OpenPad Has Integrated With Tezos

A closer look at the integration of OpenPad with Tezos and its commitment to build on Etherlink.

Originally published at Tezos Commons blog

By William McKenzie


700 words, 4 minute read

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With Etherlink now reaching its mainnet beta stage, more than 15 different partners have been announced as Etherlink gears up for its public launch.

In this article, we’ll explore one of the many partners focused on decentralized crowdfunding via their launchpad, OpenPad. OpenPad has committed to building and deploying on Etherlink and its Tezos integration.

Openpad integration with Tezos #

OpenPad is a decentralized launchpad that uses AI to help new projects in the web3 space get funding and development support. It can be thought of as an online hub where creative ideas are turned into real-world projects through tools like token sales and NFTs combined with the added support of an in-house incubator.

Users of the platform can access an in-depth investor portal, which features a wide array of features, such as wallet management, market tracking tools, token offering and launch schedules, social engagement tools, AI recommendations, and more.

When you visit the OpenPad site, you’ll be prompted to connect your wallet to access all the features. It may take some refreshing, but eventually, Beacon should show up as installed, and you can select your Tezos wallet from the available options.

Following this, you’ll then be able to launch the app and gain access to upcoming token sales, the KYC (Know Your Customer) process, an application for applying to obtain an IDO (Initial DEX Offering), and much more. It’s worth noting that OpenPad requires all project owners and investors to go through the KYC process. So, if you plan on participating in any upcoming sales, you must follow and utilize it.

In addition to integrating Tezos, OpenPad has extended an even greater show of commitment by being one of the first builders on Etherlink with its announcement of deploying on the network. As an early partner, OpenPad will help enable and offer new projects building on Etherlink important funding avenues and support.

What is Etherlink? #

For those who may be unaware of Etherlink, it’s worth understanding what is is and does. It is arguably one of the most important upcoming product launch in the Tezos ecosystem.

Etherlink is an EVM-compatible layer 2 smart rollup technology on Tezos. Designed to be extremely fast, with speeds as fast as 500 milliseconds, nearly 0 fees, and only 15 seconds for data to get posted back to the base layer. Etherlink offers a fast, cheap, and decentralized solution for a wide range of blockchain applications and uses, with all of it being powered by Tezos.

When we speak of smart rollups, especially regarding enshrinement, let’s expand on what we mean by that. Tezos smart rollups are commonly referred to as being “enshrined” as they are part of the L1 (layer 1) consensus, inheriting the Tezos base layer security properties. This added layer of enshrinement thus enhances operational trust since bakers need to corroborate proofs posted back to the Tezos base layer.

These rollups offer both horizontal and vertical scalability by offloading computation and submitting only results and their validity proofs to the Tezos network, thus increasing transaction throughput. They also mitigate censorship and reduce maximal extractable value (MEV) risks by avoiding centralized sequencers.

For users and developers, enshrined smart rollups ensure seamless interaction and compatibility with multiple programming languages, creating a consistent user experience. They also facilitate smoother communication and asset transfers across rollups and back to the Tezos network.

Unlike other layer 2 rollups on other chains who are normally subsidized by their main chain like on Ethereum, Etherlink users get treated as first class citizens, just like those who are using the Tezos blockchain.

This is important as smart rollups comprise the underlying technology that powers Etherlink. If you’d like to read further, learn more about Etherlink in the documentation and smart rollups here.

Final Thoughts #

The addition of Tezos support on OpenPad marks another new and important funding route for upcoming projects on Tezos. With over $11.2M in funds raised via the platform and more than 7,500 registered KYC users, this integration marks a great step towards allowing new Tezos projects to receive funding and assistance via their incubator program.

Equally exciting is the commitment to building on Etherlink and providing funding for new projects. I’m very excited to see new projects utilize the platform to create value for the Tezos ecosystem!