- TrustPad is a permissionless, multi-chain fundraising platform for crypto-related projects.
- The main goal behind its development and utility is to kickstart the launch of projects within the space through IDO capital raising.
- The platform aims to guarantee exclusive access as well as a high level of blockchain security to early project investors.
- TrustPad isn’t tied to any centralized exchange, and users instead deposit or stake the corresponding platform’s token.
TrustPad has become one of the most popular launchpads within the crypto space that run projects which require and utilize cross-chain technology. This essentially means that the same project can use a multitude of networks simultaneously, such as, for example, The Binance Smart Chain and Solana.
This is essentially a platform that aims to enable early-stage crypto-projects to raise funds from retail investors. To incentivize participation, investors get early access to innovative features found within products.
The TrustPad website is modern within its design and features a futuristic theme. On the front of the page, the moment you visit the website for the very first time, you will be greeted by three menu options, and these are:
- Apply as a project.
Each of these options will take you to their corresponding destinations and provide quick means through which projects can get engaged or users can just connect with the community.
Right under these options, there’s a Live Chart option, as well as a Buy TPAD option.
- The Live Chart menu will take you to the dextools.io website, where you can see a live chart of the historical and current value of the TPAD token.
- The Buy TPAD option will take you to a PancakeSwap page, where you will be able to connect a wallet and swap the token in question.
Right under that, you are given live charts about the project.
First, there's the price of the TPAD token, which at the time of writing is at $0.62. Then, there's the market cap, which is at $53.85M, followed by the TVL (Total Value Locked), which is at $42.81 million, and finally, the funding raised across the number of projects. At the time of writing, there were 112 projects which raised $16.23 million.
Under this section of the page, you will find a navigation bar that will give you access to the following pages:
- Frequently Asked Questions (FAQ).
Right under that specific portion of the page, you will be greeted by a sliding bar of the featured projects.
With all of those aspects of the page out of the way, there's a list of the Upcoming IDOs, the ended IDOs, and the ended NFT projects.
Whenever you hover over any of the Upcoming IDOs, for example, you will have some initial information showcased in front of your screen.
For example, you will have the name of the project, as well as its native cryptocurrency token. Alongside that, you will be showcased a list of its social media presence, such as a Telegram link, Twitter link, website, whitepaper, Medium publication, or anything else the project might have connected.
Under that, you will find basic information about the project, that’s it about, and what it attempts to accomplish.
This is followed by the Total Rise it expects, when It starts, and at what price each token will be sold. At the bottom, if it's a LIVE IDO, you will see when it closes and how many tokens have been sold thus far, as well as a percentage of the total tokens available. At the very bottom of the graph, you will see the listing time, assuming it has been announced.
By clicking on the project, you will get an in-depth look at its entirety, including information such as the blockchain is built on, as well as direct access to connect a wallet.
An interesting part of the TrustPad page not seen on many other projects is the Communities tab seen on the footer of the page. Specifically, it is split across multiple languages, every single one of which has its own member count. This includes English, Russian, Chinese, Turkish, and Korean.
History of TrustPad
The TrustPad platform was established in April of 2021. The TPAD cryptocurrency token was created with a total token supply of 100 million and was programmed with a 2% deflationary burn fee. This fee would then be split equally between user redistribution across all TPAD stakers, and a burn fee would be sent directly to a dead wallet address.
In Q4 of 2021, TrustPad integrated the Cardano (ADA) ecosystem Central Exchange (CEX) listings alongside the TrustPad’s DAO and governance release.
In order for a user to be able to participate within an IDO, they need to complete a few steps. The first one is to connect a cryptocurrency wallet to the project's website.
Then the user is required to buy enough TPAD tokens to enable them to participate within the IDO. The first rank starts at 3,000 TPAD tokens. Then the user needs to stake the tokens, after which they will be required to go through an identity check. After all of that is completed, they can register for the IDO, assuming it piques their interest.
The identity verification process will require a user's first name, last name, email address, country of residence, address of the cryptocurrency wallet, a Telegram username, and a photo of an identity document. After this process is completed, it can take from 10 minutes to a maximum of 24 hours for the account to be fully verified, and once it has been verified, the IDO participation is fully unlocked.
Before we dive too deep into the functionality of TrustPad, we first need to go through what an IDO is and how it works.
An IDO is essentially a cryptocurrency token offering that runs on a Decentralized Exchange (DEX). Typically, an IDO will let users lock funds within the exchange for new tokens throughout the token generation event.
Some of these funds will then be added with the new token to a liquidity provider prior to being returned later to the project. Here, Liquidity Pools (LP) play an essential role in regards to their execution, as they create a liquidity post-sale.
In the case of TrustPad, the project will typically provide tokens to the platform, after which users can commit their funds through the platform. The main way through which TrustPad stands out is that it is multi-chain, or in other words, it supports multiple blockchain platforms.
Specifically, TrustPad is supported on the following networks:
- Ethereum (ETH).
- Binance Smart Chain (BSC).
- Polygon (MATIC).
- Solana (SOL).
This opens the flood-gates for many more projects to participate in the IDO and for many more people to get engaged and invest in projects they genuinely believe have a high potential for success.
However, TrustPad also differentiates itself from the traditional IDO launchpad. It's not tied to any centralized exchange.
Start-up IDOs need to reach out to the TrustPad team, after which they can submit their project. Here, they will need to provide all of the project’s fundamental as well as relevant information, which includes:
- The technical documentation.
- The whitepapers.
- Other information is disclosed through the request.
Furthermore, they will also need to define the token allocation for the TPAD community investors.
Once this occurs, the TrustPad team is then responsible for the approval process and screening out candidate projects.
They follow strict initial security procedures to validate the legitimacy of the project beforehand and essentially decide if they will accept the request or if they will deny it. Once it is accepted, they then decide the crowd sale date on the TrustPad platform.
This essentially means that, if approved, a project is queued within the pipeline. Here, relevant information about the project is provided, which serves the role of allowing future IDO participants to study it fully.
Days prior to the established date, the project’s whitelist opens up to any eligible IDO participants.
The IDO eligibility and selection criteria vary over time, according to the TrustPad tiering system.
Investors can participate within any TrustPad IDO; however, this is dependent on the number of TPAD tokens they own and have staked. Higher tiers allow for a guaranteed allocation, and lower levels utilize what is known as a lottery mechanism as a means of establishing the probability of getting whitelisted.
Here is what you need to know in terms of the TPAD levels and individual requirements.
To be eligible for any of the tiers, users are required to stake the following:
- 3000 TPAD for chance [1x] (20% lottery)
- 6000 TPAD for prospect [2x] (30% lottery)
- 10000 TPAD for affiliate [2x] (50% lottery)
- 15000 TPAD for member [2x]
- 24000 TPAD for club [3x]
- 45000 TPAD for associate [6x]
- 90000 TPAD for executive [14x]
- 150000 TPAD for partner [22x]
- 185000 TPAD for orbit [28x]
- 250000 TPAD for black [38x]
- 500000 TPAD for obsidian [80x]
The goal behind this system is to enable a fair presale mechanism, which has been designed this way due to the high token demand which typically precedes IDO launches.
However, most of the time, they are much superior to the allocated amount to the IDO, and as such, a max contribution per each TPAD whitelisted user is set.
On the crowd sale, only the users who have been whitelisted are able to proceed with the pool's contribution and enable users to receive an established amount of the launching project tokens within the native blockchain.
The TPAD Token
The TPAD cryptocurrency token is a requirement when it comes to participating in the IDO offerings, where members are required to stake the TrustPad native token.
Participation has nine tiers, three lottery tiers, and a varying return percentage, alongside six tiers of guaranteed allocations with varying return multipliers.
However, TrustPad also requires the user to have a fixed number of tokens in their account in order for them to take part in the launch of a new project. Each of the tiers is tied to a specific TPAD amount. For example, 3,000 TPAD tokens would be a requirement.
TPAD is a token built on top of the Binance Smart Chain and follows the BEP-20 token standard. What this means is that it utilizes the low transaction fees of the BSC.
Pros and Cons of TrustPad
- TrustPad is integrated with multiple blockchain networks, including Ethereum (ETH), Binance Smart Chain (BSC), Polygon (MATIC), and Solana (SOL).
- TrustPad gives investors the assurance and confidence of the project’s reputability and legitimacy.
- The TPAD tokens and ranking system enables the most dedicated investors a higher chance of participating within an IDO.
- The website is well designed and simple to use, even by newcomers.
- The initial entry can be expensive, as there is a minimum requirement of 3,000 TPAD tokens to begin.
- The project listing time can be extensive due to the various procedures.
- You will need to complete an identity verification process, which might be a sign of caution for privacy-oriented investors.
The Bottom Line
TrustPad is a solid project as it essentially relies on its point of appeal due to the fact that it chooses quality projects over quantity of projects. It is implemented on top of multiple blockchain networks, and its TPAD tier system is solid towards determining who has the best chances of participating within an IDO. The website is designed well and is simple to navigate, especially with the card design language and structure implemented within each project. This means that anyone, no matter their level of experience or knowledge of the cryptocurrency industry, can simply connect a wallet and participate within an IDO.
Frequently Asked Questions
What are the steps for an IDO?
IDO registrations open 48 hours prior to the IDO sale start, and registration closes 4 hours prior to the sale start. Lottery levels winners and whitelist winners are picked, and they can be seen on the pool page.
After this, base allocation is calculated, and the IDO sale starts. FCFC round starts 20 minutes prior to the sale end, and once a sale is finished, TrustPad collects the allocations data.
How to participate in an IDO?
All a user has to do is visit the IDO Staking page, after which they can connect their wallet. Once enough TPAD tokens are staked, they can register for an IDO if they want to participate within it.
When the IDO registration period begins, which will typically be 24 hours prior to the IDO start, the user needs to open the Pools page and click on the Register button within the IDO pool card.
What is FCFS?
If a pool is not sold out, First Come First Serve (FCFS) opens 20 minutes before the end of a sale. All of the stakers with their level higher than none can participate at this point. Each participant also gets an additional allocation on top of their level allocation as well.
Can a user unstake after each IDO?
Once tokens have been staked, they are locked, and this lock period will typically be dependent on the specific pool in which the user has staked in. This can range from the span of 7 days, 14 days, 21 days, and 30 days.
Users are given the opportunity to unstake earlier than that specific time frame. However, there is a 25% fee for doing so.