- ChainGPT integrates with Solana for IDOs.
- Solana network has experienced significant growth.
- Phantom wallet integration promises user connectivity.
Finding funding has always been one of the most difficult challenges in the startup space when launching a project. With crypto startups, however, this process is streamlined, as they leverage blockchain tech to reach their community without intermediaries.
While not without its drawbacks, the Initial DEX Offerings (IDO) process is much more democratic than traditional startup funding. Specifically, IDOs are open to all, not just seasoned investors and venture capitalists. Thanks to these advantages, ChainGPT recently expanded its IDO launchpad, and incubator ChainGPT Pad to Solana.
ChainGPT Launches IDOs on Solana
ChainGPT, known for its AI-powered blockchain tech, announced the integration of its ChainGPT Pad with Solana. This integration aims to leverage Solana for efficient and low-cost Initial DEX Offerings.
The integration allows ChainGPT Pad to run IDOs on the Solana blockchain, launching projects directly on the chain. This enables it to use the network’s high-speed and low-cost transactions to raise funds efficiently and scale projects quickly.
ChainGPT Pad supports Phantom Wallet, the most popular wallet on Solana. This enables it to take advantage of its integration with the blockchain and benefit from the wallet’s large userbase. This growth in the popularity of both Phantom and Solana attracted ChainGPT to the blockchain.
Solana Ecosystem Sees Significant Growth
Since last year, Solana’s ecosystem has seen huge growth, partially due to its low fees and perceived user-friendly features, which aided the network in increasing its total value locked (TVL) by more than a billion since late 2023.
Driven mostly by an explosion of memecoin projects, Solana has seen a significant increase in network activity, which has contributed to a significant increase in both transaction volume and network fees.
One of the key reasons for this increase in Solana’s popularity has been its ease of use. A major draw in recent months has been that launching a meme coin on Solana is cheap and easy, making it a very competitive choice for teams. Now, since ChainGPT integrated Solana, developers will also have an easier time launching IDOs for more utility-based projects.
Streamlining IDOs will also contribute to the broader trend toward democratizing fundraising in the blockchain space. Their decentralized nature enables everyone worldwide to access early-stage opportunities.
On the Flipside
- Blockchain fundraising is subject to significant regulatory scrutiny, especially in the US. The country’s top regulators argue that IDOs bypass important steps like security registrations and mandatory financial reporting.
- While Solana promotes itself as a low-cost and scalable platform, it has encountered several tech issues recently. For one, it still suffers from network congestion, resulting in a large share of failed transactions.
Why This Matters
The launch of ChainGPT Pad on Solana makes IDOs more accessible for users in the growing Solana ecosystem. This contributes to a greater decentralization of opportunities in the startup space, leveling the playing field between investors.
Read more about how Solana captured the memecoin market:
How Solana Became the Home of Memecoin Token Launches
Read more about blockchain innovation in banking:
FreeBnk Brings IBAN to the Blockchain With E Money Network
Sourced from dailycoin.com.
Written by on 2024-07-01 23:00:00.
