Smart Contract & Audits

Landscape of Token Sales in the Cardano ecosystem

Until now, most projects on Cardano have conducted CNT token sales manually: Buyers send ADA and get tokens in return. This can work if done well, but it requires a large amount of faith from the buyers, who have to send their ADA to the seller's wallet, trusting they will receive tokens or at least their ADA returned.

Why use a Smart Contract?

The purpose of this smart contract is to facilitate a token sale, where a seller (typically a startup) offers tokens for a fixed price. Buyers can offer to buy a certain number of tokens (in a given range) during the sales period, whereupon the seller distributes tokens to them during the distribution period. Genius X offers a hybrid solution, where buyers do not send money directly to the seller, but to a smart contract instead. The smart contract makes the token sale non-custodial and therefore very secure for buyers. All orders placed on the launchpad have the following guarantees:

• A filled order will be processed at the specified sell price

• Partially-filled orders (due to oversubscribed rounds) will return the left over ADA back to the user

• Unfilled orders (due to user ineligility) will allow user to claim back their full deposit.

This interaction between sellers and buyers without the action of a middle man via an automated and audited smart contract is what makes this a trustless system.

Audits

The Genius X Launchpad Smart contracts have been successfully audited by Tweag!

The Genius X Launchpad API and dApp have also been successfully audited by Certik during the testnet.