How to do an IDO on SolStarter
The rising DeFi sector has been decentralized exchanges (DEXes), upon which users can trade tokens 24/7 and in a non-custodial and permission-less fashion. DeFi or decentralized finance came as an idea to avoid control and the heavy hand of central banks by a group of crypto enthusiasts in 2017. They made an alternative solution to offer every financial service you need — savings, loans, trade, insurance, and others, all available through decentralized platforms and internet connection.
What is IDO?
An IDO, or initial DEX offering, is the latest way for crypto projects to sell their tokens to the public. Last summer a decentralized blockchain/AI platform, announced that it will hold an Initial Dex Offering (IDO) on Binance DEX. We could say that IDO is a fundraising method that will enable protocols available for traders. IDO is different from other common fundraising schemes, and according to Binance, it can lead to a progressive revolution in the crypto arena. While ICOs and IEOs dominated crypto companies’ fundraising in the past, it seems that Initial DEX Offering is becoming the preferred method to distribute tokens and raise capital in DeFi.
By crowdfunding with IDOs, entrepreneurs can release a blockchain product that goes beyond malicious third-party influencers, while eliminating any issues regarding hackers and human error. Not only that but token buyers and holders’ coins are instantly secured on their wallets and private keys.
There is a numerous successful project launched from IDOs — The Raven Protocol, Universal Market Access (UMA) protocol, to name a few.
What is SolStarter?
When you visit their website, you will see that Solstarter is the first IDO platform for Solana — empowering launchpad projects to raise liquidity in a fair & decentralized manner. Intending to make investing in the future of decentralized finance easy and accessible to everyone, Solstarter empowers Solana-based projects with the ability to raise liquidity fairly while also developing dedicated communities behind them. The Solana network is one of the fastest-growing blockchains with multiple large cap projects being developed over the last year. Solstarter aims to continue the adoption of this ecosystem by driving the incubation and funding of future innovative projects built on Solana.
SolStarter seeks to solve the problem of access for early investment in projects on DeFi for the average retail investor by allowing token holders a guaranteed allocation in the initial distribution offering (IDO) for participating projects.
Through SolStarter, any holder who has the minimum requirement for staked SolStarter tokens is guaranteed a slot in a project on the launchpad. They are promising fair distribution and guaranteed allocations.
How does SolStarter work?
According to the official website, Solstarter tokens are SOS, and users can pledge SOS and participate in IDO to get “guaranteed distribution”. Solstarter uses a tier-based system to determine the guaranteed allocation for each participant in a pool. There are four tiers: Tier 1 — MOON, Tier 2 — PLANET, Tier 3 — RED GIANT, and Tier 4 — SUPERNOVA.
To participate, you can join:
- The SolStarter Public TGE
- The SolStarter Community Airdrop (all participants will be eligible for the airdrop)
Whitelisting process is very simple, by just completing the form. To successfully complete the form, you must have the required Solana wallet, Sollet. You need to follow SolStarter on Twitter. Join the SolStarter Telegram Community. Finally, complete the form with your email address, Telegram, and Twitter username, share your Solana address and confirm you have read the Terms & Conditions.
There will be a token generation event (TGE) that will see over 2, 000 participants get the $SOL token at 0.15 US cents with a set individual $SOL cap per user. Certain countries are restricted including but not limited to the United States of America, China, Canada, Iran will not be able to participate in the TGE. after passing the KYC process will you be able to participate in the TGE.
There will also be an airdrop event. The airdrop is guaranteed and split evenly among everyone who signs up. The SOS token airdrop will be distributed to the community one week after the Token Generation Event (TGE). No KYC is required for the airdrop. Any applicant to the TGE will secure an airdrop allocation.
The whitelisting process is currently open and available to interested retailers.