From 1st to 6th of December, MEXC launched the 4th session of our MEXC Launchpad with Colony Token
The project for the 4th MEXC Launchpad was Colony Token (CLY – Trade it here). Colony Project is a platform that acknowledges the challenges faced by DAOs and aims to provide a powerful and more effective governance toolkit to DAO builders in the crypto space.
Colony Token Project
With the explosive growth in blockchain space, many crypto projects are becoming aware of the limitations of their current DAO infrastructure. Colony aims to provide governance toolkit to DAO builders in the crypto space. Powered by a governance token: $CLY. Colony will deploy capital within Avalanche on early stages projects, provide liquidity to DeFi protocols, maintain an Index on top Avalanche projects, and validate networks through stacking capabilities. The open governance mechanism ensures that capital is allocated across the Avalanche ecosystem for its sole benefit. The true sustenance and value generated by Colony’s investments is routed back to the Community. It’s made through airdrops, a buyback mechanism, and staking rewards.
Talking further, the Colony project has more than 20 software features. Colony supports sophisticated reputation-weighted voting system, token creation, a ‘lazy consensus’ governance system, and Coin Machine. Coin Machine is a mechanism that offers one of the fastest and easiest ways for a DAO to sell tokens.
Key Features of Colony Token Project
Some of the major features offered by Colony are:
- Reputation: Users are awarded influence in proportion to merit. Every time a contributor gets paid in a colony’s native token, they earn a reputation. That reputation gives them the power to stake on motions, and vote in disputes. Reputation decays over time.
- Token creation: Users can issue ERC20 tokens or choose to add their existing token to their colony. In order to create their own tokens, users only need to choose the token name and its ticker symbol. Once this is done, the token is created.
- Gasless transactions: Colony runs on xDai, making it very cheap to use as each transaction costs a fraction of a cent. In the near future, Colony will pay for all gas through so-called Metatransactions.
- Lazy consensus. Colony gives users the ‘lazy consensus’ mechanism which means that they need to vote only if there is any actual disagreement.
Ecosystem Farming
Colony’s Ecosystem Farming concept will empower the community to invest in early-stage Avalanche projects. Before that, this opportunity was previously open to VCs and angel investors alone. Right from the start, Colony governance will be given to the community with strong incentives. It will be aligned with the long-term growth of the ecosystem. The created value will be rerouted back to the community, through Avalanche staking rewards, Liquidity provider rewards, and Tokens via airdrop of early-stage Colony funded projects.
CLY Token Sale & Distribution
Token distribution:
- Total Supply: 150 000 000 CLY
- Total Token Sales: 105 000 000 CLY (70%)
- Team: 15 000 000 CLY (10%)
- Liquidity Provision: 15 000 000 CLY (10%)
- Community Incentives: 10 500 000 CLY (7%)
- Advisory: 4 500 000 CLY (3%)
IDO and IEO – CLY / Colony Token Sales
- Avalanche: 6.66 Million CLY at $0.30 USD
- MEXC: 1.25 Million CLY at $0.40 USD
MEXC CLY Listing Performance
After, Colony Token Sale via Launchpad, MEXC listed it on December 8 in the Innovation Zone. Colony price (CLY/USDT) has boosted from 0.4 USDT opening price to the highest 5.0 USDT, up to 1250% return.
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