Modefi, the team behind a suite of decentralized Oracle and DeFi solutions, has announced today that they will collaborate with TrustSwap to aid in the execution of their token offering on February 10th, 2021 at 9:00 AM PST.
It’s clear that the blockchain / crypto space has gone through some growing pains over the past few years. One issue that keeps arising time and time again is the potential for exploits and hacks within the existing DeFi space. While there may not yet be a bullet proof solution, there are ways to mitigate risk and potential losses.
Oracle manipulation has been one of the biggest culprits when it comes to contracts and DeFi hacks. Protocols are exposing their users to potentially massive risks when relying on centralized or single data point oracles within their eco-systems. See History of Oracle Based Hacks / Exploits for more details on just a few of the most recent cases.
Modefi’s Oracle Solution Suite will allow DeFi protocols to reduce the potential of putting their users’ hard earned capital at risk due to unforeseen circumstances.
Modefi’s main objective is developing Oracle blockchain solutions that empower true decentralization of data on-chain for integration via Smart Contracts. Modefi’s suite of Oracle solutions will provide higher level transparency, precise data, and a fully trustless ecosystem.
The Modefi ecosystem is comprised of 4 main products / solutions:
- Aggregated Oracle Solution
Modefi integrates major oracle and data providers to use them as complementary entities instead of treating them as competition. Integrating multiple oracles into the platform gives clients using Modefi’s DAOS the ability to obtain trustless, transparent, secure, and decentralized data.
To maximize the security and precision behind the data provided by an Oracle, multiple Oracles across multiple networks must be used simultaneously. Outliers, malicious actors, and corrupt data are removed automatically with no outside interaction through the use of Smart Contracts and multiple transparent data sources.
2. On Demand Oracle
The On-Demand data oracle comprises a P2P network built around smart contracts and EOA’s. It’s designed to be easy to integrate for end users, developers, and data validators.
Modefi’s On-Demand data oracle opens up the possibility for small data requests ranging from a friendly wager on who will win the next presidential campaign to a multi-million dollar decentralized E-Sports betting platform needing the results of a championship tournament.
With Modefi’s On-Demand Oracle, the applications are limitless.
These are just a few examples:
- Sporting Events
- Weather conditions in a location at a specific time
- Prediction Markets
- P2P wagers
- Insurance Payouts
3. Oracle Marketplace
Modefi’s Oracle Marketplace is a dedicated decentralized turnkey platform that will connect third parties and facilitate the exchange of important data autonomously. It will allow oracle providers to advertise their services and give clients the ability to create RFQ’s. The marketplace will give new oracle users an easy way to onboard into their applications while providing other oracle chains the user onboarding they need.
4. Defi Dashboard
Modefi’s Modular Dashboard brings the innovation decentralized finance needs. The platform leverages tools, data, AI, API’s, and analytics to give its users intuitive access to the platform and the means to become successful.
For more information about Modefi, please visit https://modefi.io
TrustSwap’s vision to promote the adoption of decentralized finance goes hand-in-hand with that of Modefi. Over the past four years, Modefi’s well-known founding team members have all owned and operated companies including other token networks, advisory companies, and blockchain development firms in the cryptocurrency space. Their financial applications never compromise on security and are among the safest options for companies and users to participate in Decentralized Finance.
TrustSwap technology utilizes simple and secure peer-to-peer transactions via TrustSwap SmartLaunch™ which ensures that Modefi and its community can transact securely and without the fear of participants or team members negatively impacting the markets following the public offering. TrustSwap’s Time-based SmartLock™ ensures a methodical distribution to mitigate the risk of unauthorized token transfers.
Modefi will use TrustSwap SmartLock for:
- Team token vesting
- Token holder vesting
- Liquidity locks
Modefi Liquidity Token Offering Details
Modefi Token Offering will be executed by leveraging the TrustSwap Launchpad. Upon the successful conclusion of the offering, a Uniswap pool will be created on 16th February, 2021, and trading can commence for use of $MOD in the Modefi network. Alongside the offering, Modefi will be showcasing a preview of it’s oracle aggregator.
- Total $MOD Token Supply: 22,000,000
- Token Offering Hardcap: $1.4M
- Funds reserved for token liquidity and token holder benefit (Uniswap pool, CEX listing, etc.): ~$400K
- $MOD Token Offering Price in USD per $MOD: $0.20
- Initial Market Cap: $686,400
- Total $MOD offered via TrustSwap Launchpad: 7,000,000
Secure Launch Process
To ensure a smooth launch, Modefi has agreed to:
1) Have their domain fully SSL certified one week prior to presale date.
2) Have their domain protected by Cloudflare and share proof with TrustSwap one week prior to presale date.
3) Disclose the vesting schedule of all tokens, including team, strategic investors, private presale, influencers, etc.
4) Add no less than $200,000 of ETH liquidity on Uniswap immediately upon listing.
5) Distribute tokens to launchpad participants within one hour of Uniswap listing using multisend.io.
6) Lock liquidity within 3 hours of listing for no less than 60 days at http://team.finance/.
7) Provide the timeline for token distributions, and distribute tokens within a one hour window of the agreed upon time.
8) Lock 75% or more of team & dev fund tokens for a minimum of thirty days on http://team.finance/ within 6 hours of funding liquidity on Uniswap.
9) Have at least one community moderator on each social platform (Discord, Telegram, etc.) actively available 24 hours a day for the first7 days following the launch on Uniswap.
Participation and Allocation
Anyone, including those outside the TrustSwap ecosystem, are eligible to apply for participation in the $MOD token offering granted they meet jurisdictional restrictions however application does not guarantee an allocation.
If the $MOD token offering becomes over-subscribed (due to pledges exceeding the $1.4M hard cap) priority will be given to the TrustSwap community as follows:
- Anyone staking over 3,000 SWAP as of 9:00 AM PST on February 10th, 2021 will be given a guaranteed allocation.
- Anyone staking 8,000 SWAP tokens at the time mentioned above will receive 1.5x of the guaranteed allocation.
- Those who have a SwapScore of at least 20,000 will receive 2x guaranteed allocation
- those with at least 50,000 SwapScore will receive 3x guaranteed allocations.
1. On February 10th, 2021 between 9:00 AM and 9:00 PM PST, head to http://launchpad.trustswap.org/.
2. Go through the steps listed, and upload your KYC documents.
3. After twelve hours, the portal will close. There will be a waiting period of up to 48 hours as the Modefi team finalizes internal processes.
4. If your application is successful, you will receive an email indicating how much you are able to contribute to the token offering. You will have 24 hours to send the funds or your position will be given to the next in line.
1% of $MOD’s total supply will be airdropped to the Top 1000 SwapScores (snapshot taken at 9 am PST, February 10th) in two batches: 50% will be airdropped on March 16th with the remaining 50% sent out on April 16th. For more information on the TrustSwap SwapScore score, click here.
1% of the total supply will be placed into a MOD/SWAP mining pool, and 0.5% will go to the TrustSwap Foundation Fund.
What Should I Do to Prepare for the Offering?
- Based on the requirements set for a guaranteed allocation, stake your $SWAP tokens here before the deadline mentioned above.
- Take a photo of your government issued ID card (Passport, Drivers License, or any other form of government issued ID card that has your photo in it).
- Take a selfie of yourself holding the ID card along with a note that reads: “Modefi 10th Feb 2021”.
- Submit your details and documents at any point during the 12 hours window at https://launchpad.trustswap.org/.
Where Can I Learn More About Modefi?
- Website: https://modefi.io/
- Overview: https://docs.modefi.io/
- Medium: https://modefi.medium.com/
- Pitch Deck: https://docsend.com/view/wciu8iqedxiqicqs
- Telegram : https://t.me/modefi_official
- Telegram Ann: https://t.me/modefi_ann
- Twitter: https://twitter.com/Modefi_Official
Who Can Participate?
Anyone not domiciled in the USA or UN sanctioned countries can participate in the Modefi token sale.
*The eligible countries list is selected by Modefi . If your country is not listed, this does not mean you are ineligible for future TrustSwap Launchpad projects.
** Launchpad dates are subject to change. This is not an endorsement, partnership or an offer for investment by TrustSwap. Modefi is using the TrustSwap Launchpad as a customer, with specific requests as to how they need their launch to operate. TrustSwap is a provider of non-custodial, smart-contract-based software services. Digital assets carry a high level of risk. Participation is performed at your own risk. Exercise caution and conduct your own due diligence.