Colend announces its IDO on Fjord Foundry
This week, Colend is excited to share the launch of its Initial DEX Offering (IDO) on Fjord Foundry. With over $200 million in Total Value Locked (TVL), it’s time to take the project to the next level by initiating our governance — not just any governance, but the first-ever lending protocol with a ve(3,3) model.
For nearly six months, we’ve focused on building a protocol that not only meets expectations but exceeds them, continuously incorporating user feedback. At Colend, our core commitment is clear: users first.
Aligned with this vision, we’ve partnered with contributors dedicated to decentralization and the BTCFi space. It’s essential for us to create a fair playing field — one where we’re not relying on millions from VCs, leaving retail investors as the exit liquidity. Unlike many projects, we avoided pre-launch funding rounds, believing this is precisely why so many protocols fail at listing. Instead, Colend is launching at a low public FDV of $15 million for a protocol that holds $200 million in TVL and already generates revenue. Everything is verifiable on-chain.
Simple and Transparent Vesting Schedule for Investors
To demonstrate our long-term commitment and belief in Colend, we’ve kept the vesting schedule straightforward and transparent. Both the team and our strategic partners follow the same vesting terms, as shown in the chart. Token unlocks for the team and partners don’t begin until the 6th month after the TGE, after which they are released linearly over two years.
This approach ensures that participants in the IDO will experience the token’s full utility and benefits well before any team tokens are unlocked. By prioritizing IDO participants, we underscore our focus on building a sustainable ecosystem that aligns with the interests of our early supporters.
Utilities of $CLND
$CLND is at the core of Colend’s ecosystem and comes with multiple, diverse utilities that create value and incentivize user activity:
- Governance : $CLND tokens can be converted into xCLND, a vested version of the token with special rights. Borrowers using the protocol can also earn xCLND directly as a reward. These non-transferable xCLND tokens must be held for three months to avoid an early conversion penalty. Holding xCLND allows you to actively participate in governance by voting each week on reward distribution, giving you direct influence over APY boosts and receive bribes. This voting power makes xCLND especially valuable for borrowers, who can benefit from optimized returns through active engagement in the protocol’s reward management.
- Bribes: Curators (aka Liquidity suppliers) offer financial incentives, or “bribes,” to xCLND holders, encouraging them to direct APY boosts to specific pools. This mechanism not only drives higher engagement but also provides an additional income stream for xCLND holders.
- LP Farming: By depositing $CLND into liquidity pools on protocols participating in the Ignition Core Program, you will earn an extra APY while simultaneously boosting liquidity.
- DAO Buybacks: To reduce circulating supply, the DAO intends to initiate regular buybacks using fees generated on the platform, reinforcing token scarcity and long-term value.
- Real-World Utility : Looking ahead, $CLND will be used to subscribe to a crypto credit card, slated for Q1 2025, offering cashback and a direct link to everyday use cases.
Why now ?
These mechanisms make $CLND much more than a governance token; they form the backbone of an ecosystem that incentivizes active participation, supports liquidity, and provides real-world applications. This IDO represents a rare opportunity to join a project that is not only growing rapidly but also dedicated to creating a sustainable, user-driven model.
How to Participate ?
Since this fundraising takes place on Core Network, here are the steps to ensure you’re ready to participate:
Use Bridges :
- Crosschainswap (swing.xyz)
- LayerZero
Buy $CORE on CEXEs to transfer USDT on Core Network
Once your funds are on Core Network, visit Fjord Foundry to participate in the IDO and secure your $CLND allocation. Let’s build the future of BTCFi together on Core !
https://app.fjordfoundry.com/token-sales/0x60fB3b22e7fD89F324b88650A0D4Bf9012434B46
