DarleyGo has completed its initial decentralized exchange offering (IDO), raising roughly $1.6 million with liquidity support on Solanium, a press release on March 18 indicates.
The DarleyGo IDO Details
Details from the IDO reveal that the team had allocated 20 million DGE—representing two percent of the total supply– for whitelisted investors. The hard cap was set at $1.6 million, and each token was available for trading at 0.08 USDC.
Forty percent of purchased tokens would be distributed during the Token Generation Event (TGE). The remainder will be linearly vested for three months, where 20 percent will be released every month. Notably, the public sale of DGE comes at the back of another successful seed sale, which saw the project receive support from veteran crypto investors like Jump Capital, Genesis Block Ventures, Waterdrip Capital, and others.
Overcoming Obstacles, DarleyGo Raised $1.6 Million in a Crypto Bear Market
The DarleyGo IDO paved the way for the listing of DGE on leading cryptocurrency exchanges, further bolstering the project’s valuation. The success of DarleyGo IDO is noteworthy as it was conducted amid a crypto bear market which was further worsened by frequent outages on Solana.
According to trackers, top digital assets, including Bitcoin, Ethereum, and Solana, have seen their valuation dented, shrinking from peaks and dropping by double digits to spot rates. For instance, the Bitcoin price bottomed up from $33k after racing to over $69k in some cryptocurrency exchanges in mid-November 2021. At the same time, Solana—undoubtedly one of the top-performing assets in the last 18 months, is down 65 percent from peaks, changing hands at $90.
In a bear market, potential investors often tighten their purse strings, preferring to shift their capital to store-of-value assets to preserve their capital. Therefore, considering that the DarleyGo IDO proceeded smoothly is a pointer to the quality of the project and how the global investment community, regardless of turbulent market conditions, is keeping tabs on the project.
DarleyGo Developers Looking Forward
With the completion of the IDO, developers of DarleyGo plan to proceed to the next phase of their roadmap. In Q2 2022, the virtual horse racing game on Solana would release the proof-of-concept game before adding features to enhance gamers’ experience in the fourth phase of development.
DarleyGo has incorporated NFTs into their gaming experience, allowing racers to own valuable in-game assets that they can trade through the game’s internal NFT marketplace. The platform also uses a dual-token system where DGE is used for governance and GXE token used for in-game NFT trading, facilitating in-game transactions, and breeding. The DGE token is already available for trading at Raydium.
