The native token of a DeFi or blockchain project plays an integral part in the development of the ecosystem. These tokens are made available to the public in a planned manner to control the demand and supply chain while ensuring continuous price growth for the token. 

Most projects opt to conduct a private sale for their tokens before the public launch to give the investors, partners, and community members a chance to get their hands on the native token at a discounted price. These private sales are done in the form of ICOs, IDOs, etc. However, MahaStarter has developed a new way to conduct private sales in the form of an Initial Blockchain Offering.

What is Initial Blockchain Offering?

Initial Blockchain Offering is a crowd sale conducted for blockchain-based tokens that helps the project launch its native blockchain along with the token. It is an innovative method to create more utility for the project in the early stages. Scallop is the first DeFi project to launch an Initial Blockchain Offering for the $SCLP token.

Yet to utilitise holding your $SCLP token ❓

Do you know you can earn every single second once you stake your tokens. To sweethen the joy, you earn both in $SCLP + $MAHA. So why the wait 🤓….

🎯 Stake Now – https://t.co/4En7pduz3l#Crypto #Web3 #BSC #Bitcoin #cryptocurrency https://t.co/6n1Pn28lBn pic.twitter.com/2B9C4N8QCc

— Queenie🇺🇸 (@justina_kwin) June 27, 2022

Recently the project announced its plan to host an Initial Blockchain Offering (IBO) on MahaStarter, an incubation platform by MahaDAO. 

Also, read – How to spot good Initial Coin Offering (ICO)

The IBO will be followed by the public launch of the $SCLP token and Scallop Chain to bring more utility to the platform. The whitelisting process for the IBO has already closed!

After the IBO on October 27, the $SCLP token will be listed on the KuCoin listing and PancakeSwap.

The IBO marks an important milestone for the Scallop community and for DeFi per se and is welcomed with the same enthusiasm as the project itself. 

While this has been a first for an organization, the future sees many more organizations joining the bandwagon of offering IBOs, not simply because it attracts attention, but also because inherently it is a blockchain offering. What needs to be seen is whether the projects will take cues from Scallop and roll out IBOs in the future. In that case, this will be a trend-setting norm!