UNION Partners With KSM Starter to Bring Smart Contract Protection to IDO’s on Kusama
We’re excited to announce our partnership with KSM Starter, a ground-breaking IDO launchpad designed to kickstart Substrate-based projects building on Kusama Network. UNION will provide smart contract protection for all IDO projects building on Substrate launched on KSM Starter, and Sanctum will audit each project’s smart contracts.
“KSM Starter is a revolutionary IDO launchpad, which provides superior consideration and service to its projects and their respective stakeholders, alike. We’re truly looking forward to supporting project and launchpad efforts to achieve superior protection and security goals,” said Michael Beck, Union’s project lead.
KSM Starter is the first IDO launchpad on Kusama Network. Leveraging democratic IDO selection, KSM Starter offers projects on Kusama an avenue to bootstrap liquidity by applying for a listing with the community-governed vote and confidence vote provided by the KSM Ecosystem Council. The IDO platform draws distinct advantages over other incumbents, including a tiered system that incentivizes long-term holding of IDO tokens, provides technical support for projects after the IDO, and enables multi-chain exposure.
With the KST Auto-Invest feature, users can even deposit USDC or USDT into the platform and gain automated exposure to listed IDO projects on the launchpad via customized investing limits — offering a risk-adjusted method to gain upside exposure to Kusama’s vast potential. KSM Starter also deploys distinct protection mechanisms, including an integrated prediction market that allows users to hedge risks or augment upside exposure.
Initially, UNION will provide bundled protection pools for smart contract coverage, economic exploits, and other malicious hacks of KSM Starter’s platform. The coverage will also extend to every IDO project listed on the launchpad and will be paired with Sanctum audits for each project. Sanctum’s code audits and bundled protection pools from UNION furnish prospective IDO projects on KSM Starter with two cornerstone elements of sound projects out of the gate — bolstering the incentive to choose KSM Starter over competitors.
In return for UNION’s coverage pools, the UNION community can access strategic whitelisting spots on KSM Starter. Whitelisting privileges will help incentivize liquidity provision to the coverage pools for IDOs on KSM Starter, reducing premiums and augmenting LP staking rewards.
“KSM Starter is determined to provide early funding opportunities to some of the most promising projects aiming to build on Substrate. These early days of any project are some of the most vulnerable times, and we are thrilled to have partnered with Union to ensure that each IDO is protected, secured, and strapped for incredible future potential,” said Siwon Kim, KSM Starter’s Co-Founder and Chief Strategy Officer.
Moving forward, UNION will explore full-stack protection for Kusama, including secondary protection markets for IDOs on KSM Starter. Similarly, Sanctum’s code audits of a steady stream of IDO projects on KSM Starter will enable Sanctum to become a premier auditor on Kusama, adapting to a promising network’s unique threat profile and calibrating improvements from experience auditing innovative projects on the network.
About KSM Starter
KSM Starter is the primary launchpad on Kusama Network, designed to empower projects and communities alike while leveraging the power of decentralized participation into a recognizable force within the entire ecosystem. Participants are eligible to provide early support for projects aiming to build on Substrate, and receive significant rewards in return. Projects launching on KSM Starter are able to receive early funding, strategic partnerships, and external help to flourish. The TGE of KSM Starter token (KST) is set to go live in Q2 2021.
Telegram Announcement: https://t.me/KSM_starterANN
Telegram Community: https://t.me/KSM_starter
UNION is a technology platform that combines bundled protection and a liquid secondary market with a multi-token model. DeFi participants manage their multi-layer risks across smart contracts and protocols in one scalable system. UNION decreases the entry barriers for retail users and lays the foundation for institutional investors. UNION’s full-stack DeFi protection is inclusive, composable, and brings battle-tested capital and pricing models from TradFi to the DeFi ecosystem.
Telegram ANN: https://t.me/UNNFinanceANN