Solvent Protocol Announces IDO & IEO

The Solana based NFT liquidity platform will conduct the IDO on Solanium and the IEO on Gate.io.

By
Anirudh Tiwari
on
January 5, 2022
Category:
Breaking News

NFTs to Find More Utility on Solana

Solvent, the NFT liquidity platform, Solvent is witnessing multiple developments in its ecosystem in the new year.

Firstly, Solvent announced the launch of their native governance and utility token, SVT, through an initial DEX offering (IDO) of 833,334 SVT tokens on Solanium from Jan 7. to Jan 11, and an initial exchange offering (IEO) of 666,667 SVT tokens on the Gate.io exchange from Jan. 10 to Jan. 11. SVT tokens will be utilized by the DAO to vote on a variety of proposals related to the Solvent platform.

As mentioned in the official Medium blog of the protocol, SVT tokens could also be utilized for staking, thus allowing the ecosystem’s liquidity providers (LPs) to stake these to gain benefits, including:

  • SVT Token distribution is enabled by a portion of the platform’s fees being used to buy back SVT tokens.
  • Depending on the number of SVT tokens staked, users will get discounts on minting fees on the platform.
Source: Solvent Protocol Medium

Secondly, it was announced on Jan. 4 that the protocol has closed a private funding round of $1.8 million that includes venture capital firms like CMS Holdings, Solana Ventures, and GBV Capital. This round also included notable angel investors like the co-founder of Magic Eden Zhuoxun Yin, Solend Protocol’s co-founder 0xRooter, NFT Whales such as SOLBigBrain of Big Brain VC, and Arnold Poernomo of Masterchef Indonesia, Devin Corr-Robinett of NoJob Capital, and Marcus Maute of BridgeTower Capital. 

Source: Solvent Protocol Medium

What is Solvent Protocol?

Solvent is an NFT liquidity platform that converts non-fungible tokens (NFTs) to fungible tokens known as droplets, enabling liquidity for the holders. These droplets can then be traded on Automated Market Makers (AMMs) and Serum order books in the Solana network. They can be traded to redeem NFTS in Solvent buckets or swap droplets in exchange for USD Coin (USDC) directly on the platform.

Find more about Solvent Protocol here:

Website | Twitter | Gitbook | Telegram | Medium | Discord

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Anirudh Tiwari

Anirudh is a cryptocurrency analyst and writer who specializes in derivatives, DeFi, regulations and CBDCs. He has a Master’s degree in Finance. Before delving into crypto, he worked with a leading U.S. based investment bank. Apart from work, he is a music connoisseur and likes to play the drums.