What is Genesis Shards?
Genesis Shards (GS) is a decentralized finance (DeFi) option based on Polkadot that reimagines non-fungible tokens (NFTs) as a means of cross-chain liquidity for pre-initial dex offering (IDO) tokens. The platform recognizes that pre-IDO tokens suffer from low liquidity due to the absence of a tradable market, and inconsistent OTC trading practices which increase the risk of defaults. Genesis Shards aims to enable network members to access and trade pre-IDO tokens securely and efficiently.
Genesis Shards was founded in 2020 by Garlam Won and Nilotpal Mukherjee. Garlam Won has a background in finance and has previously worked for JP Morgan and Deloitte. He served as head of marketing at Harmony and head of global partnerships at ICONIZ. Nilotpal Mukherjee has experience working in investment banking at Deutsche Bank and Accenture, and joined Marlin Protocol in 2018 as a business lead.
The unique feature of Genesis Shards is its comprehensive market for pre-IDO NFT liquidity that opens up new opportunities for the DeFi market. The platform provides a market for illiquid tokens by wrapping time-locked fungible tokens in NFTs. The GS token is the native utility token of Genesis Shards, which is used for Genesis Access, Genesis NFTX, and enables participation in the governance of the Genesis network.
To become a part of the Genesis network, GS tokens must be exchanged for Genesis Access NFTs. Members' access rights are determined by the number of tokens they hold. GS is also the native token on the Genesis NFTX platform, allowing users to benefit from reduced swap fees for tickets and access cards, as well as Genesis smart contracts.
GS holders have governance rights, with voting power directly dependent on the number of tokens they own. In March 2021, Genesis Shards raised $2.7 million in funding from investors such as 3Commas, Axia8, OKEx Block Dream Fund, LD Capital, Spark Digital Capital, and Momentum 6.
The platform's vision is to create a decentralized ecosystem for cross-chain liquidity that will enable community-supported projects to leverage token liquidity early in the lifecycle. By providing NFTs in the OTC market, Genesis Shards transforms them into a liquidity facility for pre-IDO tokens. Genesis Shards aims to revolutionize the pre-IDO space by providing secure and efficient access to pre-IDO tokens and increasing the liquidity of these tokens through the use of NFTs.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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