The FLDT Liquidity Bootstrapping Event (LBE) on Minswap kicked off on January 18th, gaining immediate popularity. With a soft cap of 4,000,000 ADA and a hard cap of 8,000,000 ADA, participants were enticed by the fair launch of the token and the substantial allocation of supply dedicated to the event, which stood at an impressive 32% of all FLDT tokens. This article delves into FLDT, its token launch, and more.
FluidTokens launched their Cardano Native Token FLDT on Minswaps LaunchPad known as the LaunchBowl, through what is known as a Liquidity Bootstrapping Event. The LBE was divided into two phases, the discovery phase, and the encounter phase.
The discovery phase is the first phase and started on January 18th, 2024, at 3 am UTC. During the first portion of the LBE, participants were able to deposit ADA and contribute towards the bootstrapping of the token’s initial liquidity on the Minswap DEX. Users received FluidADA in exchange for their deposited ADA, representing their contribution to the LBE. The event was set to end on January 22nd at 3 am UTC or if the hard cap of the LBE is reached, in this case, 8,000,000 ADA. Many in the Cardano community took interest in the event, and the maximum contribution limit was reached on the same day.
The Encounter Phase then started at 12 pm UTC on January 18th. During the second part of the liquidity bootstrapping event, participants were able to claim LP tokens and a bonus NFT in exchange for their FluidADA. Event participants were then able to deposit their liquidity tokens and bonus NFT and start partaking in the FLDT triple farm. Liquidity providers participating in the FLDT will receive farming rewards in the form of ADA, MIN, and FLDT.
Post LBE Token Performance
Following the completion of the LBE and FLDT’s listing on Minswap for trading, the Cardano community continued to express interest. FLDT quickly dominated the daily DEX volume on Cardano, amassing over 18.51 million ADA in trading volume across 6,857 trades. Whales also participated actively, with notable transactions, including a 415,000 ADA purchase at 0.361 ADA per token.
FLDT’s price experienced fluctuations, reaching a high of 0.61 ADA per token, a 145% increase. Despite the typical price fluctuations associated with every token launch, FLDT held up generally well. As of now, the price stands at 0.547 ADA, marking an increase of over 115%. Currently, 90% of holders are in profit, while 10% are at a loss.
FLDT serves as the utility and governance token for the FluidTokens Protocol on Cardano, boasting a maximum supply of 100 million tokens and a circulating supply of 32 million tokens (32% of the maximum supply). At the time of writing, FLDT has achieved a market cap of 17,567,881 ADA, securing the 20th position in the Top 50 on TapTools. The token has garnered 1,605 holders, representing a 54% increase from the 19th of January.
More About Fluid Tokens
FluidTokens is an open-source Decentralized Finance Protocol offering Token and NFT lending and borrowing, as well as yield products like Boosted Stake. For more information about FluidTokens, visit this link.
The Liquidity Bootstrapping Event for FluidTokens’ FLDT on Minswap was a resounding success, rapidly reaching the maximum contribution level. The token then emerged as a dominant force in Cardano’s trading volume post-launch, with its price continuing to appreciate. The community recognized FLDT’s attractive launch offering, particularly the release of over one-third of the token’s supply at launch, a departure from the typical token launch strategy. This successful launch sets a promising trajectory for FLDT’s future in the Cardano ecosystem. It will be interesting to observe how the token and its protocol develop in the coming months and years.