Blockchain DEXs Onchain and Camelot part ways over IFO spat

Mar 13, 2023 | wjb news

In a dispute that began on February 22nd, decentralized trading centres (DEX) Onchain Trade and Camelot halted a previous agreement on an initial fair and fair offering (IFO), with both companies claiming that the other had gone back on its word. Although IFO is still a new definition, it generally involves commitments made by real estate developers, including no participation of venture capitalists, no authorization management, no pre-purchase, and most of the proceeds go to token holders except for the traditional initial sale of coins.

According to Onchain, real estate developers began negotiations with Camelot on IFO, the latter deducting 2% of the fee, the two sides agreed on the amount. In addition, Camelot stipulated that Onchain sells tokens exclusively on software, and Onchain also agreed to this rule. At this point, however, OnChain claims that Camelot is getting harsher and trying to gradually start a new round of business; let's get uncomfortable with Camelot and decide to stop doing business with them altogether.

In a Chinese tweet later released, Anlian explained that the main reason for the contradiction was the "unrestricted" representative market sales of Camelot standards. Ankuan claims that its core developers "come from". "there are many opportunities in a bear market in the stock market; retail investors simply do not assess the risk control of engineering projects and the level of corporate valuation," Onchain Developers wrote.

In response, Camelot stated that OnChain's statement was a "false accusation". According to Camelot, its IFO marketing model "has never been mentioned by his elite team [OnChain] as a problem."

This low figure [2% fee] has never changed from us, but because it is expected to apply the ecosystem to facilitate the transition from zksync to the agreement, it is set to be much lower than the price of such a commodity released by the selling market.

As for uniqueness, Camelot explains, "several IDO [IFO] methods don't work, and this has been well-established communication, and the OCT elite team has verified this several times." The company later reprimanded OnChain's leadership for being "ungrateful or inexperienced" in a series of immediate messages and "later denied" in a series of immediate messages, which Camelot said led them to cancel the deal.

"We will also work hard to make every project successful, but some people will succeed and some people will not be easy. But in the end, those who do not understand what you are saying will never have a place at the conference. "

In response, OnChain responded that he "tricked people into withdrawing deals with other partners and quickly negotiated prices over and over again, thinking that people love you more and more and calling it sincere." Since then, OnChain has decided to move IFO directly to the platform. At the time of release, Cointelegraph was unable to independently confirm the charges filed by either party.