Blоckchain

‘No more rug pulls’: Project eliminates human involvement from token distributions

“A Polkadot project with a difference” says it is restoring trust and simplicity to complex token ecosystems — and eliminating the centralized distribution models that can render the power of blockchain technology useless.

Polkalokr offers a multi-chain token escrow platform that can be integrated into existing DeFi protocols, ensuring that network participants have full control over how tokens are distributed and treasuries are managed.

The project’s goal is to remove human reliance and bring trust to token economies through governance-as-a-service — all while delivering security, scalability and a user-friendly experience.

Explaining why Polkalokr is needed, the developers behind this initiative said: “ICO mania may well have returned and, although the fundraising models may slightly differ today, as millions of dollars pour into the cryptocurrency and DeFi landscape, bad actors, scams and ultimately the loss of user funds are unfortunately just as commonplace as they were back in 2018. There have been near-countless incidents in recent months that have seen millions of dollars lost or stolen, sometimes in a single attack, due to either poor token management or bad actors.”

Polkalokr’s infrastructure is designed to shield investors from such incidents by giving projects the opportunity to implement a highly customizable escrow service that delivers complete decentralization. The project says its approach can help dramatically reduce the risk of exit scams, rug pulls and other mishaps that are usually linked to human error.

Eliminating weak links

According to the Polkalokr team, the impressive mechanics delivered by some of the world’s leading DeFi protocols are undermined by token treasuries that are under the control of a select few team members. “A project is only as strong as its weakest link — and arguably no platform or protocol can be considered trustless if its token model is centralized,” they explained.

The platform’s multi-chain escrow is known as LOKR. As well as delivering cross-chain support through Polkadot, it can facilitate event-based distributions via oracle feeds. Optional insurance products are also available, and locked tokens can be monetized — a feature that the team says is “not yet largely explored in the DeFi space.” This flagship product is complemented by SWAPR, a peer-to-peer, cross-chain swapping protocol that enables tokens to be immediately converted with ease.

More insights from Polkalokr here

With over 350 projects building on Polkadot, many have experienced development bottlenecks as a result of a lack of Rust developers in the blockchain space — and as a result, they have had to resort to bridging from the Ethereum network as a temporary measure. The current climate makes Polkalokr’s cross-chain functionality more important than ever. And, unlike other Substrate-based projects, the platform says it stands out from the crowd because of how a dedicated in-house Rust developer is a member of its experienced core team.

Moonrock Capital, LD Capital and AU21 Capital recently led a successful private funding round in Polkalokr, and a public token sale is going to launch on the Polkastarter platform on April 7.

A layer of trust

Polkalokr says that its LOKR infrastructure delivers the transparent locking mechanics that are desperately needed in today’s landscape — giving users assurance that, when they purchase a project’s tokens, liquidity will be locked for a set duration.

In a recent blog post setting out its vision for the future, the project added: “It is our belief that too much of today’s crypto experience relies on humans having to trust other humans. The adoption of trustless, verifiable, and transparent products will be paramount if we are to see mass adoption by users outside the current crypto population.”

Looking ahead, Polkalokr believes flexible escrow products will play an essential role in the monetary systems of the future — for everything from bank loans to title deeds and the distribution of estates.

Learn more about Polkalokr

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