Introducing- “Locked Deal” feature, acting as escrow service on Poolz platform

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Poolz Admin

Poolz Admin

Innovation and evolution are at the core of Poolz. We aim to keep bringing our users the best solutions that add value to their lives and strengthen their connection with DeFi. Abiding by similar values, we today announce the launch of “Locked Deal” — an add-on service of the Poolz.

With Locked Deal, users will be able to execute time-locked transactions for any ERC-20 token. One may use Locked Deal to

  1. Keep their tokens locked in a vault till a specified time.
  2. Send tokens to someone who may only transact after the lock-in period ends.
  3. Companies paying their employees, advisors, and service providers in cryptocurrencies, under vesting periods, can use Locked Deal to automate and decentralize their payment process.

Similar to all other Poolz services, Locked Deal’s service will also be connected to the auto withdraw logic of the governance system.

How will Locked Deal Work

To execute a time-locked transaction using Locked Deal, a Poolz user will need to click on “New Pool” on the Locked Deal interface. This will direct the user to the pool-creation page where they will have to enter the details of the transaction including:

  • Token address
  • Number of tokens he wants to lock
  • Receiver address (Own address in case the transaction is for self)
  • The date on which the receiver can withdraw the tokens

Once all details are filled and confirmed, the users’ wallets connected to Poolz will ask for transaction approval. Upon confirmation, Poolz will automatically call the contract to lock the funds for the specified time.

The created Locked Deal pools will have three different phases:

  1. Locked: This will be the first phase of the pool as soon as a new pool is created. It will last until the time of unlocking.
  2. Unlocked: After the specified lock-in time has elapsed, the pool will be unlocked and the receiver of the tokens may transact the tokens.
  3. Closed: When the user has withdrawn the tokens from the pool, the pool’s status will change to “Closed” denoting that the time-locked transaction is complete.

After a receiver has connected their wallet to Poolz, they will be able to view all the pools that they have created or the pools that someone else has created for them. Besides every pool created for a user, they will have a withdrawal option to transact the tokens in the pool. The withdrawal button for each pool will only turn clickable when the lock-in period of that pool elapses.

Each token pool will show the following information:

  1. Token name
  2. Token address
  3. Amount of tokens in the pool
  4. Unlock date and time and the remaining time for the unlock
  5. Withdrawal option to withdraw the tokens after the specified time

What will Locked Deal Cost

Locked Deal is a completely free service for all $POOLZ holders that will hold at least 200 $POOLZ tokens. Users with no $POOLZ in their wallets will have to pay 10 $POOLZ to create new pools and execute time-locked transactions on Locked Deal

The price of using the Locked Deal will be adjusted through network governance.

About Poolz

Poolz is the leading decentralized fundraising platform enabling crypto’s most innovative projects to kick start their journey and grow their communities. Poolz allows its users to make research-based decisions to participate in high-potential IDOs, NFT sales, and Gaming projects.

Poolz aims to be a multi-chain platform and currently, users can participate in IDOs and NFT sales on Ethereum, BNB Chain, Polygon, Celo, and Avalanche, with many more to come.

Stay tuned for more upcoming IDOs

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