By Eliezer Rabadon
As the pandemic forced the world to adapt to technological advancements, cryptocurrency has gained traction within our country. As a result, many Filipinos are investing in cryptocurrency projects such as Memecoins, Decentralized Finance (DeFi), and Play-to-earn (P2E) games.
Bitcoin, a decentralized digital currency that spearheaded blockchain technology, was valued at basically nothing in 2010 now valued at around P3,000,00.
Ethereum, a decentralized blockchain with a native coin called Ether, had a value of around 57 pesos in 2015, now valued at around P477,000.
Binance coin, a native coin of Binance, a cryptocurrency exchange currently the largest exchange in the world in terms of daily trading volume, was only valued at around 5 pesos in 2017 now valued at around P32,00.
Axie Infinity, an NFT-based online video game developed by Vietnamese studio Sky Mavis, has announced that 40% of their current players are based in the Philippines. Some time ago, the value of Smooth Love Potion (SLP) earned by a player exceeded our country’s minimum wage.
But not all projects have good results. Some rogue project founders are exploiting the cryptocurrency hype as they created a compelling whitepaper, a well-presentable website with fake identities of the founders urging people to invest. These project founders will then commit a pump-and-dump scheme or a rug-pull causing people to lose their investments.
Aegis Launchpad to the rescue.
Aegis Launchpad is the first decentralized multi-chain launchpad with an insurance system.
- Developers dilemma: There are many issues that developers encounter when building blockchains. Developers are usually forced to sacrifice one aspect for the sake of another.
- Rug pulls: A malicious occurrence in the cryptocurrency industry where a developer abandons a project and takes investors’ funds with them. Rug pulls are common in the Decentralized Finance (DeFi) ecosystem, especially on decentralized exchanges (DEX’es).
- Security: Blockchain networks should have reinforced security that prevents malicious entities from taking over. Investors’ funds are at stake whenever there are malicious attacks on a decentralized finance ecosystem.
- Dependability: Blockchains should be able to withstand massive volumes of transactions without fluctuating fees and extended transaction times.
- Ethereum is the leading blockchain, but it has become too expensive and slow.
- Binance Smart Chain is a copy of the Ethereal Network yet has very low fees and a questionable transaction validation process. It is appropriate to assume a level of centralization is present in BSC.
- Other blockchains such as Huobi Eco and Polygon were created to compete and solve the issues of Ethereum and Binance Smart Chain. Even though these two have strengths, there are still weaknesses.
Aegis Launchpad breaks blockchain limitations by creating an innovative cross-chain launchpad. Investors don’t need to choose what network they want to use to participate in Initial Decentralized Offerings anymore. They aim to create a robust ecosystem and change the game.
In the circumstance of a project from Aegis Launchpad rug pulls, all wallet addresses that were able to participate in the IDO will receive a 100% refund equivalent to the number of tokens that they’re still holding.
How does Aegis Launchpad define rug pull?
An investor can make an insurance claim if the project developer of the team commits the following:
- Abandons the project and also retains investor funds
- A market sell of their tokens that results in a -50% impact on the price per token
- Permanently disabling trading of their token
- Implements a 50% tax for all sells
- Removal of the project liquidity pool
“Aegis Launchpad is pioneering a new path to protect the decentralized world of cryptocurrencies.” – Jin Pierce, 2021