The Smartlink Ecosystem, which is built on Tezos, managed to raise $3 million in just 48 hours. The project raised the funds via its private and public token sales. According to the official announcement, the project, which runs on the Tezos blockchain, reached its $500K softcap within 2 minutes. During the same period, the project achieved a 3x oversubscription. It later reached its $3 million hardcap in under 48 hours.
Smartlink runs on the Tezos blockchain network, which is renowned for its secure smart contracts’ operations. The network also offers high-speed transactions, a liquid PoS algorithm, and minimal gas fees. The goal of Smartlink is to power the future of payments via decentralized escrow services. Smartlink smart contracts facilitate simple executions, improved accuracy, and secure payments. Additionally, their infrastructure with tamper-proof transactions aims to prevent fraud. This helps businesses upgrade compliance and modernize vendor sourcing.
Details Of The Fundraising Effort
The presale for the Smartlink project was launched on April 29. At the launch, the softcap was set at $500K. Each SMAK token had an initial sale price of $0.007, which was the name for the project’s FA1.2 token. During the presale, tokens sold out within 1 minute and 50 seconds. Smartlilnk raised $500K via ZoomPass Holdings Inc, which is a publicly-listed corporation. Other firms involved in the private sale were Blockgration Global Corp and Sourcing Force for strategic development.
We raised $3M to build our decentralized escrow payments ecosystem on Tezos.🔥
Pre-ICO: Gone in 1 Minute 50 Seconds, 3X Oversubscribed.🚀
ICO: Raised Over $1 Million in 48 hours.🎢
Our community has been incredible.🙏
Now, let's get building! 🛠https://t.co/lZg6ofUSJy
— Smartlink (@smartlinkHQ) May 10, 2021
After the success of the presale, the next step was the public sale of the tokens. During the public sale, which took place on May 5, 2021, tokens sold for $0.010 per SMAK token. Interest in the tokens remained upbeat, as the token sold out within 48 hours and managed to rake in $2 million.
Challenges To Be Addressed
Smartlink, which is a publicly-listed corporation, aims to address the biggest challenges of the global business world. The main challenge the corporation aims to address is the lack of trust in commercial transactions. Smartlink offers users Trust-as-a Service via enforceable smart contracts. Users of Smartlink’s services can choose from a range of customizable smart contract agreements. These agreements give users the leeway to decide on the terms of a deal, which can then be executed automatically, based on the fulfillment of the underlying conditions of a contract.
When discussing the token sale, Ben Constanty, the Smartlink CEO said that when people think of payments, they usually think of PayPal, Square, and other such services. He pointed out that these services based their business models on the existing legacy financial system. According to Constanty, these services do not offer users smart contracts or any user incentives. He concluded by stating that:
“Smartlink gives buyers and sellers a Web3.0 experience allowing them to quickly start a one-on-one transaction on the platform at a lower cost, and get rewarded for it. Smartlink doesn’t hold their funds and keeps the process decentralized.”
Understanding Smartlink- Current & Future Plans
Besides the escrow smart contract solution, Smartlink plans to launch a decentralized marketplace. Users of the marketplace will be allowed to buy and sell using crypto. Services that users of the marketplace can access will include professional services, high-value items, in-game assets, OTC markets, NFTs, fundraising solutions, and NFTs.
Developers and future users of the Smartlink escrow services can inspect the Smartlink escrow module on the Tezos testnet.
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