Formation Fi automates 'yield farming' strategies across multiple decentralized financial protocols (DeFis). On June 10, 2021, it concluded 'Strong Holder Offering (SHO)' on DAO Maker with eye-watering results.
6 200 'Strong holders', 200x oversubscription
According to the official announcement by Formation Fi team, its Strong Holder Offering (SHO) - a type of initial decentralized offerings advanced by tokens vesting to avoid dumps - has broken all records of the leading tokensale platform DAO Maker.
FORMATION FI BREAKS DAO MAKER's SHO ALL-TIME RECORD!!! $FORM $ETH #BSC @TheDaoMaker
🌟Key Highlights/ Recap:
1⃣Most SHO Registrations Ever on DAO Maker
2⃣14.4 Million DAO Power Committed
3⃣More Than 200X Oversubscribed
Read More 👇https://t.co/61Nfgi0Sa6 pic.twitter.com/BKV56ShGBA— Formation.Fi (@FormationFi) June 10, 2021
Firstly, it prints a new record in terms of SHO registrations. In total, 6 020 crypto enthusiasts and investment entities registered for this offering.
Launched on June 7, 2021 on DAO PAD, a tokensale launchpad of DAO Maker, it concluded with 200x oversubscriptions compared to the schedule of tokensale.
The total amount of funds committed to the tokensale in DAO tokens and USD Coin (USDC) stablecoins exceeded $45 million.
This SHO follows the successful seed investment round of Formation Fi. As covered by U.Today previously, Formation Fi raised $3.3 million from blockchain-focused VC funds, including Kenetic, Kosmos, Spark Digital Capital, AU21, X21 Digital, and others.
Formation Fi eases 'yield farming' experience
Formation Fi provides its users with an automated 'yield farming' experience. DeFi enthusiasts can choose from multiple strategies composed of various uncorrelated assets.
Its team, for the first time in a crypto segment history, implemented a concept of 'risk parity strategy'. It had been pioneered by billionaire hedge fund manager Ray Dalio for the stock markets.
Formation Fi solutions are chain-agnostic and are suitable for users with various levels of blockchain expertise, investing strategies and portfolio sizes.