Avalanche is one of the largest ecosystems in the market. However, there aren’t many quality launchpads on Avalanche compared to other ecosystems.
This article today will introduce you to a unique platform on Avalanche, Colony.
What is Colony Lab?
Colony is a venture capital fund that invests in projects and protocols built on top of Avalanche. The company provides early funding for early-stage projects, which also can be used as liquidity by purchasing selected tokens from the Index in order to participate in the sales.
Colony is tackling traditional finance with their vision of rethinking outmoded practices and imagining new ones in order to bring integrity back into this industry – specifically on Avalanche where they want developers building applications to grow the network.
The revolution of Web 3.0 is coming and especially with a blockchain platform like Avalanche, it’s no exception. The focus on developing new applications and dApps from Colony will contribute tremendously to the growth of Avalanche Network.
How does Colony work?
Colony accelerates the development of new projects by providing a liquidity pool and invests in different early-stage applications or dApps. As the platform is community-driven, new funding projects will be chosen based on the large votes of community members followed by the DAO model.
Colony is structured by two main components:
The Early-Stage Investments
The main objective of Colony is to invest in new projects across the Avalanche ecosystem. However, their model is different from other launchpads where new projects are not only received funds from Colony, they will be supported by the team on their developments.
Highly potential projects will be reviewed by the team and also voted by the community for final decisions.
CLY holders will receive multiple airdrops from early-stage projects as a reward for early supporters. This mechanism will help users to boost their profits and also diversify their portfolio by simply providing liquidity to the network.
The DAO Evolution
Colony has created a new funding mechanism for future generations of applications built on their platform. The first-of-kind incentive structure empowers traditional venture capital with the community through open governance and support, while at the same time decentralizing itself over time via DAO’s.
The Community-governed accelerator will be half of Colony’s Capital. Details are as follows:
- 10% into a Validator Program: Initially the Layer One itself (AVAX). 10% of the capital fund will be invested into AVAX to maintain validator nodes to incentivize the Community. Furthermore, the Community will have voting rights to include other projects in Validator Program.
- 10% deployed into an Index governed by the Community. The Index program will rank the top ten projects on Avalanche by market capitalization. Allocation will be based on Governance with 10% of total capital contribution as mentioned earlier.
- 30% deployed as liquidity to power Avalanche Defi applications. Potential DeFi protocols will be selected to provide liquidity to using 30% of Colony’s capital fund. The LP program is designed to support the development and growth of the Avalanche ecosystem while giving more options for users to maximize profits.
What is CLY Token?
CLY is a unique hybrid token of the platform. The token is mainly used for the following purposes:
- Governance: Holders of CLY will have voting rights on the Governance of the project.
- Airdrop for holders: Users can receive multiple airdrops from Colony’s investments
- Staking and Liquidity Rewards: Users can stake or provide liquidity to earn profits.
More use cases of the CLY token will be updated in the future.
Detailed information about CLY token
- CLY Token Metrics
- Token Name: Colony
- Ticker: CLY
- Blockchain: Avalanche.
- Token Standard: ARC-20.
- Contract: 0xec3492a2508DDf4FDc0cD76F31f340b30d1793e6
- Token Type: Governance, Utility.
- Total Supply: 150,000,000 CLY
- Circulating Supply: 17,600,000
CLY Token Allocation
150M CLY tokens are distributed as follows:
- Token Sale: 70%
- Team: 10%
- Liquidity Provision: 10%
- Community Incentives: 7%
- Advisory: 3%
CLY Token Sale
- Seed: 8.33M CLY at $0.12 USD — $1,000,000 USD
- Private: 87.5M CLY at $0.20 USD — $17,500,000 USD
- IDO on Avalaunch: 6.66M CLY at $0.30 USD — $2,000,000 USD
- IEO on MEXC: 1.25M CLY at $0.40 USD — $500,000 USD
For a total Raise of $21,000,000 USD
CLY Token Release Schedule
The token release is scheduled as follows:
How to buy CLY token
You can buy CLY tokens on these listed exchanges:
Alternatively, you can buy CLY by using the swap function to swap other tokens for CLY at the end of this article.
Learn more: How to use Coin98 Exchange
How to get CLY token
The CLY sale on Avalaunch ended on 7th Dec 2021.
Otherwise, you can stake CLY to earn rewards. More information about staking guide can be found here.
How to store CLY token
You can store CLY token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search token CLY.
Step 3: Click on the correct result, copy the wallet address and send token to this address.
Roadmaps and Updates
This is the roadmap of Colony for the next year.
- In Q4 2021, The team successfully launched the private and public sale.
- In Q1 2022, Early Token Investment, Liquidity Provider, Top 10 Avalanche Index Launch and Subnet Validators will be launched.
Team, Investors, and Partners
The founding team of Colony have decades of experience combined with strong foundation in the blockchain and traditional finance industries.
Investors and Partners
As the first community-driven incentivized project, Colony is invested and supported by Ava Labs.
Other strategic investors who participated in Seed Round are Avalaunch, Avatar, Yield Yak, NGC Ventures, Spark Digital Capital, MEXC Global, Synaps and ZBS Capital.
Is CLY a good investment?
This article has provided some of the main ideas related to the CLY token and its implications. It is important to note that there are a few key points that investors should take into account before making investment decisions:
Avalanche is one of the most popular platforms in the market currently. The Total Value Locked of the whole ecosystem is over $17b, making it surpass Solana and stay in the Top 5. The network has developed quickly in the last few months and the demand for new projects to deploy on Avalanche is exploding. Colony will be an essential platform for providing liquidity and funding for applications and dApps to boost the whole network.
The main objective of Colony is to get users to early-stage investments, which is similar to a launchpad. However, the model that Colony provides is rather unique than just a fundraising platform. Colony also provides liquidity for existing projects and their airdrops mechanism also diversify users’ portfolio vastly.
Avalaunch(XAVA): Avalaunch is the first launchpad for innovative projects on the Avalanche ecosystem.
I hope you have gained all of the important information about CLY including its features and highlights throughout this topic.
If you have any questions about CLY or want to know more about CLY, please feel free to leave a comment below for further discussions about Crypto.
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