Tokensoft hopes to deploy its platform for user-led token sales on ten chains by the end of the year.
Chain-agnostic token sales platform Tokensoft has successfully deployed Tokensoft V2, a web-3-enabled version of its platform, on Ethereum and Avalanche, 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 sales more fair and transparent for its users by ironing out common issues like the prevalence of bots on networks, skewed price discovery and sudden transaction fee spikes. In addition, the platform offers users tools and resources to comply with increasingly complicated international token sales rules and regulations
Tokensoft CEO Mason Borda says his company, which was founded in 2017, has always taken regulations compliance issues seriously.
In its early days, the platform earned approval for its first two projects through the Securities Exchange Commission (SEC). Then, in 2019, the security token facilitator rolled out a tool to help token issuers comply with securities requirements, developing an administrative panel for transfer agents. It’s that approach to regulations issues that has carried through to the launch of the company’s web-3-enabled platform.
“We work with our customer counsel to understand the regulatory requirements because a lot of times these projects are run by [web developers] and not people with regulatory expertise,” Borda told CoinDesk in an interview last week. “So we sort of are an intermediary there and help these projects comply with their international regulatory requirements.”
Tokensoft V2’s deployment on Ethereum and Avalanche follows a four-week round of testnet deployments with 13,637 users.
But the platform isn’t stopping there — Tokensoft’s leadership plans to deploy its V2 platform on ten chains by the end of this year. The platform has already received preliminary grant approval from blockchains like Avalanche and Polygon, with the latter chain launch expected to bring another five-thousand to 10,000 users to the platform.
Tokensoft’s team also plans to pick up more users by making the experience of selling and distributing tokens more easy and rewarding for the bootstrap communities it already serves.
So far, the platform has worked to eliminate bots that can monopolize sales, ensuring real users can access and participate in popular sale events across the platform. To make sales more streamlined and less expensive, Tokensoft also employs web-3-native technology that queues users into a sale at an expected rate. This prevents users from flooding a sale all at once, which causes transaction fees on the network to spike.
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