OpenPad Integrates with Tezos (XTZ), Enhancing Decentralized Crowdfunding - Blockchain.News

OpenPad Integrates with Tezos (XTZ), Enhancing Decentralized Crowdfunding

Rebeca Moen Jun 01, 2024 15:17

OpenPad integrates with Tezos (XTZ), boosting decentralized crowdfunding and support for new projects.

OpenPad Integrates with Tezos (XTZ), Enhancing Decentralized Crowdfunding

OpenPad, a decentralized launchpad platform, has officially integrated with the Tezos (XTZ) blockchain, according to Tezos Spotlight. This integration aims to enhance the platform’s ability to support new projects through decentralized crowdfunding and AI-driven development tools.

OpenPad Integration with Tezos

OpenPad provides a comprehensive ecosystem for new projects in the web3 space, offering tools like token sales, NFTs, and an in-house incubator to transform creative ideas into tangible outcomes. The platform includes an investor portal with a range of features such as wallet management, market tracking tools, token offering schedules, social engagement tools, and AI recommendations.

To access these features, users must connect their wallets to the OpenPad site. The platform supports various wallets, including Tezos, which users can select once they connect their wallets. OpenPad also enforces a strict KYC process for all project owners and investors, ensuring compliance and security for upcoming token sales and IDO applications.

Commitment to Etherlink

Beyond integrating Tezos, OpenPad has announced its commitment to building on Etherlink, an EVM-compatible layer-2 smart rollup technology on Tezos. Etherlink promises high-speed transactions with nearly zero fees and rapid data posting times, making it a robust solution for a variety of blockchain applications. As one of the first builders on Etherlink, OpenPad aims to provide crucial funding avenues and support for new projects deploying on the network.

Etherlink’s smart rollups are “enshrined” within the Tezos layer-1 consensus, inheriting its security properties and enhancing trust. These rollups offer scalability by offloading computation and submitting only results and validity proofs to the Tezos network, thereby increasing transaction throughput and reducing risks like censorship and maximal extractable value (MEV).

Implications for the Tezos Ecosystem

The integration of OpenPad with Tezos opens a new funding route for upcoming projects on the blockchain. With over $11.2 million already raised through the platform and more than 7,500 registered KYC users, this development is a significant milestone for the Tezos ecosystem. The commitment to building on Etherlink further underlines this progress, offering new projects the resources they need to succeed.

Image source: Shutterstock