Genius Yield raises $118 million in the first 48 hours of its ISPO

Announcing the launch of its initial stake pool offering, or ISPO, on December 15, Genius Yield, the famous decentralized automated market maker and liquidity management protocol built on the Cardano (ADA) blockchain, talked about the process on December 15. 

The fundraising campaign will run for six months, from December 15, 2022, through June 15, 2023. Around $118 million has been allocated to the stake pools at the time of writing, which represents a total of more than 95 million ADA (as per current market price).

As TheCoinRise reported in November 2021, Cardano was aiming for the Genius Yield’s ISPO. A blockchain enthusiast who participates in an ISPO puts their cryptocurrencies into a protocol in exchange for tokens of the new project they have funded. Following the expiration of the lockup period, investors regain their crypto assets.

By employing this strategy, investors get the benefits of increased yields and receive a return on their initial investments on paper. Technical errors, hacks, and rug pulls are all possible with this setup, although they are less noticeable than they’d be with more traditional fundraising sources.

Genius Yield offers so much more

Users can deposit their ADA from their Cardano wallet, such as Yoroi, into one of the four GENS stake pools and receive the GENS token in this particular ISPO. Genius Yield is one of the most promising DeFi projects on Cardano. Its developers informed that 10 million GENS tokens would be awarded to ISPO investors out of a total supply of 100 million GENS tokens in circulation. Additionally, they will receive a portion of the transaction fees collected on the platform (20%).

The raised funds will be used to develop a solution that will allow customers to profit from advanced algorithmic trading methods and yield optimization on the Genius Yield platform, which will be launched soon.