The SOLA-X raise on the crypto fundraising platform for startups, AngelBlock, is about to get underway to incorporate cutting-edge capabilities to enhance the decentralized finance (DeFi) user experience.
The raise is set to take place on June 29 and run until July 8 before coming to a close and is part of a wider fundraising campaign being undertaken, of which the SOLA-X raise on AngelBlock is a component, per details shared with Finbold from AngelBlock’s June 22 blog post.
The goal of the fundraising is to fortify the project’s financial footing, which was previously secure to the tune of $350,000 during the pre-seed round and another $300,000 during the seed round outside of AngelBlock. To help fund the development of SOLA-X, the AngelBlock round has contributed to a seed round of $700,000.
Elsewhere, AngelBlock has been busy as it shared with Finbold that it has also been selected to be part of the Aleph Zero Ecosystem Funding Program (EFP), which will not only provide grant funding to aid the project’s developments but in addition will connect AngelBlock to us with a larger network within the Aleph Zero ecosystem.
Softcap of 50,000 USDT is required for development goals
SOLA-X has determined that a minimum amount of 50,000 Tether (USDT) is required to be raised during the AngelBlock round in order to accomplish its short-term development objectives.
This amount serves as the softcap. The hardcap target has been established at 200,000 USDT, and the cash raised will be used to further the development of SOLA-X’s offerings and assist with the roadmap.
Since the raise will occur on the Ethereum blockchain and each native token of SOLA-X, SAX costs $0.0175, participants will need to take the cost of gas into account. It is anticipated that by the end of the year, AngelBlock will have implemented gas in THOL, resulting in reduced transaction fees and increased token utility.
Although the AngelBlock team has future intentions to incorporate various currencies, at this time, USDT is the only currency accepted in the SOLA-X raise.
Furthermore, investors should pay close attention to the process and schedule for the distribution of SAX tokens. SOLA-X will monitor and manage the token distribution process in accordance with the vesting timeline they’ve established.
SOLA-X unique features
Future improvements are planned for the cross-chain DeFi hub SOLA-X, which incorporates a number of features to address problems plaguing the DeFi industry as a whole, such as impermanent loss, lower Annual Percentage Yields (APYs) for liquidity providers, and high slippage coupled with price impacts for traders.
The “Smart Liquidity Routing” function is included in SOLA-X, which facilitates the efficient movement of assets between multiple liquidity providers.
Additionally, “front-running” is something the hub tries to combat with the use of sophisticated liquidity pools that restrict slippage and price swings. In addition, the “Smart Liquidity Arbitrage” method used by SOLA-X eliminates the need for third-party arbitrage bots while simultaneously boosting APY.