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KuCoin Spotlight Launches 21st Token Sale: What is Aurigami (PLY)?

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Fri, 29/04/2022 - 10:51
KuCoin Spotlight Launches 21st Token Sale: What is Aurigami (PLY)?
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KuCoin Spotlight platform inches closer to its 21st round: crypto holders will be able to be the first owners of Aurigami (PLY) tokens.

What is KuCoin?

Launched in 2017 by a heavy-hitting team of blockchain enthusiasts, KuCoin has established itself as a “people’s exchange” thanks to its unmatched user experience and client-centric approach.

kucoin
Image by KuCoin

Currently, KuCoin is a top-tier altcoin exchange: it offers low-fee trading with 600+ assets and 1,100+ trading pairs. It delivers cryptocurrency services to more than 10 million users in 207 countries and regions across the globe.

KuCoin ecosystem includes various modules to ensure that a full stack of cryptocurrency services is available for clients under its hood. As of Q2, 2022, KuCoin clients can work with spot and marking trading dashboards, a peer-to-peer OTC module, a crypto-to-fiat paygate, staking and lending/borrowing services.

KuCoin is in the top 5 of centralized exchanges by trading volume; it also earned “Best Crypto Exchange and App” status by Motley Fool’s Ascent.

What is KuCoin Spotlight?

KuCoin Spotlight is a project launchpad platform for early-stage cryptocurrency products or blockchain projects .

Next-gen Token Launchpad

KuCoin Spotlight is designed to allow novel Web3 products to reach out to the wide audience of KuCoin. Every project that applies for listing on KuCoin Spotlight is evaluated by a professional team of 20+ experts. Four levels of research are performed by three separate teams.

kucoin
Image by KuCoin Spotlight

Project-candidates are analyzed from almost 100 perspectives in six categories: project background, technical level, expertise of team members and advisors, financial status, marketing capability and external review are put under the microscope.

In all, less than 10% of projects are able to complete all checks successfully and get listed on KuCoin Spotlight. By the end of April, 2022, KuCoin Spotlight listed 20 tokens of high-quality products. The best-performing products (MEM, CWAR) completed token sales on KuCoin Spotlight with 780-920x ROI.

Introducing Spotlight Trial Fund

KuCoin backs its alumni with crowdfunding, marketing expertise and other types of support crucial for early-stage products.

The minimum threshold for participation in new token sales is set at 100 KCS (about $1,893 at press time). However, to lower the barrier to entry for newcomers, KuCoin Spotlight launched an additional mechanism of support dubbed Spotlight Trial Fund.

With this mechanism, users can take part in a number of specific activities on KuCoin Spotlight Platform to be eligible for the Spotlight ticket lottery even if their deposit is lower than 100 KCS.

Aurigami (PLY) token sale kicks off on KuCoin Spotlight

On April 29, 2022, KuCoin Spotlight is going to organize its 21st tokensale campaign. Now, it is set to introduce Aurigami project and its PLY token to a global community of crypto enthusiasts.

What is Aurigami?

Aurigami is a unique multi-purpose product focused on bridging the gap between Ethereum and NEAR: it is an EVM-compatible DeFi on NEAR Protocol. Rolled out on the top of Aurora, Aurigami is a decentralized, noncustodial service for crypto deposits and lending/borrowing operations.

aurigami
Image by Aurigami

Aurigami allows lenders to earn passive income with highly competitive APYs while borrowers can benefit from over-collateralized assets.

Aurigami’s operations are gas-efficient thanks to contract optimization and a patented proprietary liquidation engine. Aurigami works with the eight most popular assets of the Aurora ecosystem. It has already established itself as one of the leading protocols on Aurora with $800 million in total value locked.

Project highlights

The initial  token sale of PLY, the core native utility and governance cryptocurrency of Aurigami protocol, allows retail investors to purchase the token at the same valuation with a seed round. At the same time, there is no vesting on PLY for retail investors.

Previous rounds were co-led by Dragonfly Capital and Polychain Capital while Mechanism Capital, Amber Group, Coinbase Ventures and Jump Crypto also backed Aurigami in its fundraising efforts.

PLY’s circulating supply is controlled and balanced to prevent the token from deflation. Its progressive locking mechanism is designed to back liquidity mining programs and ensure healthy and sustainable tokenomics for PLY.

As per the product roadmap, in 2022, it is going to evolve into a full-stack DeFi ecosystem with liquidity pools, an innovation zone for early-stage products, isolated liquidity mechanisms and fixed lending rates. Also, Aurigami is planning to list TerraUSD, a red-hot stablecoin by the Terra (LUNA) ecosystem.

Tokenomics

The PLY token supply is capped at 10 billion tokens. A total of 19.5% of this supply will be released during the seed round, while 19% will be locked for team members.

Forty percent of PLY will be allocated to fuel liquidity mining activities, an additional 4% will be used for liquidity provisioning features, and 12.5% will be locked for treasury and ecosystem needs.

Also, 5% of the PLY supply will be distributed among the 21th KuCoin Spotlight participants.

Starting from May 5, 2022, PLY token will be listed on KuCoin in pairs with the first cryptocurrency, Bitcoin (BTC), and the largest stablecoin, U.S. Dollar Tether (USDT)How to participate on KuCoin Spotlight: Manual

In order to take part in token sale on the KuCoin Spotlight platform, traders should enter the “Earn” section and choose the “Spotlight” projects. Here, the PLY token of Aurigami project should be selected.

Then, traders will be asked to go through a three-step verification progress. They should pass advanced KYC checks (KYC-2, in terms of KuCoin), confirm that they do not represent restricted jurisdictions and approve the “Purchase Agreement” in digital form.

That’s it: by clicking “Participate Now,” users submit their applications for participation. If the application is successful, the status of users’ request automatically changes to “Participated Successfully.”

The application campaign for PLY token sale opens on April 29, 2022, at 12:00 a.m. UTC,  with a starting issue price of $0.005. And will remain open until May 5 (12:00 a.m. UTC). Tokens will be distributed between 8:00 and 9:00 a.m. UTC on May 5.

The KuCoin team released infographics to display the registration process for the token sale.

kucoin
Image by KuCoin Spotlight

Bottom line

KuCoin Spotlight is an initial token sale platform of the “people’s exchange,” KuCoin, one of the most influential CEXes in crypto. It is set to introduce selected early-stage products to retail investors providing average crypto users with VC-level investing opportunities.

Aurigami (PLY), an Aurora-based DeFi protocol, is chosen as the 21st KuCoin Spotlight product. It leverages EVM-compatible money markets on NEAR Protocol and supports all cutting-edge DeFi instruments.

The application campaign for PLY token sale will be open between April 29 and May 5, 2022.

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