TomoChain has just announced its partnership with Poolz, a platform that has set its sights on democratizing access to early-stage investments and making decentralized swaps a more intuitive experience for both projects and users.
As a decentralized swap launchpad, Poolz allows projects to easily create cross-chain auctions for both fungible and non-fungible (NFT) tokens. These auctions are offered to potential investors through the Poolz streamlined user interface, which makes searching for and finding promising new projects a simpler task.
Making Cross-Chain Swaps Accessible to All
With the launch of its MVP, Poolz will allow Ethereum-based projects to create pools listing their ERC-20 tokens. These pools can be either fixed-rate swaps, or auction-based, and provide projects with a great deal of control over the distribution and vesting period of their token.
Once created, these pools will be initially made available to Poolz (POZ) token holders, before being opened for general availability after the POZ exclusivity period has elapsed.
As part of its cross-chain ambitions, Poolz will also be adding support for TomoChain, allowing projects to create pools accepting native $TOMO tokens. These projects will also have the opportunity to launch their assets as TomoChain TRC21 tokens to expand their fundraising scope.
As per the announcement, Poolz and TomoChain will work together to tackle the technical challenges associated with enabling interoperability on the Poolz decentralized fundraising platform. In time, it is hoped that this collaboration will strengthen the value proposition of decentralized finance (DeFi) by making decentralized fundraising a blockchain-agnostic practice.
“Interoperability will be crucial for the wide-scale adoption of blockchain technology and decentralized products. Our partnership with TomoChain is evidence of our efforts to build a truly decentralized, cross-chain ecosystem for project owners so they can conduct pre-listing liquidity auctions for their tokens," said Poolz Co-Founder Liam Cohen.
With the addition of TomoChain support, Poolz will become the first platform to support cross-chain liquidity swaps, potentially positioning it as a liquidity hub of sorts. With plans to support further blockchains in the future, Poolz’s utility as a decentralized launchpad looks set to only increase with time.
Besides Uniswap later in the year, the POZ token will also be made available on TomoDEX — the first decentralized exchange (DEX) powered by the TomoX protocol.
Commenting on the partnership, Kyn Chaturvedi, TomoChain's CBDO said: "We're proud to be working alongside Poolz as a launch partner to match early-stage projects with investors. Poolz has rightfully identified a growing need to lower the barriers for decentralized project fundraising."
Just last month, Poolz officially announced the completion of its private equity and seed rounds — raising $180,000. It also confirmed that the POZ token will launch before the end of 2020 and will eventually be used as the native governance token when Poolz transitions to a full DAO in 2021.
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