In this article, we would like to introduce Skyward Finance - the first IDO platform on the NEAR protocol. We'll be covering the following topics:
- What is Skyward Finance and the SKYWARD token? How does it work?
- Specific details about FLX token and it’s tokenomic including its up-to-date price, key metrics, distribution and use cases.
- How to get a SKYWARD? Where to store it?
- Skyward Finance roadmap and updates & details about team, investors and partners.
Let’s get started!
What is Skyward Finance?
Skyward Finance is the first IDO platform on the NEAR protocol, using the Streaming Time-based Auction mechanism. Skyward Finance’s goal is to enable fair token distribution for projects built on Near Protocol.
How does Skyward Finance work?
Skyward Finance provides a contract that distributes a fixed amount of the Output tokens in exchange for a specific Input token over a fixed duration of token sales.
Every sale has at least one week for the community to assess the project. Simultaneously, this time allows Projects to create marketing campaigns for their sales and create awareness among potential investors.
Let's look at a simple auction, the project is selling 10,000 MOON tokens:
- When the sale event happens, all nUSDT is summed up into a total of 5,000 nUSDT.
- The sale price was discovered at 2 MOON tokens per 1 nUSDT.
- 4 participants committed 500 (10%), 1,000 (20%), 1,500 (30%) and 2,000 (40%) of nUSDT.
- Each participant then receives a corresponding share of the MOON token. Then they’ll receive 1,000 (10%), 2,000 (20%), 3,000 (30%) and 4,000 (40%) of the total MOON token respectively.
Why is Skyward Finance unique?
Skyward Finance is resistant to front-running, price manipulations, and Sybil attacks:
- Sales are not instant and split linearly over the duration of a sale so bots’ reaction time does not have an advantage over humans.
- Pump and Dump events are not possible because Skyward Finance doesn’t allow immediate token resell in the same pool.
SKYWARD token is not required to create a sale or to participate in a sale.
Ability to raise funds for any token, can launch multiple sales with different tokens simultaneously.
What is SKYWARD token?
SKYWARD is a utility token. Details on its specific use cases could be found below.
Detailed information about SKYWARD token
Key metrics SKYWARD
- Token name: Skyward Finance.
- Ticker: SKYWARD.
- Blockchain: NEAR Protocol.
- Token Standard: NEP-141.
- Contract: @token.skyward.near.
- Token use cases: Utility.
- Circulating Supply: Updating...
- Total Supply: 1,000,000 SKYWARD.
SKYWARD Token Allocation
SKYWARD Token release schedule
SKYWARD Token Sale
SKYWARD tokens have been being sold for over 6 months. The sale schedule is as follows:
- 25% July 1, 2021
- 20% August 1, 2021
- 15% September 1, 2021
- 10% October 1, 2021
- 10% November 1, 2021
- 10% December 1, 2021
SKYWARD Token use cases
- Utility: SKYWARD is a native fungible token of the Skyward Finance platform. All SKYWARD tokens are tied to Skyward Finance Treasury and represent a share of the ownership of the Treasury balance. The treasury receives proceeds from 90% of SKYWARD tokens that are going to be sold as well as a 1% fee from every sale.
- SKYWARD holders can use the token to join its IDO pools. However, SKYWARD token is not required to create a sale or to participate in a sale.
How to store SKYWARD Tokens
Traders can swap tokens to earn SKYWARD tokens on Ref Finance, then withdraw them to their Near wallets. Traders also can store, send, receive SKYWARD Tokens on Near wallets with a few single steps. The guides on how to make transactions with SKYWARD tokens on Near Wallet are as follows:
Step 1: Open Near wallet and click Receive.
Step 2: Send SKYWARD tokens to the Near wallet address/Account ID.
How to buy SKYWARD Tokens
SKYWARD token has not been listed on any DEXs or CEXs other than Ref Finance. Traders can swap to earn SKYWARD tokens at https://app.ref.finance/. Currently, 1 NEAR = 0.19 1 SKYWARD.
Step 1: Head to the Swap tab at the top of the trading interface.
Step 2: Select the wNEAR/SKYWARD token pair to trade from the dropdown.
Step 3: Adjust the amount to trade. Click Swap and then ALLOW to confirm the transaction.
Step 4: Just wait for a few seconds, and users will see the new balance of each token showed up on the final screen.
Roadmap & Updates
The team has not disclosed any details about the further roadmap. Stay with Coin98 Insights for further news about the project.
Is Skyward Finance a good investment?
Skyward Finance is the 1st project which has the most number of users on NEAR Protocol and is attracting substantial attention. Its active wallets jumped 117.20% and the transaction amount jumped almost 100% in 30 days.
The Near Ecosystem needs critical projects for further development. Therefore, Skyward Finance is still a young and promising project with the potential to have further token launches in the near future. Below is the ROI of listed projects on Skyward Finance:
|Octopus Network||SKYWARD 25% Initial sale||PARAS 5% SALE|
|IDO Price||0.3 NEAR||3.792 NEAR||0.08 NEAR|
|Price at the end of the sale||0.762 NEAR||6.662 NEAR||0.119 NEAR|
100% of Skyward Finance tokens have been unlocked. Traders should consider the price when they decide to make investments and avoid buying at undesirable prices.
Even though the team has not introduced any details on the roadmap, Skyward Finance is worthy to be closely watched. SKYWARD holders can compare the project with similar projects such as Raydium AcceleRaytor (Solana), Solanium (Solana), Binance Launchpad (BSC), etc., to have some price forecasts.
Team, Investors, and Partners
This article has included the most critical and detailed information on the Skyward Finance Token. Please leave any questions you have below, and we will get back to you as soon as we can!