Polkadot UX: Launching a Token

Ecosystem
1

Launching a token is often the first step in a Web3 team’s journey so I think it is a great starting point when considering improving the overall “Polkadot UX” to solve for real-world use cases. However, it is not as simple as “minting a token on AssetHub”, it is far more involved.

AFAIAA, a complete token launch experience does not yet exist for Polkadot.
Here is a potential example flow:

  • Team creates a multisig (e.g. multix)
  • Team creates a crowdfund. This can be done on https://www.polimec.org
  • Team then creates the token (using the assets pallet on Plaza or Pop Network)
  • There must be an off-ramp for the token e.g. DEX, CEX
  • Vesting and Lockup Period
    1. e.g. 30% goes to community, 15% is vested, 30% to founders and investors, etc.
    2. Vesting pallet (or vesting logic) is needed for this
    3. Typically it is suggested to have a min. 1 year lockup period for investors and founders
  • Staking
    1. Staking logic is needed for this
  • Token Distribution (via smart contract on Plaza or Pop Network)
    1. dispersing of the token to the community
  • Wallet Compatibility (or abstraction)
    1. Polkadot Wallets, Ethereum Wallets
    2. This could also be solved via bridging
  • Bridging
    1. e.g. when the token launches, need to have access to different bridges, e.g. bridge token to Ethereum (Snowbridge)
  • Secondary market listing
  • Integration with DEX (e.g. HydraDX)
  • Market Making (hire someone to do market making for your token)
    1. Ensure there is liquidity, “keeps token alive in exchanges”
  • Airdrops
  • Additional custom logic around the token (smart contract on Pop)
  • Governance (DAO) is also a common component around token launch
    1. Usually comes after the launch
  • Treasury for holding spendable token funds
    1. A means for the Web3 dApp to leverage governance and funds to build the dApp and grow its community
    2. community can create spend proposals with the token
    3. community can create bounties with the token
  • Ability to create more sophisticated tokens
    1. Inflationary vs deflationary
    2. burning mechanism

And finally, a testnet that devs can try all of this out.

We need one place for all of this to happen. We should not expect teams to hack together a solution for token launch. That is not good UX.

3 Likes
2

You just described a lot of the functionality already available in Kreivo and what the Virto team will be developing for its Q3/Q4 roadmap :wink:

Virto as a platform wants to provide all kinds of organizations with the tools they needed to go from idea to scalable businesses, specially targeting early stage start-ups to help them grow quickly and cheaply. People can already create a DAO in a couple of minutes and the base infrastructure will provide them with 80% of what their business needs, like payments with escrow with any asset including their own, marketplaces, account abstraction and no fees to completely hide the fact its using blockchain, etc. It’s also the first KSM native chain with smart contracts that will allow you to personalize all aspects of your org like the governance, token issuance, custom fees for payments, programable memberships and more :slight_smile: