SuperFarm announced last Monday, April 19, through its Twitter account, its first IDO in collaboration with Red Paid, called GlobeDX.
“It is a great pleasure for us to present the first project to debut at SUPER PAID: GlobeDX. Globe is a crypto derivatives exchange that allows users to trade digital currencies such as bitcoin through perpetual futures contracts”, he said through an article published on the Medium platform.
The company shared some details about the new IDO:
• Whitelist open: April 17 at 8 p.m. UTC
• Closing of the whitelist: April 19, 8 p.m. UTC
• GlobeDX IDO will take place on IGNITION PAID: April 30 at 11 a.m. UTC
• Fill in your details in the whitelist form.
SuperFarm explained that the moment the whitelist lottery closes, a snapshot of your wallet will be taken. This is to document the number of valid $SUPER tokens you have for the lottery and will be the basis for the number of lottery tickets that will be issued to you.
GlobeDX IDO format
The company indicated that for GlobeDX IDO there will be two groups.
• Group 1 will be exclusively for PAID holders
• Group 2 will be exclusive for SUPER holders
The SuperFarm and PAID Network teams agreed to postpone Group 3 to a later event.
For PAID holders, the rules remain the same as for any other Ignition release for Group 1. For Group 2, SUPER holders will be qualified for assignments based on the following criteria.
• Platinum: For every 75,000 SUPER tokens that each wallet has, you will be awarded 1 guaranteed allocation and, in addition, a lottery entry for every 1,000 SUPER that you have.
• Gold: For every 1000 SUPER tokens in each wallet, you will be awarded 1 ticket for allocation. Tickets will be drawn at random to select the winners. Not all 1,000 SUPER holders will receive the allowance.
As the company commented, what Coinbase is to spot trading, GlobeDX is to crypto derivatives. In his view, his exchange allows anyone to trade futures products on a high-performance platform that has been designed to meet the needs of institutional users. This means – he added – the best negotiation engine in its class with ultra-low latency and high performance.
“By allowing its users to capitalize on market movements as they occur, Globe gives traders the edge they need to make consistent profits. For retail users, Globe provides a framework that is typically off limits to this section of the market, packaged in an easy-to-use interface that opens derivatives trading to a global audience”, he said.
What problems does it solve?
The company indicated that Globe has been designed to overcome a few key problems that are inherent in existing crypto derivatives exchanges. Among them is:
• Lack of innovation. Globe is the first place to offer VIX bitcoin futures and one of the first to introduce perpetual DeFi.
• Hard to use.
• Prone to service degradation during peak hours, which hurts merchants.
• Sub-optimal custody with lack of adequate institutional protections.
• Lack of serious API support.