May 18, 2021, Tallinn, Estonia, Relite Finance, a cross-chain lending protocol built on Polkadot, has completed an initial dex offering (IDO) on PAID’s Ignition launchpad and opened liquidity pools on Uniswap V2 decentralized exchange.
The IDO on Ignition consisted of Galaxy and Moon pools, each promising a specific amount of RELI allocation depending on the amount of PAID tokens held. Both pools on the leading IDO venue were filled rapidly and closed in a matter of minutes after the launch due to overwhelming community interest and more than 100x oversubscription.
Shortly after the IDO, the Relite team announced the listing of $RELI, the native governance token of the Relite ecosystem, on Uniswap V2 with a RELI/ETH pairing. The token has gained significant traction and accumulated $17+ million trading volume with over one million USD liquidity provided. It is reported that during the first 24 hours of trading there were more than 2700 transactions made in total.
During the first several hours of trading $RELI kept #2 position in the trending assets section of Dextools, namely thanks to the interest throughout the DeFi community.
George Groshkov, Relite Finance CEO and Founder, shared his thoughts about the launch day:
“We couldn’t be more proud about Relite’s starting point. Thanks to the Relite and PAID teams, our investors, and the community, everything went as planned, thus, the launch was tremendously successful! We can’t wait to roll out our MVP, so everyone can join the interoperable lending platform that the DeFi community deserves.”
Relite strives to achieve full interoperability between Polkadot, Ethereum, and Bitcoin in Q3 and Q4 2021, as well as to cement several partnerships and exchange listings in the near future.
About Relite Finance
Relite Finance is a cross-chain DeFi money market protocol that enables users to lend, borrow, and stake all crypto assets in one interface by utilizing Polkadot’s Moonbeam Parachain, bridges, and a unique reserve fund module. Relite plans on creating interoperability with Bitcoin, Ethereum, and other blockchains. In addition, Relite plans to implement collateralization of NFTs, offering better fees and usability than other protocols.
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