DeFi-project Indefieco announced the completion of the primary distribution of 10% of the platform’s management tokens. As part of this process, partners provided liquidity in various cryptocurrencies, receiving xIDF tokens for free.
After the main launch scheduled for February 2021, holders of xIDF tokens will be able to exchange them for their proportionate share of the 1 million IDF tokens put up for distribution.
The minimum threshold (Soft Cap) of $2 million set by the organizers of the round was reached within two hours back at the launch on December 16. In the next 10 days, the project team additionally received the equivalent of $1.545 million in liquidity.
The total amount of funds provided by more than 40 partners amounted to more than $3.5 million.
According to the terms of the multilaterally audited smart contract, these assets are invested in the current DeFi-projects Indefieco with a high return, and the profits generated within 90 days will be used to prepare for the main launch.
Partners have the right to claim their funds at any time by returning the xIDF tokens received during the distribution. After 90 days, they can withdraw the liquidity provided without returning the management tokens. By default, they will start receiving income with the option to withdraw it online. Already available to Indefieco customers is the DAI Stablecoin deposit service, which provides up to 15% p.a. in U.S. dollars.
„Our relationship will be built on the basis of maximum trust in each other on this new platform, which will be the second breath of development of the cryptocurrency market,“ said Indefieco founder Alexander Lebedev.
Currently, the development team is busy preparing the main smart contract and technological solutions for the directions of the first smart contract bank in the DeFi sector, as laid down in its memorandum and white paper.
In January 2021, the developers plan to launch a bridge for Binance Smart Chain and Ethereum, which will provide Binance users near-zero commissions when working with popular DeFi projects.
Recall that Alexander Lebedev announced the creation of a large-scale „anti-bankster“ DeFi-project in September. According to him, Indefieco is designed to solve the chronic problems of the traditional financial system.