Argo Provides Updates to Address Post - IGO Fud, Secures Grant

Days after its IGO, a grant from Cronos Ecosystem could help give Argo a solid start on Cronos.

By
Ahamdi Abarikwu
on
May 4, 2022
Category:
DeFi

Argo Tackles FUD

Following the completion of its initial game offering (IGO) on April 29, liquid staking protocol, Argo Finance, has released an update to address the FUD that followed its IGO.

Argo conducted its IGO on the launchpad of a leading Cronos decentralized exchange, VVS Finance. Days after the IGO, the platform's native token, $ARGO, got listed on Crypto information aggregators, CoinMarketCap and CoinGecko. Argo gave the updates via Twitter on May 1, after a section of the community threw accusations of rugpull and massive token sell-off at the team.

What Were the Reasons for the FUD?

A total of 60,000,000 ARGO tokens were allocated for the IGO sales at a listing price of $0.05 per token. However, moments after the sales, a section of the community noticed that a large volume of tokens was sold off, which caused the price to fall to about $0.01, far below the IGO price. The sharp price drop prompted some people who invested in the IGO to accuse the project of selling off for profit at the expense of investors.

Argo addressed the concerns in the updates. The project regretted the massive sell-off that triggered the accusations but stated that the sales were not from the team, adding that all tokens in the team's control are intact. 

"Next, to address all those out there accusing the team of selling/scamming/rugging. The team's tokens have been locked and vested - the rest of the tokens are fully accounted for in the other contracts (less the ARGO used to seed the initial pools in VVS)," Argo replied in a tweet
Source

Argo Finance Secures Cronos Grant

In other news, Argo Finance has received what is sure to boost its post-IGO potential. On May 4, Cronos Chain announced Argo Finance as one of the Batch 3 recipients of the Cronos Ecosystem Grants program. The grants are awarded to early-stage Cronos projects to help foster their initial product development and provide them with technical support. Argo was one of 3 grant recipients selected under the decentralized finance category. 

Argo looks to ride on the momentum of the Cronos grant to a firm entry into the Cronos Ecosystem as it prepares for the launch of its mainnet later in May.

What is Argo:

Argo is a liquid staking protocol on Cronos, empowering Cronos users to stake their CRO and earn staking rewards. Users can receive a liquid stake CRO (bCRO), which can be used across Cronos DeFi applications to earn additional yields on staking rewards. Argo looks to build on CRO staking opportunities from Crypto.com with improved CRO liquid staking and capital efficiency without compromising network security. 

Where to find Argo:

Website | Twitter | Medium | Telegram | Discord |

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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