Solv Protocol, a decentralized finance ecosystem focused on bringing the concept of vouchers to the crypto segment, becomes the first Web3 project to try using semi-fungible tokens for fundraising.
Solv Protocol to have Initial Voucher Offering (IVO) on Dec. 13 on Binance NFT
According to the official announcement shared by the Solv Protocol team, its token sale will take place on the Binance NFT platform in the form of an Initial Voucher Offering (IVO).
Get ready for the Solv IVO coming on @TheBinanceNFT— Solv Protocol (@SolvProtocol) December 13, 2021
13-Dec 13:00 UTC
⏱️9 Hours Left?♂️
Do not miss the opportunity to get the #SolvVouchers， first NFT to ever have an intrinsic value on @TheBinanceNFT! pic.twitter.com/e4s8vjyrEi
It is a first for a crypto project to raise funds through ERC-3525 tokens. Solv Protocol mints "financial NFTs," tokens that work not unlike vouchers. ERC-3525 tokens are designed to certify the financial rights of investors.
These tokens are semi-fungible: although each of them is exclusive, they can be split up and traded against each other like Ether and ERC-20 tokens.
On Dec. 13, 2021, Solv Protocol will issue 1,000,000 SOLV tokens through the IVO. The token sale will kick off simultaneously on Binance NFT and its native Solv platform.
What's the difference between vouchers and NFTs?
As such, the concept of the Initial Voucher Offering merges the benefits of fungible and non-fungible tokens: it combines the descriptive attributes of ERC-721 tokens and the liquidity opportunities of ERC-20 tokens.
Also, this is the first time that "financial NFTs" can be split and merged to allow their holders to build more flexible investing strategies.
Ryan Chow, co-founder of Solv Protocol, explains the ground-breaking nature of what his team is offering for both investors and early-stage Web3 projects:
In today's crypto world, attention is the scarce resource. In order to get users to play the long game, teams should make sure their interest and the users’ are well aligned. The best way to do so? Vesting tokens. So, we’ve devised IVO, a whole new way to get vesting tokens distributed — via Vesting Vouchers - and believe it can become the cornerstone for strong and long-lasting project-user relationships.
Immediately after the IVO, all SOLV tokens allocated for public sales will be locked inside vouchers.