authored by @0xraspberrycat
Project Name: Syspad
Project Manager: 0xraspberrycat & frii_98
Syspad wants to be the first and best launchpad for the Syscoin ecosystem.
What makes us different?
We are working with a research firm to provide investors with professional research on projects launched on our platform, being fully legally incorporated, and having extremely low costs to participate in launches! Further, we plan to launch a customer protection mechanism where funds are released over time/as achievements are met. This prevents rug pulls and allows customer refunds should projects not succeed.
So far, Syspad has achieved the following:
- Launched on testnet
- Incorporated an LLC (Syspad LLC, incorporated in St Vincent and the Grenadines)
- Launched a Discord & Twitter for community discussion
Our goals for the next few (within 6 months) are:
- Launch on mainnet
- Upon complete (mainnet) launch, issue an airdrop such that everyone can afford to participate at the entry level
- Increase marketing
- Help successfully launch 2 projects - we are already in discussions with one
- Implement KYC (this will allow us to attract more serious projects and make it easier to launch on CEXs or make deals with market makers for better liquidity).
- Launch on a Dex with sufficient liquidity (we have had an initial chat to the Pegasys team)
- Have a full code audit
To achieve our objectives, we are asking for funding over the next few rounds. This will allow us to prove ourselves to the community while also making significant progress.
Mainnet (development, airdrop, some marketing): 5,000 $
Audit (and fix any issues): 5,000 $
KYC (legal, allow launch of better projects): 2,000 $
Various other expenses: 500 $
Some notes on funding:
- Mainnet development includes finishing the deployment of all smart contracts, implementing community feedback from our Testnet (details are available on our discord) and – once launched – create a LP Pool with $SYS
- Audit costs are estimated at 4,000, however fixing any potential issues that arise will come with increased development costs. Any funds not used will be allocated for future projects
- Basic KYC providers either cost around 2-3$ per user or require package deals. We were able to negotiate a package that we believe is appropriate for an entry level project such as ours for around 2,000$ rather than the typical 15,000$.
- Various other expenses would be server costs (e.g., Cloudflare), graphic design work or the occasional legal expense. It also acts as a buffer against any other unforeseen expenses (e.g. if KYC expenses end up as 2,100$)
For this month, we would ask for 12,500$ with future governance proposals being adjusted depending on our projected expenses.
At a price of 0.173$ per $SYS, this would equate to 72,255 SYS.
Risks are the potential launch of another launchpad on Syscoin as well as the potential price fluctuation of Syscoin.
As we are working closely with the Foundation, we are confident we are able to deliver and launch within 20 days of receiving funding.