The cryptocurrency industry has continued to grow and thrive, albeit, on the back of many factors, some of which include the increasing number of novel projects such as blockchains, utility tokens, and launchpads, among others.
However, the success of these projects are dependent on one another and are closely integrated. One cannot exist without the other, or put differently: one can be rendered useless without the presence of another.
That said, there are numerous cryptocurrencies out there, with Statista claiming that there are over 6,000 in circulation as of 2021. However, the majority of these digital assets lack the visibility to scale up. In other words, they lack the recognition or awareness that is required to become investors’ choice, especially at their early stage.
Owing to the reason above, several launchpads such as Kick.io have emerged, specifically to assist these tokens in addressing their primary issue.
Notably, there are launchpads that are interoperable with many blockchains, implying that they can facilitate an ICO (Initial Coin Offering) project based on each host blockchain’s rules and standards. The downside to this, however, is that they have to deal with varying degrees of challenges and limitations arising from various blockchains.
On the other hand, there are launchpads that are solely customized for a single blockchain, and thus only facilitate ICO projects within the ecosystem. Kick.io stands out as a noteworthy example, being the first of its kind to be hosted on the Cardano blockchain.
In an exclusive interview with DailyCoin, Tom Nicholson, the CBDO at Kick.io discussed what the platform stands for, and how it is positioned to benefit both developers and investors alike.
Kick.io Will Leverage Cardano’s Rapidly Growing Ecosystem
It is nearly impossible to talk about Kick.io without stating the obvious, which is the integration with the underlying technology, Cardano blockchain, as well as the relationship with the entire ecosystem.
While Cardano is still a relatively new project, considering that it has only been around for about four years, it has moved up the industry ladder to become one of the most sought-after blockchain networks for decentralized applications and tokenomics recently.
Cardano’s ecosystem has grown to over 100 projects as of September 2021, and the recently launched Alonzo fork, combined with the availability of other technical abilities such as the minting of the network’s native tokens, and smart contract compatibility is expected to boost the numbers even further.
That said, Kick.io, being a launchpad, is set to leverage these advantages by facilitating ICO launch for burgeoning projects who are seeking to raise liquidity via the Cardano blockchain.
According to Nicholson, the Kick ecosystem is about to flourish, and they have positioned themselves right in front of it.“The ecosystem is about to grow exponentially, and the initiatives that will emerge on it will be thrilling. It'll be a lot of fun to sit back and watch everything that's going on. As a launchpad built on Cardano, Kick is ideally positioned to welcome these new projects,”
Helping Projects Outside of Cardano
Although Kick.io does not support interoperability among multiple blockchains, it facilitates ICOs on behalf of cryptocurrency projects based on other blockchains.“The ecosystem is so new that we’re just beginning. So projects that are launching in the Cardano space can come to us. But we’re also inviting projects outside of Cardano, potentially on other blockchains, that are potentially looking for raising additional funds in the Cardano space, in this new exciting and wonderful world of Cardano,”
When asked how they differ from other blockchain interoperability launchpads, Nicholson explained that interested projects from other blockchains must first be willing to mint Cardano-native tokens. On the other hand, launchpads that support interoperability allow hosted projects to mint tokens on their native blockchains.“Most projects are built on Ethereum, and the ERC20 token standard is the most widely adopted, but due to gas prices, network congestion, and other factors, it can be difficult to use some of these protocols,”
Nicholson noted while justifying the need for their approach.
With the above said, projects that want to launch on Kick.io will be required to stake away their ERC20 tokens, using them to mint new Cardano native tokens that will thereafter be launched on the launchpad.
According to Nicholson, in addition to other benefits, the hosted projects exist with ERC20 and CNT (Cardano’s native asset) and further gain access to the Cardano community’s additional investment, as well as a big community and all of the hype that comes with Cardano.
Optimism Among Institutional Players and Venture Capital
According to Nicholson, there is great optimism among VCs who seem to be more interested in investing in the Cardano crypto space than ever. And while he cannot be too certain of what the future holds for the project, he is happy that there is a growing interest among VCs and institutional traders:“Cardano looks like it’s here to stay. I’m speaking to VCs everyday and they are just about to enter into this space. Traditionally they’ve been based in Ethereum and that’s still the case for the majority. However, based on the talks I have with the so-called "smart money" on a daily basis, they are interested, attracted, and about to move into this arena in a big way,”
- Kick.io still operates as a centralized protocol, and while plans are ongoing to go completely decentralized, it may slow down adoption.
- The host blockchain, Cardano, is still relatively new, and while it is subject to constant upgrades, they can introduce new obstacles from time to time.
Launchpads are essential for cryptocurrency projects to scale, especially in the early stages. While there are many launchpads accessible in the crypto space, Kick.io provides more tailored benefits for Cardarno-based projects as well as others looking to raise liquidity within the network.