The upcoming Poloniex Launchbase project aims to change the way new tokens are chosen and launched. The joint project will power issuance mechanisms differently than traditional exchanges. New businesses can get more exposure and hence fund from large institutions.
The trio of Launchbase, Poloniex, and TRON Foundation have come together to offer more value to projects that feature on the Launchbase platform. They will be promoted, adopted, and recognized in the Poloniex ecosystem. The users of Poloniex will undoubtedly bring in more recognition to the selected few projects.
Poloniex Launchbase promises a ray of hope for newbie ventures
Poloniex Launchbase platform will act as a gateway to potential investors. Featured projects will not only get guidance on token issuance and launch mechanisms, but they will gain exposure to community members, investors, venture capitalists, and more. Coins will be chosen after extensive study by Poloniex professionals. The selected coins will then be listed on the primary exchange. Naturally, projects have to be worthy to be selected for public listing.
Already, projects are lining up for selection. A notable example is an online stablecoin lending portal called JUST. Here, users stake TRX on the JUST decentralized exchange. Their native token, named JST, helps pay interest on the USDJ generated stablecoin. Once done with trading, the USDJ can be converted into native JST tokens or TRON TRX for withdrawal.
Poloniex Launchbase project will power upcoming token launches
Poloniex Launchbase was first noticed by TRON. No wonder, TRX has been made the sole choice for purchases. This brings a sense of exclusivity to the TRX. Strangely, Bitcoin payments are nowhere in a platform where multiple new tokens may be listed.
One issue with the Poloniex Launchbase project is the lack of identity check mechanism especially for the projects to be chosen for token issue. The duty to undertake widespread checks will most likely fall upon Poloniex. The exchange had a bad experience with Ethereum Classic withdrawals. It remains to be seen how Justin Sun’s Poloniex takes care of such issues.