DeFi incubator Impossible Finance makes OpenSwap its flagship launchpad project

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Aug 18, 2021
  • IDO staked capital reached $1M within 5 minutes of opening
  • Launchpad to support hackathons, incubators, an investor network, other builder networks
  • OpenSwap raised $1 million from a strategic funding round with top VC funds participating

Impossible Finance has confirmed that OpenSwap will be its flagship project on its recently introduced launchpad, Invezz learned from a press release. OpenSwap is an integrated DeFi incubator hub conceived as a multichain, decentralized liquidity booster, which will have a smart launch on Impossible Finance’s upcoming launchpad.

Calvin Chu, Impossible Finance council member and core builder, was elated to confirm the rumor:

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“OpenSwap is a godsend for DeFi traders, enabling them to access best pricing and multiple liquidity aggregation functionalities that are at the cutting edge of the industry. We’re thrilled to back the ultra-talented OpenSwap team, and to showcase what they have to offer via our multi-chain launchpad.”

IDO staked capital reached $1M within 5 minutes of opening

The launchpad release coincides with the IDIA token launch. IDIA is Impossible’s dedicated token, which users can stake and earn allocations within launches of the token. IDO staked capital reached $1 million soon after opening, eventually climbing to the record $5.3 million. Almost 2,500 users passed KYC and the release was oversubscribed 22 times.

The support offered by Impossible Finance’s new launchpad, which was inspired by Vitalik Buterin’s DAICO design, incorporates hackathons, incubators, an investor network, and other builder networks. There is fair allocation via staking queues, on-chain whitelisting, and KYC protocols.

OpenSwap raises $1M in strategic funding round

Recently, OpenSwap raised $1 million from a strategic funding round, in which Coin98 Ventures, BR Capital, NGC Ventures, Prime Block, and other top-tier VC funds took part. OpenSwap is aimed at empowering customers to get used to zero slippage and make informed swap decisions. Impossible gives access to a solid ecosystem that places its focus on products first and foremost. It introduces and supports top-tier blockchain projects to targeted groups of users.

The motivation behind the projects

Calvin Chu, previously from Binance Research, is well-known for his roles in projects such as Polygon (MATIC/USD), Harmony (ONE/USD), and Axie Infinity (AXS/USD). He was involved in the selection, incubation, and pre/post launch advisory process for Binance Launchpad. He aims to identify the best projects alongside the Impossible Finance community by building in the open and sharing his knowledge and experience.

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