On the 19th May 2021, Gravity Finance hosted our very first IDO Launchpad Project, raising funds for the Gravity Finance treasury. Funds raised are allocated for further development of Gravity DeFi suite of products.
The IDO was a blazing success, with over 1000 contributors to the IDO during the 24-hour open window, and raising more than double the targeted 150 ETH (351.81 wETH in total).
Gravity Finance aims to be the “go-to Launchpad” for the Polygon network. It was our intention to demonstrate the Gravity Launchpad by using it to launch our own project, “putting our money where our mouth is”, and not relying on the popularity of other platforms operating in the space.
The success of our first IDO shows that this was the correct decision to make and we are now open to discussing launching new projects from our launchpad. If you have a project you are looking to launch into the Polygon ecosystem please feel free to get in touch with @Gravity_D or @Gravity_T via our Discord server (links in footer).
Feedback from participants, during and following the IDO, has been overwhelmingly positive, with most participants commenting how easy and intuitive the platform was to use, and praising the support and plethora of guides provided by the Gravity Finance team.
A few negative comments received have been almost entirely to do with things outside the control of any individual project, such as high Ethereum Gas costs to bridge from ERC20 to Matic or bridges not being available between certain network. These are issues that we think will reduce over time as more support for Polygon is signalled by centralised exchanges supporting native deposits and withdrawals, and more bridge-options coming online.
Gravity Finance Future
Following the IDO, we are proud to announce that the project has raised required funding for the foreseeable future. This funding will allow us to to develop our DeFi products as outlined in our “orange-paper”, carry out marketing to promote these new products as they become available, and expand the team as required.
The success of the IDO and the Launchpad has been made possible through hard work and determination from everyone involved, from the core-team to the marketers, and mostly the support of the growing community and IDO participants. We thank each and every one of you for taking part in the IDO and helping to make it possible.
We will briefly touch-on the current market, with regards to the price of GFI Token, as we are sure some are wondering why the current price of the GFI token is lower than the IDO price.
Analysis on the addresses dumping tokens/pushing prices down has shown that many of the individuals selling tokens in the first day(s) were by addresses who received tokens in the airdrop but did not participate in the IDO itself (i.e. “Airdrop Hunters”). The majority of IDO participants, and a lot of airdrop recipients are taking part in the Gravity Farms by either staking single-sided GFI or providing liquidity. However the initial liquidity provided by the team following the IDO was “dumped into” which forced the price lower.
GFI liquidity at QuickSwap for both USDC and wETH pairs has grown day-to-day since launch with a small dip in wETH value due to the market price of wETH dropping in the last few days but this has started to pick up again as I write this.
It should be encouraging to everyone to see an increasing amount of USDC and wETH liquidity being provided for the token, this helps to stabilise prices and as Yield Farmers join the farming pools to take advantage of the very generous yields we would expect prices to increase gradually.