Decentralized trading platform, CODI Finance recently close the curtain on its private sale amidst its ongoing IDO. The platform’s Initial Dex Offering [IDO] began with a 10% share of the total supply of CODI [33,000,0000] tokens for sale on November 7 2021. According to the press release, in response to the positive reaction received over the time period, the platform have decided to continue its IDO project till November 30 2021.
CODI is a complete decentralized ecosystem built on the Solana Blockchain. The protocol aims to build a decentralized exchange platform [DEX] that will facilitate users in seamless transfer of funds between wallets, by and sell cryptoassets, quick staking, securing market liquidity and enhancing the network’s capabilities. The blog post further mentions plans to built a open sourced lending and a borrowing protocol under CODI.
CODI Finance latest collaboration
Most recently, the exchange platform partnered with oracle network pioneer Chainlink who will provide access to authentic price feeds, and also secure its features like IDO and staking pools. Apart from that will also help the CODI network build high-level defenses against potential system interruptions and malicious attacks.
CODI’s preference for Solana
According to the blog post, the trading platform aspires to be the “ultimate DeFi ecosystem” by incorporating Solana’s high-speed, low-transaction costs. Besides its exponential growth over the years, the layer one protocol is known for its high productivity and low transaction fee. With more than 700k per transaction per second [TPS] and significantly lower transaction costs [$0.00025 per transaction], make it among the most preferred blockchain for decentralized finance [DeFi] applications.
This low cost comes in handy during DeFi lending and borrowing, particularly with smaller amounts like for example, less than $5k. In comparison to mainstays like Ethereum [ETH], which is plagued with high transaction cost or ‘Gas’, engaging smaller amounts makes it untenable and less appealing.
The upcoming IDO initiative is a encouraging step for CODI, but only time will tell whether it can establish its place in the highly competitive DeFi industry.