What Is Polkastarter (POLS)?
An Initial DEX Offering (IDO) is a popular way for blockchain projects to crowdfund. Polkastarter is becoming increasingly popular among IDO platforms due to its ability to be scaled and made interoperable. When launching an IDO using Polkastarter, blockchain projects benefit from increased exposure, larger communities, and access to a wider network of mentors and partners.
What Is Polkastarter?
Polkastarter is a decentralized fundraising platform that enables cross-chain token pools and auctions to be launched on Polkadot. It allows projects to raise funds and provides a secure and compliant environment for investors, projects, and validators to interact. It supports multiple blockchains, including Ethereum, BNB Chain, Polygon, Celo, and Avalanche. Polkastarter provides low transaction fees and allows new projects to announce their IDOs using tokens compatible with the networks mentioned above.
Fixed Swap Pools
On Polkastarter, fixed swap pools are a key part of the network. Unlike Uniswap and other DEXs that use the Automated Market Maker (AMM) approach, the liquidity pools in Polkastarter are designed to allow swap orders to be placed at a pre-determined cost.
DeFi AMM pools usually cause token prices to adjust dynamically to supply and demand, which can bring about price volatility. To counter this, Polkastarter permits projects to list their tokens at a preset price, which will remain constant if the original token supply persists.
Projects can create pools with specific parameters to manage their fundraisers better. For instance, they can regulate the maximum investment per account or the maximum number of investors in the pool. This entire process is facilitated through smart contracts, ensuring a fair and open token distribution.
To prevent volatile price swings in the aftermath of initial token distribution, Polkastarter V3 has introduced IDO farming. This feature rewards participants who stake their newly-acquired tokens instead of immediately selling them on the market.
IDO farming works to reduce selling activity, functioning similarly to other staking pools. As users remain staked for more extended periods, their rewards increase. When a user decides to exit, the APY for the pool rises, rewarding remaining stakeholders with even higher yields.
Polkastarter offers an allowlist model to ensure enhanced security. This KYC-based feature enables only verified users to take part in IDOs. The team setting up the IDO can indicate the specific KYC criteria to be met and geographical areas restricted from participating in the offering, granting them more control and flexibility.
Polkastarter Gaming Platform
Polkastarter has taken the lead in accommodating the thriving communities of play-to-earn (P2E) games with the launch of the Polkastarter Gaming Guild. This platform bridges the gap between GameFi projects and global gaming fans. Polkastarter Gaming has set aside a $2 million grant to boost the progress of metaverse projects. Furthermore, the Polkastarter Gaming Guild offers scholarships to new users of play-to-earn. It will continue to expand its services by introducing the NFT marketplace and IDO promotions.
The Polkastarter ecosystem's utility token is POLS. It is an ERC-20 token with a max supply of 100 million. It primarily runs on the Ethereum blockchain, but a BEP-20 version is also available on Binance Smart Chain.
Holders of POLS tokens have the right to vote and submit proposals related to Polkastarter's development. These could include new features, token utility, tokens listed on the platform, and more. Polkastarter has decided to use POLS as a governance token to transition to a fully automated DAO governance structure.
POLS Power is a software platform that enables teams and organizations to evaluate, track, and analyze their projects and goals. It provides comprehensive visibility into performance and the ability to quickly identify and address any potential areas of improvement.
Your ability to take part in IDOs and NFT sales is determined by your POLS Power. This aggregation process measures the amount of POLS available across all platforms, including those in your wallet and any POLS you may have staked. To be eligible to join an IDO, you must first have your wallet address included on its allowlist. Additionally, every 250 POLS held will give you one ticket in the raffle system used to select addresses at random during an IDO.
How to Get POLS Power?
The easiest way to get POLS Power is to store POLS in a wallet. This can be accomplished by purchasing POLS from a cryptocurrency exchange like Binance or a decentralized exchange like Uniswap and then transferring them to a MetaMask wallet. If the POLS are not moved or sold within seven days, they automatically convert to POLS Power.
Rather than allowing POLS to remain idle in a crypto wallet, stake them on either Ethereum or BNB Chain to unlock their potential. Doing so will provide instantaneous access to all current and future IDOs and lock the tokens on-chain for seven days before they are released for withdrawal.
How to Participate in an IDO or NFT sale on Polkastarter?
To participate in an IDO or NFT sale on Polkastarter, you must create a wallet and provide your personal information, such as your address, email, and phone number, to correctly identify you. Once your information is verified, you can register for the sale and start participating.
- Go to the [Projects] tab on Polkastarter and look at upcoming NFT and token sales. Select the project you are interested in and click on it.
- To be added to the allowlist, click "Apply Now" and enter some basic information.
- The project team will examine all applications and create a lottery based on applicants' POLS Power. The number of individuals accepted onto the allowlist is left to the projects, so chances of being included in the sale will differ.
- If you're one of the lucky ones to be put on the allowlist, you will need to undergo KYC verification. Additionally, be sure you have enough funds in your wallet of the corresponding blockchain before the sale.
- Visit the project page on the launch day, select [Join], and add the amount you want to contribute. Confirm the transaction, and you will receive a confirmation page on the [Allocations]. Once the IDO ends, you can claim your tokens per the allotted vesting schedule.
Polkastarter is the perfect platform for startups and new businesses hoping to acquire capital and launch their crypto projects. It provides investors with convenient access to the most up-to-date blockchain projects. Furthermore, in addition to the pre-existing features such as Fixed Swap Pools, POLS staking, NFT sales, and multi-chain support, Polkastarter is working to enhance its governance model, allowing users to take part in the decision-making operation and the whole advancement of the platform.