- NearPad(PAD) is the native token of the NearPad ecosystem.
- NearPAD token can stake it to participate in any offerings by-products that are launched on NearPad.
The introduction of DeFi functions has given more options to how users and startups access liquidity today. While steps are being taken to create more blockchain products, the community needs unifying systems to change “the way communities and developers access open finance tools for crowdfunding, asset management, and yield optimization”.
For example, the first Aggregator 1inch MVP was created by Sergej Kunz and Auton Bukov in a Hackathon. The aim was to collect information from various DEXs at the same time. NearPAD was introduced to combine the power of a Launchpad, DEX, and Yield Aggregators in one ecosystem.
What is NearPad?
NearPAD is a multipurpose Web3 platform built on the NEAR blockchain to aid the launch of projects as well as manage yields for users of the platform.
So it facilitates crowdfunding by selling tokens of projects to blockchain communities like investors, users, gamers, developers… It does this through its three most important features presented: Launchpad, DEX Aggregator, and Yield Aggregator.
How NearPad Works
First, NearPad is a launchpad on which other crypto projects can be linked successfully. This means that there are structures available for IDO launch including community organization, marketing strategy, means of raising liquidity, and other business support needed to help a startup project.
The next function NearPad carries is the Yield Aggregator. A Yield Aggregator helps to automate the selection, investing, and collation of profits from different DeFi earning opportunities. So for NearPad, as more projects are launched on it, investors will need a system to control their investment risk.
For each project that is launched, the Aggregating system will give information to investors based on data received from each project, suggesting the project with the best ROI. This ROI is also attached to timing so that decisions can be made and then the profits are received collectively for the investor.
In simple terms, “Yield farming aggregators essentially automate the process of staking and collecting the generated rewards on behalf of users, to optimize gas fee spending via different strategies [sometimes complex]”.
The third functionality that NearPad will deliver is the DEX Aggregator. “The easiest way to visualize what a DEX aggregator does is to compare it to a search engine,” says Alexandria. “Imagine services like Google Flights, where you get aggregated information from numerous airlines, and you can pick and choose which deal serves you the best.”
So DEX aggregators gather data from different decentralized exchanges and produce the best price, a series of trades can be initiated. Apart from trading, there are also options for swapping between tokens. These aggregators work with algorithms that are fast and almost precise to make trading easier.
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Tokenomics of NearPad
NearPad(PAD) is the native token of the NearPad ecosystem. Holders of the token can stake it to participate in any offerings by-products that are launched on NearPad. There are five different pools available for staking in the NearPad platform.
The token can also be used for governance. And this will include pitching, screening, and voting of projects to decide on which to launch. Users will do this by asking their tokens to the project in focus. One more use of the NearPad token is to earn protocol fees.
So the Launchpad will collect a fee in stablecoin, Yield Aggregator will charge a fee too for increased yield and then DEX Aggregator will also take fees for swap made in NearPad.
$PAD is an ERC-20 token that has a circulating supply of 4,403,309 PAD. You can check the ATH, ATL, market cap, and other metrics here.
The distribution of the tokens is as follows: Community Reward Pool 25%, Treasury Fund 25%, Team & Advisors 20%, Public Round 15%, Seed Round 10%, and Liquidity Mining 5%. You can participate in the IDOs here.
Challenges and Road Map of NearPad
For most platforms, the topmost challenge is competition. To make advancement, it has to perform close to or better than BSCPad, StarTerra, Bull Perks, Skyward Finance, and Heo Finance (which doesn’t need participants to be holders of the token).
Phase one of NearPad is the release of a Minimum Viable Product. It was created as a decentralized crowdfunding platform that permits fixed swapping.
Phase two and Phase three involves the launch of a DEX on Aurora and Yield Farming Portfolio for managing yields respectively.
Rose, BlueBit, Flappy Protocol, DeFiYield.app, and Path Of Survival are some of the projects that have been launched on the NearPad.
Team and Partners Behind NearPad
The details of the team members behind NearPad are not in the public domain yet. For the partners, there is NGC, NEAR Foundation, OWC, Ellipti, LD Capital, Flow Ventures, SuperNova Fund, ExNetwork, Genblock Capital, Arkn, and several others.
These partners helped to raise about $2.5m in 2021 for the development of NearPad. From the road map of NearPad, there are plans already that will be executed with time and these finances can be channeled to make the propositions possible.
Conclusion
Near Protocol, the foundation of NearPad is a very good platform. It has an ROI of 735.14% and a certified carbon neutral rating. For NearPad, the entire blockchain ecosystem is still open for more innovations. The community is fair at 21,000 plus members on Telegram. And the services it has created can be analyzed again to suit the market direction. Always remember to do your research before you invest.
