CODI Finance Goes To IEO Amid A Lot Of Hype

What is CODI Finance?

CODI Finance is an all-in-one DeFi protocol built on Solana, a scalable blockchain offering fast and cheap transactions. The protocol, ensuring that its offerings are secure, highly scalable, and interoperable, has three main products: a Decentralized Exchange (DEX) launchpad, an NFT marketplace, and Initial Dex Offering (IDO) launchpad.

CODI is an entirely open, decentralized ecosystem capitalizing on Solana’s vast capabilities to build a progressive ecosystem that enables users to transfer funds between wallets, trade digital assets, and quickly stake their tokens while ensuring market liquidity.

“CODI aims to build a progressive ecosystem where users may get decentralized financial products faster and lower costs within the Solana ecosystem,”

the protocol’s whitepaper reads, adding that they are using an

“architecture that improves performance as more people join CODI, creating a conducive environment for the platform.”

Aside from its three main offerings, CODI also plans to add lending and borrowing services in the near future. The crypto lending service will enable users to send crypto assets into a pool via a smart contract, which will provide them with interest in the protocol’s native token.

Notably, CODI Finance has recently inked a partnership with Chainlink, a decentralized blockchain oracle network built on the Ethereum blockchain. The partnership will allow CODI to monetize its “data by either selling to the Chainlink Network or running a Chainlink Node to sell directly to blockchains,” according to a press release by CODI Finance.

CODI Finance Goes to IEO

With initial coin offerings (ICOs) losing their appeal in recent times, crypto projects are now using alternative methods to raise funds. Among the more popular choices, initial exchange offering (IEO) stands out.

In an IEO, a cryptocurrency exchange supervises the token sale. This mitigates the risks involved by a considerable percentage, ensuring investors that the project has gone through a comprehensive vetting process.

All of this describes why IEOs are becoming more popular, and why CODI has decided to go to IEO. The protocol announced the first round of its IEO in mid-November, which extended from November 14 to November 30. Having run the first round successfully, the project has also launched the second round of its IEO.

CODI’s second IEO round began on November 30 and is expected to finish on December 9. The token sale, which is held on the crypto exchange P2PB2B, will offer a total of 21,000,000 $CODI tokens at a rate of $0.05 per coin.

DeFi Projects Prosper Amid Continued Hostility

Decentralized Finance (DeFi) protocols, which are financial services that run on public blockchains and tout transparency and decentralization, have taken the world by storm. DeFi total value locked (TVL), a metric that is used to gauge the overall industry growth, is now north of $160 billion.

In comparison, that figure was less than $30 billion by the end of 2020, demonstrating DeFi’s explosive growth. However, despite the continued growth, financial regulators continue to scrutinize the industry.

More recently, the Bank for International Settlement (BIS) claimed that DeFi’s decentralization is an illusion.

“The decentralized nature of DeFi raises the question of how to implement any policy provisions. We argue that full decentralization in DeFi is an illusion,”

the bank said in a report.

The bank further added that decision-making power in DeFi can be concentrated among a small group of investors:

“Concentration can facilitate collusion and limit blockchain viability. It raises the risk that a small number of large validators can gain enough power to alter the blockchain for financial gain.”

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