Dexlab Releases IDO Transparency Report

Many countries showed considerable interest in Dexlab’s IDO, according to the transparency report.

By
Utulu Hope
on
June 14, 2021
Category:
Breaking News

Introduction 

Dexlab published a transparency report of its just-concluded Initial Dex Offering (IDO) on its Medium page on June 12th. The purpose of the publication is to enlighten users about the most important aspect of the IDO, which is the process and criteria behind participation. The transparency report was released in the wake of Dexlab’s inability to accommodate all interested countries. 


What is Dexlab? 

Source

Dexlab is a decentralized exchange where Solana projects can mint and list their tokens. The DEX platform provides a GUI to issue and expand Solana-based tokens without code. In addition, it makes use of Serum DEX’s central order book to support ultra-fast transactions, shared liquidity, and new monetization features. In summary, Dexlab offers the following features: 

  • Open access to anyone
  • Sleek interface with user options
  • Supports issuance of tokens and management via GUI. 
  • IDO platform fully accessible to any user. 
  • Application Program Interface (API) is scalable for system trading. 


Transparency Report

A transparency report is a statement issued regularly by a company, disclosing various statistics related to records, user data, or content as requested. In cryptonomics, a transparency report helps individuals understand the underlying activities of a given project based on users’ requests. 


Dexlab IDO Transparency Report 

Source

At first, participants were selected based on two criteria, country and date of birth. Some countries failed to comply with these terms of the whitelisting process and were deemed ineligible.

Participants under age and country criteria

Dexlab next added other criteria to narrow down participation further: Arithmetic questions; non-working email addresses; non-working Twitter accounts; duplicate email addresses; and duplicate Solana wallet addresses.

Participants under all other criteria

This process had a basic arithmetic question. Applicants were automatically disqualified if they could not answer the question. If an email address was used more than once, the user became ineligible for participation. The same went for any duplicate wallet addresses.


First Round Of IDO

The first round of the IDO ran from the 1st of June until the 6th of June. Emails were sent out to 1000 participants. These emails contained instructions on how to start KYC verification and how to proceed through Dexlab’s IDO platform to complete the purchase. On the 6th of June, only 650 participants passed the KYC verification process. 


Final Round Of IDO 

This round started on the 6th of June and ended on the 9th of June. Participants were randomly selected similarly as the first round, and emails were sent with instructions on how to begin KYC verifications. However, the applicants didn't participate in the first round, and first-round participants were closed off for the final round.



Winner Details

Source

Winnings were spread across a wide range of countries, but Indonesia had the highest percentage at 24.9%. Great Britain and Vietnam would account for around 25% as well, meaning three countries ended up winning 50% of the IDO.


Final Thoughts 

Now that users have an overview of how the successful IDO was carried out, this will cause investors to trust the project even more. The IDO showed that many users have an interest in Dexlab across the globe, which could make for easier scaling. Dexlab aims to create the best DEX for Solana-based projects, and the successful IDO is an indication that the protocol is in the right direction. The IDO distribution is just the start of the many integrations expected on the scalable DEX. Whether or not the protocol can sustain the momentum achieved with this IDO will only be told by time, but a transparency report helps assure investors of the project’s scope.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.