Cardence.io – self-touted as the first IDO (Initial DEX Offering) platform and accelerator for Cardano projects on BSC (Binance Smart Chain). In this article, we will take a look into the platform and see what we can find out.

The Cardence.io Platform Website Review

Some of the things that we are going to look at before we get into the review may seem a little off-topic. However, getting a full picture of all surrounding points to a project is vital to understanding as much as possible – an essential effort that everyone should try to do before investing.

The first thing that we like to do is to take a visual look through the website. For this section, we will not look for any proof of claims or for any deeper understanding of what the website says; we will look into those later.

First things first, the SSL certificate is valid and something that you should always check by ensuring the lock icon is in front of the address with no errors or warnings.

You can instantly see by the design and how the background reacts to mouse movement that this isn’t a typical WordPress website, which, personally, I believe is a good thing.

While there are some aspects that I do not like on the website, it looks clean (this is not a visual review), all of the information that you would like is available to you without having to search for it.

Features

There is a features section explaining their goals with links to articles that offer a more in-depth explanation.

  1. Decentralized Presale Platform
  2. IDO Launchpad for vetted Cardano Projects
  3. Token Locker
  4. Smart Mint
  5. Viral Marketing Platform

All three of the linked articles (1, 4, & 5 from above) lead to direct Medium.com articles, not cardence.medium.com, as you may expect. While that’s not a massive issue, it can make people wonder why they are not using a dedicated URL.

All three of the articles do go into more detail about the points, which is nice.

Roadmap

There is a relatively in-depth roadmap. However, I would like to see more long-term goals, not only looking to Q1 of 2022. We will look into how they are progressing with this roadmap later on.

Tokenomics

The Tokenomics section shows some relevant information:

  • Token type (BEP20 – Binance Smart Chain)
  • Ownership has been renounced
  • Token symbol ($CRDN)
  • Initial circulating supply (15 million)
  • Total possible supply (50 million)
  • Token contract address (0xfa17b330bcc4e7f3e2456996d89a5a54ab044831)
  • The token distribution

Team Members

The team members section shows names and positions of four of the core team members and two advisors, including pictures of them and LinkedIn profile links. It is always nice to see that people are showing their identity.

While cryptocurrency was almost synonymous with anonymity in the past, with the financial implications that decentralization can have, it is a safety net of sorts to know that the team members are willing to show who they are – giving more recourse should anything bad happen further down the line.

Media Mentions

Having a media mentions section is always nice, too. Looking at the section from the website, it looks quite good. There are eight different logos, all linked to the relevant pages. However, there are some things that raise concern:

  • The Yahoo Finance link is no longer available
  • AZ Central has an incorrect SSL certificate
  • 4 out of 8 of the links go to non-English YouTube channels, making it difficult (for me) to know what they are saying about the project.

The two articles that remain are an overview of the platform, both of which are identical, appearing to be written by the project owners. They explain that the product will land on mainnet in the first week of August, which is something to look out for.

Partners

The partners’ section of any project you are looking at investing in is always something to keep your eye on—the bigger and better the partners, the more potential they have to make something worth investing in.

At the moment, the Cardence.io website lists seven partners, none of which have links to the sites. However, that is not uncommon in the world of new websites. LA Token is probably the most well-known partner on the lineup, but that may change as time goes on.

Cardence.io Extra Checks

Some of these checks may seem a little irrelevant. However, as we go through them, I will explain why it is something that I check.

Is The Site WordPress?

As explained at the beginning of this article, personally, I prefer projects that do not use WordPress sites for their tokens. The primary reason is that it shows one (or more) of two things:

  • The team has a development team with existing capabilities
  • They have used their own (or invested) money for development which is not a sign of a rug pull.

There is evidence to show that Cardence.io is not running on a WordPress CMS (Content Management System) because of the background – a quick check on isitwp.com shows that it is a proprietary code, not WordPress.

Website Archives

There has been a lot of news about Tether and their website making changes based on rumors surrounding Bitfinex and the availability of money. While we are not expecting something as big as the banking issues of Tether, it is always worth checking for major changes.

The first snapshot of Cardence.io on the web archive is May 12th, 2021. Other than some minor changes for the better, such as adding sections for the team members, partners, etc., there are no glaring differences, which is always a good sign.

What Does Cardence.io Claim Vs. Offer?

During the next sections of this article, we will look through the differences (if any) between what Cardence.io claims and what they are currently offering. Remember, though; new projects may not offer much early on in their roadmap.

The Cardence Whitepaper

Looking through the Cardence whitepaper, there are fifteen different sections, not including their social media links.

Most of the whitepaper looks pretty good; they explain what they aim to solve and how they will solve the issues. However, there are some things that I personally think are either bad decisions or oversights.

Pros:

  • The team wants to offer mentoring, community building, technical support, and marketing.
  • Introduction of fixed swap pools for a seamless swap of presale tokens.
  • Smart Contracts vesting
  • Team members and LinkedIn links are available
  • Ownership renounced
  • Smart Contract Security Audit available

These pros are only good if they appear in the final product release.

Cons:

  • The roadmap is scarce and slightly confusing
  • The whitepaper looks like they want to “weed out small investors.” – Their words. However, I see this as a detrimental effect as everyone should have the ability to invest.
  • Two low severity issues in the SC Security Audit
  • I have no idea what the CMC Airdrop T&Cs page means. – See the screenshot from the link below:

Cardence CMC Airdrop T&Cs page

I have to presume that, at this point, that page is incomplete or an oversight. Maybe (hopefully) that will change in the near future.

Is Cardence.io Meeting The Whitepaper Offers?

As Cardence is looking to complete the main net launch in Q4 of 2021 (next month at the time of writing), there is not much to ask about what they currently offer. However, there are some questions that I have asked within the community, and currently awaiting an answer. They are:

  1. Why do you want to “weed out small investors”?
  2. How will that affect guaranteed participation?
  3. Are you on track for the main net launch in Q4 2021?
  4. What support will you offer for new start-ups?

I have received an automatic bot response explaining how the team is excited to announce the Cardence Incubation Program and that it will help to develop teams and ideas after a team vote.

I was told that questions 1 and 2 were a misunderstanding and that weeding out small investors is something that other IDO platforms do, and they want to eliminate that issue. After that message, I asked them to elaborate on the last two questions.

The response to question three (Are you on track for the main net launch in Q4 2021?) was that yes, they are, but it is subject to change.

Question four (What support will you offer for new start-ups?), I was told that there is an outline, but the process is dynamic and will change with requirements.

Are the Team Meeting Roadmap Expectations?

As you can see above, the team has advised me that they are currently on track with their roadmap, but some things may change. There was no elaboration as to what those things were, but as crypto is a volatile market, there could be a myriad of reasons why there is no certainty.

News Surrounding Cardence.io

Searching for news surrounding Cardence.io, it is not especially easy to find anything other than what is in their media mentions section. However, I have managed to find some articles and sections that discuss the platform.

Most of the articles and sections that I found are repeats of others. However, as the project is relatively young (launched on 24th August 2021), that is expected.

Cardence.io Social Media

Telegram and Twitter are the primary social media channels of the Cardence platform, with more than 40k members on each:

  • Telegram – 45,950 members – mainly English – 9 other languages – Started May 29th, 2021
  • Twitter – 40.5k followers – Started May 2021
  • Reddit – 69 members – Started June 27, 2021

During my time in the Telegram group, there was quite a lot of activity. The admin and moderators were pretty active in answering questions in a respectable and polite manner. That is always good, as I have seen a few telegram groups who do not have the same politeness. The team seems pretty active on Twitter, too. However, they are more promotional than answering questions.

Exchanges Selling $CRDN

At the moment, you can buy $CRDN on BitMart, Poocoin, CMC, Indoex, LAToken, and CoinGecko.

Conclusion

There are a lot of reputable IDO platforms available at the moment, such as TrustSwap and DxSale. Therefore, unless Cardence offers something pretty spectacular, they may not manage to compete very well.

One of the other things that I have noticed is that I cannot find a registered business address for the company. However, that doesn’t mean there is one; I just cannot find it.

Furthermore, I do think that the whitepaper could use some work in order not to confuse people, and not to have pages about “Mike and his vacations(?)” on their primary source of information.

Disclaimer: There are so many different crypto projects emerging recently that it is sometimes difficult to find all of the information that you need for 100% accuracy. Everything in this article is the views, thoughts, and feelings of the author. At no point should you take any of this information as fact; always do your own research before drawing conclusions, both bad or good, before investing your money!

Furthermore, things change; if you find any contradictory information, please let us know so that we can review and update articles as necessary.

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Cryptocurrency news enthusiast with a passion for writing and providing information to people

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