How to launch IDOs on Multiple Platforms, Part I — Polkastarter, BscPad, Duckdao, BscStarter, Poolz, PaidNetwork
Centralized and decentralized exchanges both have advantages and disentangles based on what they are used for. The main difference between the two is the existence of the middleman (or a third party), which helps conduct the transactions in the centralized exchange.
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.
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.
How to launch IDO on 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.
Polkastarter has only raised the most necessary funds to get the Product Development going and to give the POLS token the right kickstart in terms of Liquidity, Exchange listings, and Marketing.
While all Team, Advisor, and Foundational tokens are locked for at least 1 year, the rest of the tokens are allocated to the Token Sale, as well as to Liquidity Provision and Marketing actions.
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.
If you want to buy IDO on the Plokastarter website there will be links. 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.
Follow the application process. A member of the Polkastarter review team will contact you with further instructions. In that way, you will be whitelisted on their projects.
How to launch IDO on BSCPad?
BSCPad is one of the first decentralized Initial Dex Offering (IDO) platforms on the BSC network. The platform empowers cryptocurrency projects with the ability to distribute tokens and raise liquidity. The platform has found a solution to incentivize and reward token holders in an inclusive way and with a lower entry barrier.
As they say on their website,” BSCPad has found a solution to incentivize and reward all token holders in an inclusive way and with a low barrier to entry.
The fundamental flaw of existing launchpads is that acquiring enough tokens to participate in the ecosystem is prohibitive, and even if you do hold the tokens, you are not guaranteed an allocation spot. They are based on a first come first serve basis where automated bots can fill the whitelist spots in a matter of seconds. BSCPad is creating fair decentralized launches.
The hallmark of the BSCPad is a two-round system that makes every tier level guaranteed an allocation. There is no luck, and no lotteries, and no bots; only fair distributed rewards for all participants.”
BSCPad recommends completing the KYC earlier than later, as KYCAID takes up to a day to approve. If you leave it last minute before an IDO start time you might miss out on the IDO itself. You need to be holding a minimum of 1,000 BSCPAD tokens to start the KYC process.
Members who do not wish to verify their identity can still hold BSCPAD tokens and participate in sales for projects that do not require KYC.
Completing KYC is very simple and goes from preparing documentation (government issue ID card, a Passport, or a driving license) and take a selfie with that document in hand.
On a piece of paper and write down BSCPAD, The current date, and The last 4 characters of your wallet address. With those 2 photos, your KYC will be done in less than a minute.
Go to their website, connect your wallet then click on the KYC button. Note: You need to be holding a minimum of 1,000 BSCPAD tokens before this button will appear. If you have under 1,000 BSCPAD tokens there will be no button.
By clicking on the button, you will be redirected to their KYC provider. All you need is to fill the form correctly. The verification process should be complete in less than a day. You will receive an email if it is approved or if it has failed for some reason.
IDO access is not available for the following countries: Botswana, Cambodia, Central African Republic, Democratic People’s Republic of Korea, Republic of Seychelles, Ethiopia, Ghana, Iran, Iraq, Libya, Somalia, South Sudan, Sri Lanka, Syria, Sudan, Thailand, Trinidad and Tobago, Tunisia, Venezuela, Yemen, and the United States of America.