One of the HOT topics of the week is definitely PolkaCover, a long-awaited and much-discussed project that has finally had its IDO (Initial DEX Offering). Before talking about the token, let’s see what PolkaCover is and what problems it solves in the crypto world today.
What is Polkacover?
First off, it is worth specifying that PolkaCover is not an impromptu product, but rather a product started in 2019 that has worked hard before releasing its token. PolkaCover has a clear vision in mind: to create a next-generation insurance management system. Unfortunately, this sector seems to have been standing still for years without any particular innovation and this is a problem as there are many new sectors that need insurance, for instance the crypto world.
In a nutshell, PolkaCover would like to connect users with insurance multinationals for products of any niche, such as cryptocurrencies, health, life, education, family and so on. PolkaCover’s goal is to simplify things and offer lower costs than today’s costs, offering discounts of up to 40%. This technology will be based on Polkadot, a blockchain that has been having a lot of success in recent months and has already reached the top 4 in the market cap rankings provided by CoinMarketCap and CoinGecko. For now, however, PolkaCover’s official token (CVR) has been launched on the ethereum network. It will later be transferred to Polkadot with a TokenSwap (a very common practice lately).
The CVR token – IDO and the official launch
The long-awaited IDO of the CVR token took place yesterday via the Polkastarter service, a project that helps Polkadot-based projects raise their first funds. The distribution was fair as the 300 open spots could buy a maximum of 0.4 ETH per person. This avoided a situation where all the tokens were in the hands of the famous WHALES, who would dump the tokens during the first pumps on Uniswap. The IDO ended after only 3 minutes, while the launch on Uniswap came after a few hours.
The initial price on Uniswap was 0.25 cents, but it skyrocketed to 0.60 cents. The number of holders reached 1900, showing a strong interest in the project despite the very high ethereum fees (caused by the very high volatility of ETH and BTC yesterday). Today the price is more stable at around 0.50 cents.
The CVR token – the tokenomics
CVR’s MAX supply is approximately 137 million tokens. The circulating supply at the beginning is only 7.1 million tokens. Before the IDO, there were two other presales: seed and private. The price per token in these pre-sales was 0.035 cents, but with a token vesting period of 6 to 12 months. The tokens sold during the IDO cost 0.08 cents but are not locked. In this case, we are talking about 1.9 million tokens (surely many of the participants have already sold their tokens since they have seen price increases of up to 800%, so there should be no more dumps in the short term).
To recap, this is the distribution of the $CVR token:
- 25.6% – Seed and Private Sale (6 to 12 months vesting)
- 1.4% – Crowdsale (Unlocked tokens)
- 10% – Team Tokens (Locked for 2 years with unlocking from 6th month)
- 1.8% – Advisors (12 months vesting)
- 11% – Marketing (Locked for 6 months with 12 months vesting)
- 17% – Operating expenses (Locked for 12 months with 24 months vesting)
- 20% – Treasury and Incentives (Locked for 3 months with 36 months vesting)
- 13.2% – Staking and Community Rewards (Locked for 1 month with 24 months vesting).
As you can see, the token economy is well established and there will be no inflation in the short term. Keep in mind that the token was first on Dextools for the first 12 hours and now it is stable in the top 10. With ETH fees being lower now, we will certainly see more buying pressure, so what are you waiting for? Don’t miss the opportunity to participate in this strong project with an unprecedented following.