Dutch Auction Contract Released

Dutch Auction Contract Released

Dutch Auction Contract Released

Release Notes

Hello, as a member of the Launchifi team I’m delighted to share some news with you on a new feature we just made available on our web3 launchpad. Launchifi now supports the Dutch Auction smart contract type, we are delighted to announce! I’ll describe the Dutch Auction in this blog post along with its advantages and usage cases.

 

What Is A Dutch Auction?

An item’s price in a Dutch Auction starts out high and gradually drops until a bidder chooses to accept the current price. The auction is won by the first bidder to agree to the price. The ability for buyers to estimate an item’s market value makes this auction format advantageous when selling products that are challenging to appraise. It is currently offered on Launchifi and is frequently utilized to sell securities in IPOs.

 

Dutch Auction Advantages

Both buyers and sellers can benefit from Dutch auctions in a number of ways. Due to the fact that it bans sellers from influencing product prices, this auction model produces a more equitable and open market for purchasers. It enables retailers to increase their earnings while still guaranteeing the sale of their products.

 

Examples of Dutch Auctions in Use

A vast range of products and services, including art, real estate, securities, and more, can be sold in Dutch auctions. This sort of auction is particularly helpful when selling products that are hard to evaluate or that have a small market since it lets purchasers estimate the item’s market worth.

 

How the Dutch Auction on Launchifi Works

Sellers can choose an auction duration and reserve price with Launchifi’s Dutch Auction smart contract. Initially high, the auction price gradually drops until a bidder chooses to accept the current price. The auction ends when a bidder accepts the price, and the winner is the first bidder to do so.

 

Advantages for Users of Launchifi

Users of Launchifi can now benefit from the Dutch Auction format to offer their products and services in an honest and open manner. Our users may now offer a wide range of goods and services using this auction structure, maximizing their profits and making sure that their products are sold for the going rate.

Conclusion

We’re happy to say that Launchifi now supports the Dutch Auction smart contract type, and we hope you agree! This new auction style enables sellers to maximize their profits while making sure that their products are sold, making the market fairer and more open for both buyers and sellers. Users of Launchifi can now sell a range of items and services, such as art, real estate, and equities, using this auction structure.

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English Auction Contract Released

English Auction Contract Released

English Auction Contract Released

Release Notes

I’m excited to announce the availability of the English Auction, our newest smart contract type, as a part of the Launchifi team. I’ll give a brief introduction to blockchain auctions in this blog article, go through the advantages of using the English Auction smart contract type, and discuss how it might help Launchifi users.

 

Blockchain Auctions: What are they?

Smart contracts are used to match buyers and sellers in blockchain auctions, which are held on the blockchain. This means that smart contracts manage the entire auction process autonomously, doing away with the need for an auctioneer or a third-party auction hosting platform. The most well-known blockchain auctions are English auctions, though there are other varieties as well.

 

What is the Operation of the English Auction Smart Contract Type?

In an English auction, the seller develops a smart contract outlining the items up for bid, the duration of the auction, and the lowest price the seller will accept as a bid. The smart contract is then executed after the bid period has concluded and bidders have had a chance to submit their offers. The item up for sale is given to the highest bidder, and the cryptocurrency they used to bid is sent to the seller.

 

What Advantages Do the English Auction Smart Contract Type Offer?

The advantages of the English Auction smart contract type include:

Trustless: As the auction is carried out on the blockchain, a reliable middleman is not required. The auction is handled honestly and publicly thanks to the smart contract, which also eliminates the chance of fraud.

Decentralized: The English Auction smart contract type is decentralized, in contrast to centralized auction sites like eBay. This indicates that the bidding platform is not owned by a single company and that all auction-related data is publicly available on an immutable blockchain.

Cost-effective: Utilizing the English Auction smart contract type can greatly lower the cost of holding an auction because it does not require a third-party auction hosting website or an auctioneer.

 

How can Launchifi users benefit from the English Auction Smart Contract Type?

Launchifi can gain from the English Auction smart contract type in a number of ways as a web3 launchpad that enables anyone to create and publish smart contracts to the network. The English Auction smart contract type can be used by Launchifi users to:

Raise money: Funds can be raised for a project or a product using the English Auction smart contract type. Users of Launchifi have the option to hold an auction in order to sell tokens or NFTs and raise the money required to start their project or product.

Conduct fair and transparent auctions: Launchifi users can conduct fair and transparent auctions using the English Auction smart contract type, doing away with the chance of fraud or manipulation.

Cost-effective solution for Launchifi users: The English Auction smart contract type can greatly lower the cost of holding an auction by obviating the necessity for a third-party auction hosting site or an auctioneer.

Conclusion

The English Auction smart contract type, in conclusion, is a fascinating addition to Launchifi’s smart contract kinds. It offers a number of advantages, including trustlessness, cost effectiveness, and decentralization, making it an excellent choice for Launchifi users who want to hold honest and open auctions or raise money for their projects or goods.

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Free Mint NFTs Released

Free Mint NFTs Released

Free Mint NFTs Released

Release Notes

I’m pleased to announce the availability of the Free Mint NFT smart contract type as a member of the Launchifi team. The bad market has hurt NFTs, as evidenced by falling floor prices and trade volumes. Free-to-mint initiatives, on the other hand, are prospering, and more NFT collections are choosing this strategy as a result. With the exception of the gas charge necessary to mint an NFT, NFT projects launch their NFTs for free under the Free Mint NFT kind of NFT minting model.

Use-Cases

The free-to-mint method of starting an NFT collection has many advantages. First off, the NFT ecosystem is open to everyone, from seasoned collectors to inquisitive beginners, due to the lower entry barrier. Secondly, NFT sales have decreased dramatically across all markets during a down market, making free-to-mint NFT collections an enticing and practical choice for NFT collectors. As a result of the strategy’s creation of a free-for-all that results in widespread enthusiasm, it also instantly generates talk and FOMO.

Successful Projects Utilizing This

The Free Mint NFT method was used in the GoblinTown NFT collection, which is a prime illustration of the potential advantages of this paradigm. On the Ethereum blockchain, there is a community called GoblinTown that contains 10,000 delightfully strange-looking Goblins. The Goblintown NFT collection gained notoriety after hosting an odd Twitter space. The NFTs immediately sold out despite having an unknown team and no discernible plan or utility at the time of launch, igniting the NFT sector and inspiring many NFT initiatives to pursue a free-to-mint strategy.

Conclusion

In conclusion, Launchifi and the NFT space as a whole will benefit greatly from the introduction of the Free Mint NFT smart contract type. It makes the NFT ecosystem more open to everyone who wants to participate and gives NFT developers a practical choice for launching their collections during a bear market. This kind of smart contract, in our opinion, will help Launchifi users by giving them another option to launch their NFTs and maybe boosting their exposure and profitability.

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Low Gas NFTs (ERC721A) Released

Low Gas NFTs (ERC721A) Released

Low Gas NFTs (ERC721A) Released

Release Notes

I’m thrilled to announce the availability of our enhanced ERC721 implementation, the ERC721A, on behalf of the Launchifi team. Since gas costs have been high on Ethereum for months, the developer community needs to adjust. Gas prices rise when well-liked NFT initiatives start making money, costing the ecosystem as a whole millions of dollars in gas fees. Our main goal has been to make our contract as efficient as possible so that our community can mint with the least amount of gas fees feasible.

We’re happy to report that the Launchifi contract will allow minting numerous NFTs at essentially the same gas cost as minting a single NFT with our low gas NFT contract type, which we’ll refer to as ERC721A in this article.

What is ERC721A?

According to our measurements, minting several NFTs in a single transaction with ERC721A results in significant gas savings. The sole difference between our ERC721A implementation and OpenZeppelin’s ERC721Enumerable implementation—which uses the same application-level logic—is the call to the _safeMint function. According to the findings, minting five NFTs with the ERC721Enumerable implementation costs upwards of $200, whereas doing the same thing with the ERC721A implementation costs about $20. This results in a savings of more than $180 for the identical procedure.

Key Improvements

The three key improvements we made to our ERC721A implementation are described in more detail below. The first optimization is the removal of redundant storage from the ERC721Enumerable in OpenZeppelin. The metadata for each token is redundantly stored in the popular OZ implementation of IERC721Enumerable. Given that consumers are significantly less likely to pay for read functions, this denormalized technique optimizes for read functions at a large cost to write functions, which is not desirable. Also, we can save some unnecessary storage from the base solution because our tokens are serially numbered beginning with 0. If you want to increase your chances of winning big, we strongly advise all new launches to carefully review this material.

The owner’s balance is updated once per batch mint request as opposed to once for each newly minted NFT in the second optimization. The vast majority of bulk mints in the NFT space have not yet adopted this idea, despite the fact that it is a fairly straightforward one. This is because the OZ default implementation does not include a batch mint API, and it is alluring to simply pick an existing solution off the shelf without making any modifications. If they allow batch mints, we strongly advise all projects to take this method into account.

The owner data is updated once per batch mint request as opposed to once for each newly minted NFT in the third optimization. In essence, this is comparable to optimization 2. We can save the owner value just once in a way that indicates semantically that Alice owns all three of those tokens rather than saving Alice as the owner three times, each of which would cost us gas.

Conclusion

We encourage the larger community to use this implementation in order to reduce gas costs for their consumers. ERC721A is a considerable upgrade over OpenZeppelin’s well-liked default implementations of IERC721 and IERC721Enumerable.

We at Launchifi are dedicated to giving our community the greatest tools so they can thrive in web3 and we believe NFTs have powerful real world utility and are the future of digital assets. Our community may now build more effectively in the developing web3 space thanks to ERC721A, which allows them to mint several NFTs for the same price as minting a single NFT. We anticipate that this development will open up new opportunities for both makers and collectors by making NFT works more widely available and reasonably priced.

 

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ERC-1155 NFTs Released

ERC-1155 NFTs Released

ERC-1155 NFTs Released

Release Notes

I’m proud to inform that the ERC-1155 smart contract type has now been made available on the Launchifi platform. ERC-1155 is a flexible token standard that enables the simultaneous transfer of various token kinds, making it a very helpful tool for developers creating intricate Ethereum applications.

What is ERC-1155

The two most common token standards on Ethereum before ERC-1155 were ERC-20 for fungible tokens and ERC-721 for non-fungible tokens. Several token kinds could be transferred in a single transaction, but they could not be included in the same smart contract, which rendered it ineffective and expensive. ERC-1155 fills this gap by combining the two token standards and allowing for the quick transfer of both fungible and non-fungible tokens in a single transaction.

Inspiration Behind the Standard

ERC-1155’s original inspiration included addressing difficulties experienced by players and producers of blockchain games. Tens of thousands of items, including armor, weapons, skins, coins, badges, and more, may be available for players to collect and exchange in massively multiplayer online games (MMOs). Certain things, like coins, are fungible; other things, like a sword, are not. Before ERC-1155, each thing needed its own smart contract, which resulted in pointless redundancy and was a wasteful use of resources (both physical and financial).

 

Use Cases

Several objects can be kept together in a single smart contract using ERC-1155, and any number of items can be delivered to one or more receivers in a single transaction. Developers that are creating intricate apps that need the transfer of many token types will find this to be of great utility. Consider a decentralized exchange where people can trade fungible and non-fungible tokens. The ERC-1155 standard makes it significantly simpler for developers to construct and maintain their applications by allowing them to design a single smart contract that manages both kinds of tokens.

 

Benefits

At Launchifi, we allow anyone to create and distribute smart contracts to the network. We are enabling developers to construct complicated apps on Ethereum and allowing them to transfer several types of tokens in a single transaction by introducing the ERC-1155 smart contract type. This might lead to huge cost reductions and more effective use of blockchain space.

 

Conclusion

To sum up, ERC-1155 is a strong tool that makes it possible to transfer fungible and non-fungible tokens effectively in a single transaction. We are pleased to have it available on Launchifi because it is tremendously helpful for developers who are creating intricate applications on Ethereum. Our community of developers will undoubtedly create some cutting-edge applications using ERC-1155, and we are eager to continue assisting in the expansion of the Ethereum ecosystem.

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