Cardano-based accelerator programme Genius X has had more than $105 million worth of ADA allocated to its initial stake pool offering (ISPO).
This follows the launch on May 10 of the firm’s decentralised automated market maker and liquidity management protocol, Genius Yield’s ISPO, with over 14,500 delegators staking 270 million ADA over four official stake pools, making it one of the largest ISPOs within the Cardano ecosystem.
Genius Yield is a DeFi protocol based on Cardano that provides a decentralised exchange with an order book. It includes a liquidity provision model designed to reduce market risk and avoid temporary loss.
Genius X will be the company’s accelerator programme, providing early-stage blockchain startups with relevant tools, consulting services, and investment to help them build blockchain-based businesses within the ecosystem.
The Genius X ISPO has received a lot of attention in the week after its introduction on May 15. Nearly 14,000 players have assigned more than 205 million ADA ($105 million) to four staking pools.
Dr. Sothy Kol-Men, managing partner of Genius, believes the high interest in the ISPO is encouraging given the recent events in the cryptocurrency space, which have been dominated by the collapse of algorithmic stablecoin and DeFi platform Terra.
What is ISPO?
An ISPO is the Cardano ecosystem’s crowdfunding version of an ICO. Stakers assign tokens to pools and exchange staking rewards for the native token of a project. Because an ISPO is non-custodial, investors may retrieve their allocated ADA at any time.
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