9th of July, 2021, Berlin, Germany
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Swarm Markets will be powered by SMT?
The SMT pricing will be set by the community.
Swarm Markets, based in Berlin, has announced the introduction of SMT, its first token, to enable liquidity on the world’s first BaFin-regulated DeFi exchange.
The SMT payment token rewards customers who stake liquidity and gives traders on the platform a 50% discount on protocol swap fees. The bigger the number of SMT owned, the more discounts and prizes are accessible. More than 540 people have signed up for Swarm Markets’ liquidity provider program, pledging approximately $34 million in assets and starting to onboard to the platform.
SMT has a maximum supply of 250 million units. In a two-phased sale, the public will be able to purchase 50 million tokens with a nominal value of $4.25 million. There is no team allocation and 50% of tokens are reserved for the rewards pool.
Swarm Markets co-founder Timo Lehes stated, “Rather than us coming out and telling the market what we think SMT’s worth should be, we believe the Swarm Markets community should establish the token’s pricing. A batch auction is a technologically inventive way to accomplish this. When holders of SMT offer liquidity and trade on the Swarm Markets platform, they can immediately profit from rewards and savings.”
The first phase will begin on July 12, 2021, with a week-long allocation mining event (AME) on Launchpool. This will be the lowest price available to the general public, and buyers must first join the Launchpool platform.
Swarm Markets will then host a 7-day public batch auction on July 21, 2021, using Gnosis Auction. Batch auctions are a popular mechanism for Initial DEX Offerings (IDOs) because they provide a safe and efficient technique for fair price discovery with a simple interface.
The controlled release of SMT tokens will ensure that they enter circulation in a way that emphasizes token stability and suitable rewards at various stages of the platform’s development.
Swarm Markets co-founder Philipp Pieper noted, “The vesting schedule and distribution methodology have been created with equity in mind. By the end of year three, we want to have released nearly half of the total supply. Rewards Pool tokens be produced at a pace that decreases each week over the course of 100 years, incentivizing users to be early adopters of the token.”
The German Federal Financial Supervisory Authority has declared the Swarm Markets platform to have received all essential authorizations to run its high-liquidity DeFi protocol (BaFin). Users must meet eligibility requirements to trade on Swarm Markets, as it is a German-regulated marketplace. This site lists all of the territories that are supplied.
Following the completion of the public sales, Swarm Markets will offer SMT trading. Swarm Markets does not impose any trading restrictions.
Swarm Markets: An Overview
Swarm Markets, situated in Berlin, is the world’s first regulated DeFi platform, offering financial institutions and retail traders a high liquidity protocol. Traditional assets can now be digitized and traded alongside bitcoin on a single, regulated platform for the first time, bridging the gap between CeFi and DeFi. Its co-founders have been involved in crypto since 2016 and founded the DAO Swarm Network, a non-profit organization.
Contacts
Katie Evans is a writer who lives in the United
katie@swarm.markets/n
