Launching BlockPad Vault on Multichain Mainnets
The invention of an engine and the internet has certainly filled the gap of power and distance respectively. But we still haven’t filled the “trust” gap yet — that too utilizing the blockchain technology.
Regardless of replacing ICOs with IDOs, investors are still fearful of buying tokens from IDOs. As this exciting ecosystem is emerging, little protection is being offered to investors. As a result, we are witnessing rug pulls caused by pulling out liquidity or selling off tokens that were meant to be locked.
The BlockPad solves the issue of investor confidence (“Trust”) by offering two decentralized and intuitive products under its Vault. Gone are the days when you had to cross check the team token or LP token locks before investing in a project. BlockPad Vault is here!
What is BlockPad Vault?
BlockPad Vault is a multichain escrow platform for tokenomics allowing individuals and project owners to create simple locks and highly customizable vesting schedules. Projects can also lock their LP tokens generated by DEXs to create a trustful environment among the investors.
It is fully functional on four leading blockchains — Polygon, Ethereum, BSC, and Kucoin Community Chain (KCC), with more chains on the way. Thus, BlockPad offers a safe and decentralized ecosystem to both investors and project owners to grow together in this disruptive crypto space.
Security Audit
We are relaxed to let you know that our BlockPad Vault smart contract has been audited by QuillHash.
It is an auditing platform that rigorously analyzes and verifies smart contracts to check for security vulnerabilities through effective manual review with static and dynamic analysis tools, gas analyzers as well as simulators. Moreover, the audit process also includes extensive unit testing as well as structural analysis.
Want to lock your project tokens or LP tokens through our Vault? Here’s the exclusive stepwise guide for you.
How to create a vesting schedule using BlockPad Vault?
Creating a customizable token vesting schedule through our Vault does not require a prior technical knowledge. It is as simple as transferring crypto assets from one wallet to another.
Step 1: Go to the BlockPad and connect your Metamask wallet.
Step 2: Nevigate to Vault > Vesting and it will lead you to the page where every lock create by BlockPad Vault will be visible. Simply select “Create A Vesting” option.
Step 3: Now select the blockchain your tokens are developed on from the list of our supported blockchains.
Step 4: Enter the token smart contract address you want to create a vesting schedule for.
Step 5: You will now be able to see the total supply of your tokens and the number of tokens you’re holding in your wallet.
Step 6: We offer a total of two options for ease of use:
A. Using the default selection “Myself”, you can create a vesting schedule for yourself where you will only be able to claim unlocked tokens.
B. Using the “Someone Else” option, you will be creating a vesting schedule for an individual who will only be able to claim unblocked tokens.
— In this case, you will be asked to provide an external withdrawal address.
Now select the purpose you’re creating a vesting schedule for. For example, Team, Advisor, Marketing, Investor, etc.
Step 7: Using the two options provided in the upper right corner, we offer the following 3 lock scenarios:
Case 1: Singular Lock: You can lock your desired number of tokens for a fixed duration of time.
Case 2: Linear vesting: You can linearly distribute your tokens over the course of a specific timeframe. (i.e, minute, days, months)
Case 3: Linear vesting with cliff: You can lock your tokens for a certain time period and then linearly distribute them over the course of a specific timeframe. In this case, click on Cliff and enter the months you want to lock your tokens for.
Step 8: As your token is interacting with Vault’s contract for the first time, you will need to permit the token spend approval. Click on “Approve” button and confirm the transaction.
Step 9: Wait for a while till “Lock” button becomes visible. No go ahead with creating a lock by pressing Lock button and confirming the transaction on the blockchain.
Step 10: Congrats! You’ve successfully created a vesting schedule for your tokens. Click on “Track” button to check your vesting locks.
How to claim unlocked tokens on BlockPad Vault?
Once the lock period is over, you will be able to claim the unlocked tokens. Under a vesting schedule, the very first portion of your vesting will become claimable once it gets unlocked.
If 6B (from above guide) is the case of yours, withdrawal address entered at that point of time will only be able to claim unlocked tokens.
Here’s how to claim those unlocked tokens:
Step 1: Visit the BlockPad website and connect your Metamask wallet.
Step 2: Navigate to Vault > Vesting and enter your token name in the search bar. Click on “View” button.
Step 3: Now click on “Claim” button and confirm the transaction.
You have successfully claimed the unlocked tokens to your Metamask wallet. Similarly, LP tokens can be locked within our BlockPad Vault. This way, we simplify the process of creating a vesting schedule and create a trustful environment.
So, did you like BlockPad Vault? What do you think? Let us know of your any queries, errors of fruitful suggestions through our communities.
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