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Poolz Finance

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Discover Poolz Finance's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Poolz Finance?

Poolz Finance (POOLX) is a decentralized Layer-3 swapping protocol built on DeFi infrastructure. It operates as a cross-chain IDO platform, enabling businesses and project owners to launch and auction tokens, facilitating liquidity and early-stage investor engagement. The native token, POOLX, grants holders various privileges within the ecosystem, including governance, staking rewards, and participation in IDOs.

How is Poolz Finance used?

Poolz Finance (POOLX) is a cryptocurrency token with several use cases. Here are the key ways it is utilized:

  1. Staking and Rewards: POOLX holders can earn passive income by staking their tokens in wallets or liquidity pools. Additionally, rewards and incentives for participating in the Poolz platform are given in POOLX tokens.

  2. Governance: Holders of POOLX tokens gain voting rights and participate in the community’s decision-making process. They can vote on proposals, pool audits, token circulation, burn ratio, distribution, and more.

  3. Token Burn: Poolz Finance uses a portion of its daily earnings to buy and burn POOLX tokens, reducing the token supply.

  1. Airdrops and Incentives: POOLX tokens are used to participate in airdrops and other incentives, such as the Top Tiers Airdrops, which require locking a minimum of 3,500 POOLX tokens.

  2. IDO Participation: POOLX holders can participate in Initial Decentralized Offerings (IDOs) on the Poolz Finance platform, which facilitates fundraising for crypto projects.

These use cases highlight the multifaceted nature of the POOLX token within the Poolz Finance ecosystem.

How do I store Poolz Finance?

To store Poolz Finance (POOLX) tokens, you can follow these steps:

  1. Use a Supporting Wallet: Ensure you have a wallet that supports the Poolz Finance token. You can use wallets like Coin98 Wallet or Trust Wallet, which are known to support POOLX tokens.

  2. Acquire POOLX Tokens: Purchase Poolz Finance tokens through a supporting exchange and transfer them to your wallet.

  3. Add Token to Wallet: If necessary, add the POOLX token to your wallet manually by entering the token's smart contract address. This step may vary depending on the wallet you use.

  1. Secure Storage: Ensure your wallet is secure and up-to-date to protect your POOLX tokens from potential risks like impermanent loss.

By following these steps, you can safely store your Poolz Finance tokens and participate in IDOs and other activities on the platform.

How to buy Poolz Finance?

To buy Poolz Finance (POOLX) tokens, follow these steps:

  1. Find a Reliable Exchange: Look for a reliable centralized exchange where POOLX is listed. You can refer to CoinMarketCap for a list of exchanges that support POOLX.

  2. Use a Decentralized Exchange (DEX): Another option is to use a DEX like PancakeSwap. Make sure your wallet is compatible with the DEX you choose.

  3. Set Up Your Wallet: Download and set up a crypto wallet like Trust Wallet. Ensure you keep your seed phrase safe and note your wallet address.

  1. Buy Base Currency: Purchase the base currency, such as BNB Chain, and transfer it to your wallet.

  2. Connect to the DEX: Connect your wallet to the DEX, and select the POOLX token to buy.

  3. Trade and Swap: Trade your base currency for POOLX tokens. If POOLX doesn’t appear, find its smart contract address and enter it manually.

  1. Complete the Swap: Confirm the swap, and your POOLX tokens will be added to your wallet.

For more detailed instructions and specific steps for PancakeSwap, refer to the Poolz Finance blog.

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History of Poolz Finance

Poolz Finance, represented by the token POOLX, is a decentralized cross-chain IDO (Initial Decentralized Offering) platform that empowers businesses and project owners to launch and auction tokens, facilitating liquidity and early-stage investor engagement for new projects. It operates as a decentralized launchpad, kickstarting liquidity and enhancing startups' exposure to early-stage investors.

Early History and Exploit

Poolz Finance was initially known for its decentralized fundraising platform, Poolz, which helped cryptocurrency projects launch and expand their communities via IDOs, NFT sales, and gaming projects. However, on March 15, 2023, Poolz Finance was exploited on Ethereum, Polygon, and BNB Chain, resulting in a total loss of approximately $550,000. The root cause of the exploit was a classic integer overflow vulnerability in its vesting contract.

Post-Exploit Measures and POOLX Deployment

Following the attack, the price of the $POOLZ token dropped by more than 90%. The team reported that they were collaborating with law enforcement agencies and cybersecurity professionals to resolve the issue. They flagged the hacker address, froze all POOLZ porting on Chainport bridge, and removed liquidity from Uniswap and Pancakeswap. To address the situation, they deployed a new contract for the new POOLX token and distributed it to affected holders in a 1:1 ratio.

POOLX Token and Functionality

POOLX is a utility token within the Poolz Finance ecosystem, facilitating governance, participation, and sustainable development. Holders of POOLX tokens can participate in governance, stake their tokens for rewards, and influence IDOs. The token also has a deflationary mechanism, where a portion of transaction fees is automatically burned to reduce the overall supply and combat inflation.

Current Status and Features

Poolz Finance continues to operate as a decentralized launchpad, offering an alternative to traditional fundraising methods. It democratizes the fundraising process, allowing projects to auction their tokens independently and gain exposure within the crypto market. The platform also supports the trading of Non-Fungible Tokens (NFTs).

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How Poolz Finance works

Poolz Finance is a decentralized platform that enables crypto projects to raise funds and bootstrap liquidity through Initial Decentralized Offerings (IDOs). Here's an overview of how it works:

Key Components
  • Poolz Council: A decentralized governance system where $POOLX token holders have a say in key decisions, such as product features, token utility, and platform fees. Members of the Poolz Council, who lock at least 20,000 $POOLX tokens, can participate in voting and have access to exclusive private deals and guaranteed allocations for IDOs.
  • Liquidity Providers: Users who contribute to liquidity pools on decentralized exchanges (DEXs) receive LP tokens, which represent their ownership of assets in the pool. These tokens can be used for staking, yield farming, or participating in IDOs on platforms like Poolz Finance.
  • IDO Process: Projects submit applications to Poolz Finance, which are reviewed for suitability. If approved, the project is listed on the platform, and users can participate in the IDO by locking $POOLX tokens. The more $POOLX tokens locked, the higher the allocation in the IDO.
IDO Participation

To participate in an IDO on Poolz Finance, users need to:

  1. Lock $POOLX Tokens: Users must lock at least 250 $POOLX tokens to guarantee an allocation. The more tokens locked, the higher the allocation. Users with 1-249 $POOLX tokens enter a lottery system for allocation.
  2. Connect Wallet: Users connect their crypto wallet to the Poolz Finance web page.
  3. Complete Whitelist Requirement: Users must register on the blockchain for IDO participation by signing a transaction using their wallet.
  4. Win Allocation: Allocation winners are announced, and users can claim their tokens according to the vesting schedule.
Benefits for $POOLX Holders
  • Passive Income: $POOLX holders can earn passive income by staking their tokens in wallets or liquidity pools.
  • Governance: Holders have voting rights and can participate in decision-making processes.
  • Token Burn: Poolz Finance uses a portion of its daily earnings to buy and burn $POOLX tokens, reducing the supply.
  • Exclusive Deals: Poolz Council members have access to private deals and guaranteed allocations for IDOs.
Platforms and Listings
  • Listed on: $POOLX is listed on various exchanges, including Gate.io, Huobi, Poloniex, MEXC, Bitmart, and Pancakeswap.
  • Main Network: $POOLX is deployed on the Binance Smart Chain (BSC).

Overall, Poolz Finance provides a decentralized platform for crypto projects to raise funds and for early-stage investors to discover promising projects. The $POOLX token plays a central role in the ecosystem, offering various benefits and incentives for holders.

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Poolz Finance's strengths

The token Poolz Finance (POOLX) has several strengths that contribute to its value and utility within the cryptocurrency ecosystem:

  1. Decentralized Fundraising Platform: Poolz Finance provides a decentralized platform for crypto projects to raise funds and bootstrap liquidity, allowing early-stage investors to discover and invest in promising projects.

  2. IDO and Token Auctions: The platform facilitates Initial Decentralized Offerings (IDO) and token auctions, enabling project owners to access liquidity during their pre-listing phase. This process includes a due diligence review, whitelisting, and token sales with vesting schedules.

  3. Staking and Rewards: POOLX holders can earn passive income by staking their tokens in wallets or liquidity pools. Additionally, rewards and incentives for participating in the Poolz platform are given in POOLX tokens.

  1. Governance and Voting Rights: Holders of POOLX tokens gain voting rights and can participate in the community’s decision-making process, including proposals, pool audits, token circulation, burn ratio, and distribution.

  2. Token Burn Mechanism: Poolz Finance uses a portion of its daily earnings to buy and burn POOLX tokens, reducing the token supply and maintaining a healthy market balance.

  3. Airdrop Opportunities: The platform offers airdrop programs, such as the Top Tiers Airdrops, which provide additional benefits to POOLX holders who lock their tokens. These airdrops are structured to benefit both participants and the ecosystem, with a phased release of tokens over several months.

  1. Security and Auditing: The POOLX token and locking system are audited by reputable firms like Certik, ArcadiaGroup, and ChainPort, ensuring the security and integrity of the token and its ecosystem.

These strengths collectively contribute to the value and utility of the POOLX token, making it an attractive option for investors and participants in the Poolz Finance ecosystem.

Poolz Finance's risks

Poolz Finance (POOLX) is a decentralized fundraising platform that helps cryptocurrency projects launch and expand their communities via IDOs, NFT sales, and gaming projects. The platform has faced significant financial risks, particularly due to a major exploit in March 2023. This exploit, which occurred on Ethereum, Polygon, and BNB Chain, resulted in a total loss of approximately $550,000.

The root cause of the exploit was a classic integer overflow vulnerability in the platform's vesting contract. This vulnerability allowed an attacker to drain funds from the platform, leading to a significant loss for investors. Following the attack, the price of the $POOLZ token dropped by more than 90%.

To mitigate such risks, Poolz Finance has implemented several measures. For instance, they have incorporated a deflationary mechanism for the POOLX token, where a portion of transaction fees is automatically burned, reducing the overall token supply and combating inflation. Additionally, they have introduced a Risk-Free IDO model, which allocates a proportion of daily profits towards the systematic buyback and burning of $POOLZ, contributing to increased scarcity and value.

Despite these measures, investing in $POOLX still carries market volatility and risks. Investors should assess risk factors carefully, including the project's white paper, team background, tokenomics, and market conditions before deciding to engage. It is crucial to understand the risks associated with cryptocurrency investments and conduct comprehensive research to align investment choices with personal objectives.

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Did Poolz Finance raise funds?

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Poolz Finance's ecosystem

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Poolz Finance’s team

  • Guy Oren: Co-Founder & Chief Executive Officer
  • Stan Goldin: Chief Technology Officer
  • Liam Cohen: Co-Founder & Chief Revenue Officer

Whalee AI

The fundamental analysis assistant for crypto value investors.

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