Globe announces the upcoming Balancer Liquidity Bootstrapping Pool for GDTMay 9, 2021
Globe, a derivatives crypto exchange backed by Y Combinator alumni, has announced the Liquidity Bootstrapping Pool for its token to be held via Balancer will take place on May 10. The firm announced that it anticipates auctioning approximately 14,000,000 GDT tokens through Balancer to ensure fairness. According to the company, the LBP Balancer event is expected to end on May 12, 2021. Globe chose to use Balancer for the fact that it promises an orderly price discovery and discourages price manipulation by whales.
“The weighting of $GDT in the LBP decreases over the 48-hour auction. This deflationary pricing mechanism discourages front-running and sniping, lengthening the participation window and reducing price volatility during the auction,” Globe noted on its website.
The company just completed a triple initial DEX offering on DODO, Superfarm, and Ignition. In addition, the firm conducted an initial exchange survey offering (IEO) on Gate.io cryptocurrency exchange, raising $30 million in four hours.
Anyone interested in GDT tokens and did not get a chance during the past initial DEX offering and the initial exchange offering (IEO) can now take the chance through the Balancer LBP. GDT token was built on top of the Ethereum network, which means gas fees are abnormally high especially with the continued network congestion.
The firm has partnered with MetaMask, WalletConnect, Portis, Coinbase Wallet, Fortmatic to enable the Balancer LBP event.
There are several use cases for the GDT token as outlined by Globe. One, the token will be used to offset trading fees depending on the number of tokens in the account. Secondly, the firm noted that GDT tokens will be used to pay transaction fees on the trading platform in the future. Additionally, GDT tokens will be used to ensure a gradual decentralization of ownership of the protocol in the future.
Globe is venturing into the crypto derivatives market, a field that has competition from other established companies. However, it promises that its system offers an ultra-low latency crypto derivatives exchange that is faster than the NASDAQ stock exchange. Additionally, the firm boasts of a pure WebSocket API with order entry.
A total of 400M GDT tokens are expected to be distributed to different participants including a portion for the team, public sale, insurance fund, user acquisition, for the company, for the ecosystem, and many more.
Source: Read Full Article