HaloDAO, an extensive DeFi protocol for the creation of asset agnostic money fund networks worldwide, has plans underway for an Initial DEX Offering (IDO). The protocol will launch on Minimal Initial SushiSwap Offering (MISO) Launchpad from SushiSwap at noon on June 24.
Persons wishing to place a claim on HaloDAO’s Rainbow (RNBW) token must undergo the Know Your Customer (KYC) verification. Whitelisting has started and a total of 1000 slots are at one’s disposal with priority given to early birds. The enlisting process will expire at noon on June 16. Any other details pertaining to the IDO will be made public three days before the actual IDO day.
Rainbow is one of the ERC-20 tokens on Ethereum and it will be the governance token for HaloDAO’s protocol. Holders of the token will enjoy various benefits including, the decision-making power on matters concerning the platform. They will also be eligible to value resulting from the token’s activities.
HaloDAO’s co-founder, Christopher Verceles stated:
“We’re excited to be among the first projects launching o SushiSwap’s new MISO platform. It’s the perfect tool to bootstrap new communities, and the support from one of the most reputable community DAOs out there is an important signal for us.”
HaloDAO was developed by Yong Jun Ming and Christopher Verceles, who formerly served at ConsenSys blockchain technology solutions. Its purpose was to create Web 3.0 infrastructure to traverse the divide between conventional and decentralized finance.
What this means is that it provides liquid DeFi markets for stablecoins as an alternative to the US Dollar on which they are backed. The project will give priority to Asian currencies then rapidly progress to providing support to other asset-pegged stablecoins.
The project’s core activity is done through the development of stablecoins optimized Automated Market Maker (AMM). Such an innovation enables efficient currency exchange as per demand. More so, it provides a lending market specific to certain stablecoins to provide high-interest yields on traditional currencies.
Moreover, the project goal is to build a comprehensive DeFi ecosystem for swapping, borrowing, loaning, and yielding. Stablecoins of different currencies such as the Hong Kong dollar, Indonesian rupiah, and Singapore dollar will be integrated.
Success in these goals will make HaloDAO one of the markets in both DeFi and CeFi to create incentives for liquidating non-USD currencies. Crypto access to various users, both current and potential will have been greatly eased, further fostering crypto adoption.