Tinkernet Join Forces with Basilisk

Published on: 16.09.2022
Tinkernet Join Forces with Basilisk

Tinkernet, the most-advanced NFT-Primitives protocol on KusamaNetwork is joining forces with Basilisk to host the very first liquidity bootstrapping pool (LBP) event in the Dotsama ecosystem!

What is liquidity bootstrapping pool (LBP)?

Before diving into what a liquidity bootstrapping pool, otherwise known as an LBP, it is important to understand the underlying fundamentals of what a liquidity pool is. For this, they recommend readers check out the video below by Finematics on liquidity pools:

In a normal liquidity pool, the two asset types are set at an even ratio. However, with a liquidity bootstrap pool, the liquidity pool could start with a 10/90 split between two token pairs. Over time, the price will regulate itself as an effect of trading volume & drive the liquidity pool to a more even 20/80 split until eventually reaching a more normal 50/50 split by the end of the LBP event.

The main inspiration behind an LBP is the ability to launch tokens with low capital requirements. That also provide a strong degree of protection against the whales and bots in the crypto space.

This is done by disincentivizing frontrunners and whales from getting a better deal than those with less to spend. To achieve this, a two-token pool is set up with a project and a collateral token. The weights are then set in favor of the project token (at first).

Over time, a gradual flip occurs where the collateral coin is favored by the end of the token sale. In addition, controllers can calibrate the sale to keep the price relatively stable to maximize revenue or decline the price to the desired minimum.

Moreover, LBP events are the ideal solution for projects (like the InvArch Tinkernet) that want to get tokens into the hands of their broad user base & community without the limitations of a rapidly increasing price curve that works against them.

TNKR: The First LBP In Dotsama

The HydraDX team has made LBP one of the core functions of their Basilisk parachain. Any project that wants to determine the value of its token can go through this process. This is to establish a fair and reasonable price.

They are very excited to announce that the very first project to hold a liquidity bootstrapping pool (LBP) in the Dotsama ecosystem will be the Tinkernet parachain, and Basilisk will be the very first project to provide the infrastructure & host an LBP campaign!

After the smashing success of the Tinkernet crowdloan, the growing excitement around YoudleDAO, the DAOist CDK, & the GitArch dApp, and also the imminent utility of the Tinkernet, it is clear that the time to make the $TNKR token a freely available asset is now!

Token Pair: $TNKR / $KSM
LBP Launch Date: TBD (Est. End of September)

Both teams are ready to launch this historic event & are looking forward to a wide and fair token distribution that ensures the availability of TNKR for all Web3 pioneers!

HydraDX & Basilisk

HydraDX is a cross-chain liquidity protocol built on Substrate. Its mission is to enable frictionless liquidity for all crypto assets. By building the first-of-its-kind multi-asset liquidity pool — the HydraDX Omnipool. With the Omnipool, it breaks with the traditional conception according to which assets are traded in pairs using isolated pools.

In addition, Basilisk is not a mere canary network of HydraDX. It is an independent chain that has the mission to enable frictionless liquidity bootstrapping for new crypto assets.

Basilisk is a natural steppingstone on the journey towards building the liquidity infrastructure of the future. Together, they create a synergy that caters to the varying needs of crypto assets throughout their entire life cycle.

Basilisk and HydraDX create a synergy that caters to the varying needs of crypto assets throughout their entire life cycle. Moreover, bootstrap liquidity in the early stages using Basilisk. Then move over to the HydraDX Omnipool to unlock unprecedented liquidity in an ocean of assets.

InvArch & Tinkernet

InvArch is a leading-edge layer-1 blockchain built to support and empower the future creator economy by providing a new foundation through its powerful NFT primitives & DAO solutions.

The InvArch Network features the most advanced NFT primitives & DAO solutions produced in the Polkadot ecosystem and is a major project pushing the limits of Web3 further than they’ve ever been possible in other ecosystems.

Lastly, InvArch is designed not just to allow new products of development to take flight. But also to change how individuals and teams can develop together. InvArch is built on the Substrate blockchain framework and designed to launch on the Polkadot ecosystem as a Parachain.

About Tinkernet

The Tinkernet Parachain is the canary network of the InvArch Network, designed as the IP Asset & accelerated development staging grounds for the Kusama ecosystem. The Tinkernet serves a trio of testing purposes, one for the developers who maintain the network, one for the developers who build on top of the network, and one for the end-users of dApps & applications in the ecosystem.

Website | Twitter

About Basilisk

Basilisk is a liquidity protocol built for the Kusama ecosystem. Its mission is to enable frictionless liquidity that caters to the evolving needs of crypto assets – both fungible, and non-fungible (NFTs).

Website | Twitter

SOURCE: MEDIUM

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