Yield Guild Games (YGG), a new play-to-earn collective platform on July 27 conducted an Initial DEX Offering (IDO) via SushiSwap’s Miso platform raising about $12.5 million in less than a minute.
- YGG is a blockchain-based play-to-earn gaming guild that enables players to earn via blockchain-based economies.
- The Yield Guild Games (YGG) Initial DEX Offering conducted via SushiSwap’s Miso platform sold out in just 31 seconds
- Only about 32 investors were lucky enough to participate before the IDO sold out
- YGG had conducted a Series A funding round last month and it raised $4 million from several investors including Mechanism Capital, lead investor Bitkraft Ventures, and ParaFi Capital
Cryptocurrency projects seem to adopt the new form of crowdfunding method, the Initial DEX Offering (IDO), which is a version of Initial Exchange Offering (IEO) that is conducted on decentralized exchanges. Several decentralized exchanges including SwashiSwap have already developed platforms for blockchain projects to conduct IDOs.
On July 27, Yield Guid Games, a new blockchain gaming platform became the first to conduct an IDO via SwashiSwap’s IDO platform known as Miso platform.
SwashiSwap is one of the leading decentralized crypto exchanges around the world and it, therefore, has a large community of users. However, only about 32 SwashiSwap users were able to take part in the YGG IDO following the rash for the YGG tokens.
The YGG tokens were sold for about $0.50 per token and about 25 million tokens were being sold out of the total coin supply of 1 billion tokens.
While onlookers speculated that the token sale was likely a pool, most investors who had hoped to take part in the IDO were disappointed and they criticized the sale after only 32 participants bought all the available tokens even though the YGG’s Discord membership has over 47,000 members.
There were reports that a single address was able to purchase as many as 4.5 million tokens, which is 18% of the total tokens that were up for sale. This came amid revelation by, Gabby Dizon, the YGG co-founder that YGG had been in contact with some of the investors. Dizon also noted that some of the addresses that participated in the token sale belonged to groups of long-term community members who had pooled resources (funds) together to enable them to make large purchases.
“So it’s not just 32 whales that bought in, it was 32 wallets that represented different groups of long term believers of our vision,” Dizon said during an interview with Cointelegraph.
The co-founder also noted that the YGG token is also scheduled to start trading on the SwashiSwap decentralized exchange later today noting that there was plenty of liquidity for the token. That means other investors will have the opportunity to access the token by purchasing it from those who already have the coin.
YGG also said that it shall launch a mining program soon and also conduct a community airdrop to distribute tokens to its most active community members.