In 2017, against the backdrop of the rapid growth of the cryptocurrency market, the so-called ICOs were actively developing. The abbreviation stands for the Initial Coin Offering and implies attracting investors to blockchain projects through the sale of tokens before the official launch of the project in order to receive money for development. As planned, at the initial stage, tokens have a minimum cost. And after the launch, they will rise in price, and investors will be able to sell them 2-3 or even 10 times more expensive (depends on the success of the project). But the skeptical opinions of experts came true. In 2018, it turned out that the lion’s share of ICO projects was unprofitable. And more than 60% of them were not completed at all (they simply closed after the collection of investments). Given the lack of regulation, such actions are difficult to equate to fraud, so market participants are disappointed in such technology.
At the end of 2018, representatives of the cryptocurrency sector proposed an alternative – IEO. This is the name of the Initial Exchange Offering in which the sale of tokens is carried out through crypto exchanges (for example, Binance, Coinbase, Kyrrex), which is the guarantor and intermediary of the transaction, charging a small commission for this. The difference between IEO and ICO is that the exchange team conducts a preliminary review of projects and selects only the most promising ideas.
IEO participants are trying to regain confidence in investments in blockchain projects through the Initial Coin Offering. Therefore, in the new format, money from investors does not go directly to the creators of the smart contract, but to the account on the exchange. Only after that they can be used in work. But first, all startups pass verification through their representatives. And the movement of funds received is controlled by exchanges. Data collection and strict control minimize the risk of fraud, but do not exclude formal bankruptcy and unsuccessful launch (no one is protected from this).
To become an investor, it is also necessary to go through verification and registration on the site and select a project from the available ones (a detailed description, team members, and statistics are also added there).
The main advantage of the new format of the initial coin offering is trust. Exchanges took on reputational risks, since in the event of failure, a flurry of negativity will primarily result in them. Therefore, projects are selected very strictly (according to insider information, more than 80% of projects do not pass control). Multilevel verification and the ability to track money or return it in case of force majeure increase the safety of investors. An important aspect is that exchanges control the IEO smart contract and conduct KYC / AML procedures. It is also convenient that listing after the launch of the blockchain project is carried out on the exchange automatically. It will be possible to buy and sell tokens instantly with the possibility of exchanging for fiat.
ICO “dies” – this is confirmed by the numbers. According to TokenData, in the first decade of 2019, the turnover there amounted to only 118 million dollars. And in IEO over the same period, the turnover was about 1 billion.
Many experts in the blockchain industry confirm that IEO can become the standard model for raising funds in the crypto space. But you should not expect such a boom as with the ICO in 2017. Since trust was still crushed in general.
We are excited to announce the return of PrimePool, in partnership with Huobi! For now, users can lock their HT tokens for any length of time before the event ends to earn a reward of up to 1,208,898 KRRX tokens.
The event will run from 12:00 UTC on January 18, 2022, to 12:00 UTC on January 25, 2022, so make sure to participate before the event ends.
Specifically, you can lock any number of HT tokens from 100 units and receive an additional reward in KRRX tokens for doing so (the reward is calculated according to a formula that you can find on the event page at the link below).
This is a great opportunity for users to experience the upgraded PrimePool and win grand rewards. With simple rules, this event is open to all!
To join the event, all you need to do is visit the link provided and follow a few steps.
Your Kyrrex Team 💚
We are happy to announce that Huobi, one of the biggest and most reputable cryptocurrency exchanges in the world, has listed the KRRX token!
Huobi has already enabled deposits for KRRX holders. You can start making KRRX deposits right now!
KRRX spot trading (KRRX/USDT) will open when the deposit volume meets the requirements for market trading on Huobi. Once the trading volume threshold has been met the commencement date of KRRX/USDT spot trading will be officially announced.
KRRX withdrawals will open at 12:30 (UTC) on January 18
The KRRX token provides a seamless way to interact with services and features on the Kyrrex network. All KRRX holders are entitled to discounted fees, staking benefits, and other special advantages.
KRRX is connected to many inner projects as well as linked to numerous initiatives, including significant partnerships in the sports industry. Currently, Kyrrex intends to expand agreements with MotoGP rider Jorge Martin, Moto2 young talent Pedro Acosta, and paddle athlete Martin Di Nenno.
Moreover, will launch Kyrrex Sport soon. A marketplace for potential athletes' image rights that are represented by fungible tokens (not NFTs) as well as an NFT marketplace for their personal collections.
This listing is a major milestone for Kyrrex as the company aims to make the KRRX token more accessible to users around the world. We are confident that Huobi's high liquidity and solid reputation would be extremely beneficial to our users.
To further improve the Kyrrex ecosystem, we will continue to reinforce existing collaborations and explore new strategic partnerships with industry stakeholders.
Your Kyrrex 💚
The tournament offers a massive prize pool of 50,000 KRRX and guaranteed payouts for 500 winners, providing all participants with the opportunity to come out on top.
The tournament will run from January 17th to February 1st, giving participants ample time to demonstrate their trading strategies and compete for the top prizes.
Don't miss out on this exciting opportunity to win big and register for the tournament today!
1️⃣ Register on the Lot.Trade;
2️⃣ Create a new account on huobi.com;
3️⃣ Create an API key on the Huobi exchange and connect it to your Lot.Trade Personal Account;
4️⃣ Achieve a trading volume of at least 150 KRRX within 24 hours after registration;
5️⃣ Actively trade KRRX from the created profile on Huobi throughout the tournament, until its completion on 01.02.2023;
6️⃣ Wait for the results and get the desired prize
The first 1500 users who successfully complete the registration and trading conditions within 2 days after the tournament begins, will receive a bonus of $10. This is a limited offer, so don't miss out on this bonus opportunity.
So, are you ready to join the Kyrrex and Huobi crypto communities and compete for a prize pool of 50,000 KRRX and guaranteed payouts for 500 winners? Then fulfill the registration and trading conditions now and join our exciting crypto tournament.
Your Kyrrex 💚