Ahead of its beta protocol launch in early 2022, DeFi platform Pollen is preparing for an IDO of its native token on Thursday, December 16. The first decentralized asset management and index protocol in the Avalanche ecosystem, Pollen will list its $PLN governance token at 14:00 UTC with further details expected to be confirmed in the coming days.
Although some professed surprise that Pollen had launched on Avalanche rather than Ethereum, the decision was said to have been made following feedback from the wider community. As Pollen expressed in a tweet, “We love ETH and will deploy when the transactions are not a barrier to all but whales.”
Last month, Pollen conducted a token sale on the pre-IDO Launchpool platform, raising $750,000 USD in the process. The protocol also introduced staking on the BSC-based launchpad, enabling $LPOOL token-holders to mine an allocation of $PLN. Interestingly, only the raise occurred on Binance Smart Chain – with the tokens themselves minted on Ethereum. Pollen is already flexing its ability to perform across multiple chains with ease.
Pollen Portfolios
A community-powered DAO that allows users (traders, delegators & communities) to vote on and directly influence the allocation of tokens within asset pools, Pollen purports to be tailor-made for Defi 2.0, with all community members pulling together as a team to dynamically manage crypto portfolios.
Of course, competition is also incentivized between individuals via the Pollen Leaderboard, with successful traders compelled to climb the rankings and accrue governance tokens. The same tokens are used to actively manage asset pools, while another token, previously named the Portfolio Asset Index token ($PAI), but soon to be rebranded, functions as the native Index token, representing a respective user’s share of that asset pool
As crypto assets in community-driven asset pools appreciate, the resultant yield is funneled back to the community in the form of $PLN: while traders responsible for the proposal earn a bigger slice of the pie, those who delegate and green-light proposals also earn rewards.
A comprehensive reputation system ensures that users’ voting power is commensurate with their contributions, based on both token stake and decision-making history.
By democratizing access to managed crypto portfolios, and favoring a ‘trade together, win together’ approach, Pollen hopes to set itself apart from the many cutthroat dApps that have come to define DeFi during its wild formative years, particularly when it comes to user interface and experience.
A Cross-Chain Future
Although Pollen will initially live on Avalanche, whose defi ecosystem has exploded this year, the project’s team expects it to ultimately become a cross-chain venture.
In testing, Pollen developers have created bridges and deployed native products on multiple EVM-compatible chains, and there are plans to launch the protocol on networks like Ethereum, Moonbeam, Polygon, Terra Luna, and others in the future.
2022 looks set to be a huge year for the project, with a community investment program following the mainnet launch in Q1. Later in the year, Pollen will migrate from a central organization into an entirely community-driven DAO structure, vesting more power into the hands of those who create proposals and optimize portfolios.