Genius X, a Cardano-based accelerator program, has received over $105 million in ADA for its initial stake pool offering (ISPO).
This comes after the firm’s decentralized automated market maker and liquidity management protocol Genius Yield completed its ISPO on May 10, with over 14,500 delegators staking 270 million Cardano (ADA) across four official stake pools, making it one of the biggest ISPOs within the Cardano ecosystem.
Genius X Serves as the Accelerator Program of Cardano
Genius X will serve as the accelerator program of Cardano to provide early-stage blockchain firms with relevant tools, consulting services and investment to build blockchain-based companies within the ecosystem.
The Genius X ISPO has garnered significant support in the week following the ISPO launch on May 15. More than 205 million ADA worth $105 million has been delegated to four staking pools by nearly 14,000 participants.
Investors in Genius X will receive GENSX for delegated ADA staked in the four staking pools of the accelerator’s ISPO: GENS1, GENS2, GENS3 and GENSX.
ISPO is the Cardano Equivalent of ICO
An ISPO is the Cardano ecosystem’s crowdfunding equivalent of an initial coin offering (ICO). Stakers delegate tokens to pools and exchange staking rewards for the native token of a project. As ISPO is non-custodial, investors can regain their ADA at any time.
Because investors maintain control over their assigned contributions to a specific project, the fundraising method has grown in favor.
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