Bondex Token Sale on Coinlist: Key Expectations and Insights
Social media platforms are among the most promising avenues within the crypto sector. Platforms like X (formerly Twitter) might see alternatives like Mastodon for social media, Mirror for blogging, and Bondex for professional networking. Today, Bondex opens its doors to investors.
On March 21, 2024, the largest ICO platform, Coinlist, announced a forthcoming token sale for Bondex. This announcement comes with a new set of rules for conducting the sale. A one-week registration period is now set, during which participants are required to submit their applications.
Bondex Token Sale Details:
- Sale duration: March 21–March 28, 17:00 UTC;
- Tokens available for ICO: 50 million BDXN (5% of the total supply);
- Token price: $0.08;
- Purchase limit: $50–$500 in USDT or USDC;
- Vesting period: 25% of BDXN will become available 75 days post-sale, with the rest being distributed linearly over 12 months.
The project team reserves the right to allocate an additional 31,250,000 BDXN (3.125% of the total supply) at their discretion. Users who reach the maximum purchase limit of $500 may have the chance to buy additional tokens, with winners selected randomly.
The token is expected to be listed on exchanges by June 11, 2024.
Bondex Token Sale Features
In early March this year, Coinlist CEO Raghav Gulati announced a revision to the ICO rules. He pointed out that the Masa sale was the last to use the queuing system, signaling significant changes for future sales on Coinlist.
Revised ICO rules:
- Extended Purchase Window: Previously, users had to log onto the Coinlist website at a specific time to queue. Now, a 7-day window is provided for ICO participation applications.
- Fund Holding: For applying to purchase tokens, users must hold the necessary amount of USDT or USDC. These funds will be held upon application submission. At the end of the 7-day period, successful applicants will receive BDXN, and those not selected will have their funds returned to their wallets within 24 hours.
- Improved Winning Odds: Coinlist has removed the priority and general queues, now favoring applications from high-karma users and active project participants, increasing their likelihood of winning.
This streamlined approach not only simplifies the token sale participation process but also ensures a fairer distribution, prioritizing high-karma accounts and complicating the efforts of Sybil attackers (users operating multiple accounts).
In the fall of 2023, Bondex initiated a user acquisition campaign, requiring new users to install the Bondex app and engage daily to earn points. With 75,000 participants, these users' applications might stand a higher chance in the upcoming sale.
Bondex Analysis
Bondex emerges as the Web3 analog of LinkedIn, a social networking platform tailored for business and employment. The project incentivizes engagement by offering rewards for career advancement, networking, skill development, and securing recommendations.
As of March 2024, the Bondex app showcases the following metrics:
- App installations: 3.8 million;
- Platform users: 1.2 million;
- Daily active users: 480 thousand.
Accurately assessing the number of genuine Bondex users is complicated, as many accounts were only created to qualify for airdrops. Thus, it's expected that a significant number might become inactive after the airdrop event.
BDXN is the native ERC-20 token of the Bondex ecosystem, serving multiple roles:
- Monetization: Bondex earns revenue through subscription fees, advertising campaigns, influx of new users, commissions, etc.
- Governance: BDXN holders have a say in votes determining partnerships, updates, and the direction of project development.
- Incentives: BDXN serves as a reward for active participation on the platform.
The total supply of BDXN is set at 1 billion tokens, distributed across various channels:
- Pre-seed funding round: 7%;
- Seed round: 5.5%;
- Public ICO round: 8%;
- Liquidity provision: 10%;
- Advisors: 5%;
- Team: 15%;
- Ecosystem rewards: 30%;
- Treasury: 12%;
- Marketing: 5.5%;
- Airdrop: 2%.
During the Token Generation Event (TGE), tokens categorized under “liquidity provision”, “ecosystem rewards”, and “public round” will be available. Other BDXN holders will receive their tokens according to the vesting rules.
BDXN Distribution Schedule. Source: coinlist.co
Remarkably, the project has yet to reveal any specific funding details. Unlike usual practices, Bondex's Cryptorank profile is void of any information beyond the upcoming ICO specifics.
The project's X account (formerly Twitter) boasts over 300,000 followers. However, engagement rates are relatively low, with likes ranging between 3 and 5 thousand. The TwitterScore analytical service rated Bondex's X account at 9 points, indicating suboptimal marketing strategies as scores below 50 suggest poor marketing efforts.
Final Thoughts
A project akin to Bondex in the Web3 space is Braintrust, a talent discovery social media platform. The BTRST ICO was held on September 17, 2021, on Coinlist, allowing users to buy the asset at $0.996. Although the price soared to about $30 upon listing, it has since plummeted to $0.865.
Braintrust received backing from Tier 1 funds like Pantera Capital and Multicoin Capital, with pre-ICO funding reaching $48 million. However, this substantial investment did not shield the project from value depreciation over time. Whether Bondex can navigate these challenges more successfully remains to be observed.
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