TechFlow News — Onchain Trade has officially announced on Twitter that it has canceled its planned IFO, which was scheduled for the 27th of this month on the Camelot platform.
It is reported that two months ago, the project initially negotiated with Camelot regarding a fee-free IFO launch. However, Camelot later informed them that a 2% fee would be charged and required the project to conduct an exclusive IFO solely on Camelot, prohibiting simultaneous launches on other platforms. As a result, Onchain Trade decided to terminate cooperation and will instead conduct its IFO exclusively through the Onchain Trade portal.
Additionally, Onchain Trade advised users to exercise caution when participating in Launchpad projects on Camelot. It stated that the 0-cap auction model is unfair to individual investors, most of whom lack risk awareness and understanding of project valuations. Onchain Trade expressed that it does not want to see its loyal users suffer losses during IFOs.
According to Onchain Trade, many Launchpad projects on Camelot have not yet released actual products and are required to sign private agreements with Camelot, fulfilling several unreasonable conditions.Original link
