How to Launch an IDO on Polkastarter
ICOs, or Initial Coin Offerings, exploded in popularity in 2017. In 2019, it was Initial Exchange Offerings (IEOs), where centralized cryptocurrency exchanges like Binance served as third-party springboards for new token offerings.
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.
Programmers working on the Ethereum blockchain after the bitcoin “boom” came to an idea on how to upgrade the technology and make “smart contracts”. They thought of (DeFi) banks, exchanges, and loan places that rely on smart contracts and automatically perform them between two anonymous people using the software.
There is no third person or middle man in these contracts who verifies the deposit or loan, instead, the authentication of the contract is kept on thousands of computers across the world (in the blockchain) and it’s impossible to falsify them It’s also impossible to hide details of the contract between the two sides because it’s all written into the contract and available for everyone to see. Programs that run all of those applications are called decentralized applications or Dapps for short.
So, 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.
What is Polkastarter?
According to Binance DEX, an IDO crypto issuance can be organized by the token issuer completely independently. It can be carried out either offline with the project’s own IT system or online on the blockchain via transactions from the issuer itself.
One of the first IDO was hosted on Binance DEX and was built on Raven Protocol. Many other platforms also joined the trend and are launching the IDO dashboards. IDOs became an inexpensive way to get around the centralized initial exchange offering model.
Polkastarter is “a Protocol built for cross-chain token pools and auctions, enabling projects to raise capital on a decentralized and interoperable environment based on Polkadot” which records 1100% Market growth in 2020.
The platform allows cryptocurrency projects to raise funds by setting up a swap pool based on a fixed purchase rate for tokens. These so-called “Fixed Swap Pools” have many advantages for token sale investors over traditional fundraising models like ICOs, IEOs, and IDOs (Initial DEX Offerings). Fixed Swap Pools will maintain the token price throughout the sale until the initial supply is bought.
How to Launch IDO on Polkastarter?
Now let’s talk about how to launch IDO on Polkastarter. To achieve complete decentralization, the Polkastarter protocol is completely open-source, creating a permissionless environment. This means that developers can implement Polkastater’s core framework into their project for the creation and sales of fixed token auctions. However, additional unique features have been implemented on the Polkastater platform. With Polkastarter, decentralized projects will be able to raise and exchange capital cheap and fast. Users will be able to participate in a secure and compliant environment and to use assets that go way beyond the current ERC20 standard.
Polkastarter’s native utility token is the POLS token which has been designed for several use cases: to pay for transaction fees and community governance. Polkastarter’s native token opens the door to distributed governance while giving its holders an extra way to earn rewards through staking. Polkastarter offers users access to fixed auction pools, where users can pay a predetermined fixed amount of ETH or POLS for a set number of tokens. Polkastarter also facilitates token swaps on Polkadot BTC, ETH, and USDT bridge chains.
If you want to buy IDO on the Plokastarter website there will be links. Be sure to make your own research before purchasing and wait for the IDO whitelist. Make sure to visit the website frequently and check for the links to appear and stay updated. Following them on Telegram and Twitter is another way to stay updated and not to miss any chance for any IDO you want to get. Head to polkastarter.com and click the connect wallet button in the top right-hand corner of the screen. Select your wallet from the list of available supported wallets and connect. If you don’t see your wallet listed, simply select a wallet from the list, go to their website and set up a wallet. Next, add sufficient ETH to that wallet to support the amount of NGM that you wish to purchase.
Next, you have to follow the application process. As stated on their website, The Council will review and vote on your application for launch on Polkastarter. Each application is submitted for a thorough and rigorous review during the due diligence process and then evaluated based on objective merits. Each of the Council members will cast their vote, and projects having greater than 60% of the Council’s vote are approved for launch. If approved, projects will be provided with detailed instructions on how to prepare for and execute their launch on Polkastarter. Interested projects should create a profile using this website, and create and submit an application. A member of the Polkastarter review team will contact you with further instructions. In that way, you will be whitelisted on their projects.
With Polkastarter any decentralized entity can easily raise capital through its DEX. They can list any token on the DEX for exchange, and they can also use it to raise funds through a sealed-bid auction, or through the auction process. If you want to launch your project on Polkastarter you can do it on different kinds of blockchains. The platform allows cryptocurrency projects to raise funds by setting up a swap pool based on a fixed purchase rate for tokens. It allows a project and its investors increased transparency over the amount of money raised and tokens sold as well. Swap pool fixes the problem with liquidity, so launched projects at any moment know that their fresh community of token holders has paid a fair price.
Our range of services includes developer team help, legal advice, marketing actions, white paper, schedule the IDO on Polkastarter, so get in touch with Empire and launch the token for the world.