021, lasting 7 days. Batch auctions are becoming an increasingly popular mechanism for Initial DEX Offerings (IDOs) as they provide a safe and efficient method for fair price discovery with an easy-to-use interface.

The controlled release of SMT tokens will ensure that tokens enter circulation in a manner that prioritizes token stability and adequate rewards across the platform’s various stages of growth.

Philipp Pieper, co-founder of Swarm Markets added,

“The vesting schedule and distribution model has been designed with fairness as a top priority. Our goal is to release roughly half the maximum supply towards the end of year three. Rewards Pool (NASDAQ:POOL) tokens are released over the course of 100 years at a rate that diminishes each week so people are incentivised to be early adopters of the token.” The Swarm Markets platform is deemed to have been granted all the necessary authorizations to operate its high-liquidity DeFi protocol by Germany’s Federal Financial Supervisory Authority (BaFin). As a German-regulated platform, users must meet eligibility requirements in order to trade on Swarm Markets. This link provides details of all serviced territories.

SMT trading will be available on Swarm Markets directly after the public sales are completed. There are no trading restrictions enforced by Swarm Markets.

About Swarm Markets

Berlin-based Swarm Markets is the world’s first regulated DeFi platform, providing a high liquidity protocol to financial institutions and retail traders. For the first time, traditional assets can be digitised and traded alongside crypto on one unified and regulated platform, bridging the gap between CeFi and DeFi. It’s co-founders have been engaged in crypto since 2016 and initiated the non-profit DAO Swarm Network.

Continue reading on DailyCoin

First Token to Launch From World’s First BaFin-Regulated DeFi Exchange
 

Related Articles

Asian CBDC projects: What are they doing now?
Asian CBDC projects: What are they doing now? By Cointelegraph - Oct 16, 2021

The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email