Early Bird — A Blockchain Service for Selling Tokens on the Pre-Market

Early Bird is an OTC market that enables trading of tokens that have not yet been listed on major exchanges. Sellers on the platform trade commitments to transfer tokens.

Smart contracts on Solidity provide both parties with the necessary guarantees. The platform's native currency is ETH.

In this project, NFTs serve as proof of the commitments exchanged between buyers and sellers. We unlock the potential of non-fungible token technology by using NFTs as both a designation and a guarantee of completed deals.

When a buyer deposits funds into the smart contract and purchases the seller's commitment, an NFT is sent to their MetaMask wallet. Once the tokens in the deal get listed, the buyer can upload the NFT to the purchased lot— the NFT will be burned, and the acquired tokens will be transferred to their wallet.

Buyers can also sell the NFTs they receive to other users, either in full or in fractions, effectively splitting the seller's commitment.

So, the purchased token gets listed—what's next? The service administrator manually issues an announcement for the smart contracts associated with that token.

From this moment, sellers must provide the tokens within 24 hours so that buyers can burn their NFTs and receive their funds. At the same time, creating new lots for selling this token becomes unavailable.

Can a seller fail to fulfill their commitment and not add tokens to the lot? Yes, they can—but we have built-in guarantees to protect the buyer's interests.

Before creating a lot, the seller deposits ETH equivalent to the amount they expect to receive from the sale. At this point, their funds are locked in the smart contract. Later, when someone buys the lot, the buyer's funds are also deposited into the smart contract.

When the buyer burns the NFT and receives the tokens, the seller gets back their deposit and the ETH earned from selling the commitment. If no one purchases the commitment, the seller can close the lot at any time and get their deposit back.

If the seller fails to fulfill their obligations and does not transfer the tokens they promised to provide, they will lose their deposit: part of it will go to the buyer, and part to the platform. The buyer will also receive a refund for the payment they made for the lot.

Finally, in case of non-fulfillment of obligations, the seller's reputation on the platform will be affected.

The admin panel offers the following capabilities:

• Select the top 10 tokens on the platform.
• Adjust discounts for the referral program.
• Create new administrators with different access rights.
• Set platform fees for the pre-market and private market.
• Analyze comprehensive financial information on the service's revenue.
• Edit the list of tokens available for trading. Only after the admin adds a token can sellers create lots for its sale.

The monetization model for this project is based on service commissions from all completed transactions: sellers create lots, buyers purchase them, and everyone trades with each other. The owner of Early Bird receives a percentage from each transaction.

We are actively working on the service's development and growth. Recently, the functionality of a private market was added: a tool for private trading of any tokens between two users on a blockchain network.