Tokensoft hopes to roll out its platform for user-led token sales across ten chains by the end of the year.
Chain-agnostic token sale platform Tokensoft has successfully deployed Tokensoft V2, web-enabled version 3 on the Ethereum and Avalanche platforms, the company said in a press release shared with CoinDesk.
Tokensoft V2 provides a stage for customers to sell and distribute their own tokens. The platform aspires to make selling fairer and more transparent for users by solving common problems such as the prevalence of bots on the network, price deviation detection, and sudden transaction fees. Additionally, the platform provides users with the tools and resources to comply with increasingly complex international token sale rules and regulations.
Tokensoft CEO Mason Borda said his company, founded in 2017, takes regulatory compliance issues seriously.
In its early days, the platform received approval for its first two projects through the Securities Exchange Commission (SEC). Then, in 2019, the security token supporter implemented a tool to help token issuers comply with securities requirements, developing an admin panel for transfer agents. . It was the approach to regulatory issues that led to the launch of the company’s web-enabled platform 3.
Borda told CoinDesk in an interview last week: “We work with our client advisor to understand the regulatory requirements because a lot of times these projects are run by [web developers].” not those with regulatory expertise. “So we are an intermediary there and help these projects comply with their international regulatory requirements.”
Tokensoft V2 deployment on Ethereum and Avalanche follows a 4-week testnet rollout with 13,637 users.
But the platform doesn’t stop there – Tokensoft’s leadership plans to roll out its V2 platform on ten chains by the end of the year. The platform has received preliminary funding approval from blockchains such as Avalanche and Polygon, with the latter’s chain launch expected to bring another 5,000 to 10,000 users to the platform.
Tokensoft’s team also plans to attract more users by making the token sale and distribution experience easier and rewarding for the bootstrap communities it already serves.
So far, the platform has worked to eliminate bots that can monopolize sales, ensuring users can actually access and participate in popular sales events on the platform. To make selling more affordable and less expensive, Tokensoft also uses web-3-native technology to queue users into a sale at the expected rate. This prevents users from being flooded with a drop in price all at once, which causes transaction fees on the network to spike.