SolRazr said its token sale would be the first IDO on the newly-developed launchpad when it goes live next month.
SolRazr, a Solana-based venture platform offering a decentralized developer ecosystem, announced today that it is rolling out its launchpad next month for blockchain projects.
SolRazr’s Launchpad Set to go Live
As per the official announcement, the launchpad, which is scheduled to go live on October 4, 2021, will be used as a fundraising platform for advanced developers who are building projects on the Solana blockchain.
As part of efforts to ensure the product is working effectively, SolRazr said it will be conducting an Initial DEX Offering (IDO) for its native cryptocurrency dubbed SOLR once the platform goes live.
The Journey So Far
As reported, SolRazr secured $1.5 million from Moonrock Capital, Ascensive Assets, and Morningstar Ventures in a funding round conducted earlier this month.
The fundraising round, which also saw investments from Genesis Block Ventures, Divergence, and CMS Holdings, will be used to facilitate the growth of SolRazr’s decentralized ecosystem. It comprises its Launchpad, Accelerator, and Developer Tools.
Growing the Solana Ecosystem
Solana, which has the capacity to process 50,000 transactions per second (TPS), will process all transactions made on the platform. Investors will be required to pay a negligible cost for each transaction, Kalapur added.
According to SolRazr’s co-founder, the launchpad is equipped with the necessary tools to ensure transactions are fast and cheap.
Not only will Solana be used as a launchpad to raise funds for promising projects built on its blockchain, Kalapur said the community can take advantage of the platform to deploy applications on Solana.
The SolRazr protocol is tipped to use a unique allocation model for retail investors that will see the firm utilize non-fungible tokens (NFTs) on the Solana blockchain.