Polkastarter Guide: Participation in IDO, Tiers and Launchpad Requirements
What Is Polkastarter?
Polkastarter is a site for IDO on the Polkadot blockchain. As a rule, such platforms are called launchpads.
Launchpad is a platform for raising funds for an early-stage crypto project from retail investors, not funds. As a reward for participating in an early-stage project launch, investors get early access to innovative product features.
The project started in the fall of 2020, led by Daniel Stockhaus, Tiago Martins, and two advisors, Danilo Carlucci and Matthew Dibb. The first rounds of investment raised £652,618 from Signum Capital, Astronaut Capital, Moonrock Capital, and NGC Ventures. The IDO process raised £14 million. The company held it on September 30, 2020 on Uniswap. As a result, the price of the POLS utility token soared 750%. MahaDAO and SpiderDAO, the first token sales on Polkastarter, launched on December 15 of that year.
In October 2021, the service's interface and IDO participation mechanics were completely redesigned.
Should I choose Polkastarter?
Despite the fact that Polkastarter is a fairly new platform, it has already managed to prove itself as a convenient and professional tool for conducting IDOs. At the moment, the capitalization of the POLS token used by the Polkastarter launchpad is £182,862,930 at a price of £2.20 per token, with POLS being the most stable value compared to tokens of similar venues.
There have been over 40 successful launches of various tokens and projects on Polkastarter since launch. So Polkastarter's luncheonpad is worth paying attention to.
How Does Polkastarter Work?
The concept behind Polkastarter is to integrate into Polkadot to take advantage of the highly scalable ecosystem. Built on Polkadot, Polkastarter can leverage its own proprietary developments and the high bandwidth of the native blockchain, while remaining connected to other blockchains for liquidity. Polkastarter has already launched on Ethereum, Polygon and Binance Smart Chain.
Polkastarter has a fundamental feature that sets it apart from others. These are fixed swaps, which Polkastarter uses to prevent the typical volatility of token prices. With this feature, Polkastarter also solves several problems — it prevents dumping and makes IDO fundraising as transparent as possible for investors.
Statistics and Performance
More than 40 token launches have been conducted since Polkastarter began. Among them are such well-known projects as Blockchain Cuties, Convergence, Fire Protocol, and Ethermoon.
NFT platform Ethernity Chain showed the biggest growth. At its peak, its token exceeded the initial offer price 272 times. Due to the growing popularity of the area of non-interchangeable tokens, NFT-related services began to show the greatest growth on Polkastarter.
Super farm, in which users deploy crypto farms, brought investors up to x190. A capitalization of £203 million was achieved in just 14 days after the launch.
Polkamon made the luckiest investors 185 times richer. The market capitalization after the token sale reached £41 million.
The following tokens showed strong growth after the listing:
What do you need to participate in IDO on Polkastarter?
Like most launchpads, Polkastarter requires the user to perform certain actions in order to participate in the launch of a new project.
The first step is to connect your crypto wallet to the Polkastarter website. After connecting the crypto wallet to the project site, the user decides on the IDO he wants to participate in, purchases POLS tokens, and keeps a certain amount of POLS tokens on his account for at least seven days. The user receives 1 unit of POLS Power for each POLS token held in the cryptocurrency wallet. Increasing the chances of whitelisting will be helped by the tiering system, which will be discussed later in the article.
Also, unlike other launchpads, increasing the chance of whitelisting on Polkastarter can be done by actions such as subscribing to the social networks of the company launching the IDO.
How to get whitelisted on Polkastarter IDO: Tiers Rules
Whitelisting on Polkastarter is guaranteed for users with the highest number of POLS Power. In essence, POLS Power is an aggregator that calculates the balance of POLS in several sources that the user uses. This includes the number of tokens in the user's wallet, the number of POLS the user has allocated to participate in the IDO, as well as any LP tokens the user may have.
The initial eligibility threshold for whitelisting is 250 POLS Power. This means that having 250 POLS Power gives the user one entry ticket to every IDO they participate in. As this increases, the chances of being whitelisted increase - if a user has 750 POLS Power available, they will have 3 tickets, and so on. It is only possible to win a whitelist allocation once. Multiple tickets increase the chances of winning, but not the maximum distribution.
There are 5 levels of POLS Power on the Polkastarter. The value of each individual ticket increases as the level increases.
In addition, in order to increase the fairness of the distribution of users who get whitelisted, Polkastarter uses a Cooldown period. This means that after successful participation in an IDO the user cannot participate in other IDOs for the next 7 days. However, if the bid was 30,000 POLS Power, Cooldown does not apply to the IDO participant.
How to participate in Polkastarter IDO
In order to take part in an IDO on Polkastarter, you need to do a few specific things.
Step 1 — Connecting a cryptocurrency wallet
First, you need to connect your cryptocurrency wallet to the Polkastarter website. You can do it on the page https://polkastarter.com/projects
To connect your crypto wallet, click on the Connect Wallet button in the top right corner of the page.
We recommend using the MetaMask crypto wallet. For instructions on setting it up, see the article on our website.
After clicking on the Connect Wallet button, the crypto wallet window will open. Follow the on-screen prompts. Once the wallet is connected to the site, its number will appear in the top right corner of the site.
Step 2 — Buying POLS tokens
The next step is to buy POLS tokens. Keep in mind that the minimum amount that will allow you to participate in IDO is 250 POLS. You can buy tokens on one of the following exchanges:
Step 3 — Choose an IDO project
Once your cryptocurrency wallet has been connected to the Polkastarter website and you have bought POLS tokens, you need to select the project in which you want to participate. The Projects page displays a list of projects available for participation in IDO.
Step 4 — Getting to know the project
Once you have chosen the right project, you need to familiarise yourself with the details of the future IDO. By clicking on the project icon you will open a page with the detailed requirements of the project for the participants. If you are happy with this, click Apply Now to move on to the next step.
Step 5—Filling out and submitting a whitelisting application
The next step is to complete and submit the whitelisting application. After clicking on the Apply Now button, the IDO application form will open. Here you will need to provide personal details, your crypto wallet number and other details that will be required for IDO.
Once you have submitted your whitelisting application, you will need to wait for the relevant window to close and for all requests to be processed.
Once all applications have been processed, the project team will publish on the platform a list of eligible and fully vetted candidates who have passed the KYC procedure. Polkastarter then conducts a final lottery based on the POLS Power score of each applicant.
The whitelisted addresses will then have to undergo a vetting process. The KYC procedure is required to ensure that the project is run as fairly as possible, to ensure that no bots are accidentally whitelisted and to ensure compliance with UK law.
Once the KYC procedure has been completed, participants are left to wait for the IDO launch date. IDOs operate on the principle of a live queue. Each project determines how many people they will whitelist, and depending on this, your chances of successfully participating in a particular IDO may vary.
You can participate in an IDO on Ethereum or BSC, but make sure you have enough funds in your wallet to do so. All IDOs are done only on the official Polkastarter website.
The Polkastarter team consists of specialists with more than 30 years of experience in the high-tech industry. We have employees who have worked at companies such as Google, for example.
The developers of Polkastarter want to make a product that will be a leader among decentralized fundraising platforms. This is confirmed by detailed documentation for the project. You can read it at this link.
The information contained in this article is for information purposes only. It should not be construed as financial advice. Investing in cryptocurrency involves significant risk of loss, and we advise you to consult a financial advisor if you decide to invest in cryptocurrency. Remember that all investments are made at your own risk.
Is Polkastarter available in the UK?
Polkastarter is not a scam, the site is legal and available in the UK.
Is Polkastarter Safe?
Polkastarter developers take the security of their product seriously. Not a single Polkastarter launchpad hack has been reported.
How do I participate in Polkastarter?
In order to take part in the IDO on Polkastarter, you first need to connect your cryptocurrency wallet to the project website. Then you need to buy enough POLS tokens to participate in the IDO. After purchasing the tokens, select the IDO you want to participate in from the list on the Polkastarter Launchpad website and apply to be whitelisted.
Polkastarter, thanks to the work of talented developers, looks like a very attractive project. Polkastarter, for example, was the first launchpad to introduce the use of fixed swaps.
The stacking and liquidity mining features make POLS one of the most stable and interesting tokens on the market.
The platform is also careful in selecting projects that participate in IDO.
The excellent start of the project has shown the excellent potential of Polkastarter's launchpad, it remains to be hoped that its developers will not slow down and will continue to delight their users with useful innovations.