Cardano accelerator program Genius X ISPO nets $105 million in ADA
Cardano accelerator program Genius X has made more than $105 million in ADA to its ISPO.
This after the firm’s auto market, which is automated and decentralized, completed the ISP in mid May. Over 14,500 delegators put in a 270 million stake in cardano(ADA) across its 4 stake pools.
Genius Yield is a DeFi protocol that features a decentralized exchange with an order book. It utilizes a liquidity provision model, which mitigates market risk and prevents impermanent loss.
Genius X serves as the arm for the accelerator program’s company. It provides blockchain startups with tools, consulting services and investments from which to build blockchain-based companies within the ecosystem.
The Genius X ISPO has gained much support in the week following its launch. Over 205 million ADA, or $105 million has been delegated to the 4 staking pools with 14,500 participants.
Investors of Genius X will get GENSX for certain ADA staked in the accelerators ISPO staking pools: GENS1, GENS2, GENS3, GENSX.
The managing partner of Genius, Dr. Sothy Kol-Men, believes the high interest in the ISPO is a good sign despite the recent events in cryptocurrency space, the collapse of the algorithmic stablecoin and DeFi platform Terra.
“This is an endorsement from our community and investors that we are on the right path, building and releasing the necessary foundation to accelerate growth, support ambitious projects planning to leverage Cardano’s unique smart contracting architecture, and indeed, further promote adoption.”
An ISPO is the Cardano ecosystem’s version of an Initial Coin Offering (ICO), a crowdfunding tool. ADA stakers are able to delegate tokens to pools and exchange rewards for its native token. It is non-custodia, which means that investors are able to reclaim delegated ADA at any stage.
The Cardano (ADA) ISPO has become popular recently, with investors holding control over their delegated funds to a given project. This has been one of the reasons the ISPO has been able to gain a steady stream of investment until its launch. It also contrasts conventional ICOs that require investors to part ways with specific tokens in order to stake the project or company’s native currency.