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How to participate in an IDO on Polkastarter

Publish by Nhung Tran at 11 October 2021

Polkastarter is among the top-tier IDO platforms in the crypto world. It has enabled many projects to raise funds successfully. According to cryptorank.io, Polkastarter is the No.1 IDO platform by the number of funded projects (73) and AVG ATH ROI (41.17x).

As retail investors, of course, we can not miss any chance to make profits by taking part in promising IDO events. In this article, I will guide you to participate in IDO on Polkastarter step by step.

Polkastarter Overview

As a leading launchpad, Polkastarter has enabled many projects to raise funds in a cheaper and faster way than IEO platforms. From the user’s perspective, Polkastarter gives them the opportunities to buy tokens at a quite early stage with potentially high ROI afterward.

The vision of Polkastarer is to be integrated into Polkadot to take advantage of the high scalability of the ecosystem. Built on Polkadot, Polkastater can leverage its cross-chain swaps, enjoying the high throughput of the native blockchain while still staying connected with other blockchains for liquidity. In the time waiting for the Polkadot’s mainnet, Polkastarter has already run on Ethereum, Polygon, and Binance Smart Chain.

How Polkastarter selects a whitelist winner

Firstly, to be eligible for a whitelist, users must hold POLS tokens/ LP tokens in their wallets for at least 7 days. If you do not want to wait, you can stake POLS instead. Your token will be locked for 7 days while you will have immediate access to apply for the whitelist.

Secondly, to increase your chance of being selected, you should increase your “POLS power” in 3 following ways:

  • Holing POLS: For every 250 POLS you hold in your wallet, you will receive 1 “ticket”, which is counted as 1 entry into the whitelist process. Note that you are not exchanging POLS for tickets, the number of POLS just “represents” the number of tickets you receive. The more POLS you hold, the more chances you will win the whitelist.
  • Staking POLS: It counts POLS power the same way as holding POLS.
  • Providing liquidity: Each LP token of the liquidity pool ETH - POLS on Uniswap equals 100 POLS while BNB - POLS on PancakeSwap equals 20 POLS. It means that with 2.5 ETH - POLS or 12.5 BNB - POLS LP tokens (~ 250 POLS), you will receive 1 ticket. Therefore, similar to holding POLS, the more LP tokens you have, the higher chance you will be selected.

Besides that, Polkastarter offers 5 POLS Tiers to encourage people to hold/ stake POLS as the more tickets you have, the more they are worth.

  • 250+ POLS Power = 1.0x - Every ticket is worth 1 ticket.
  • 1,000+ POLS Power = 1.1x - Every ticket is worth 1.1 tickets.
  • 3,000+ POLS Power = 1.15x - Every ticket is worth 1.15 tickets.
  • 10,000+ POLS Power = 1.20x - Every ticket is worth 1.20 tickets.
  • 30,000+ POLS Power = 1.25x - Every ticket is worth 1.25 tickets & No Cooldown (Explained below).

Therefore, you are encouraged to use 1 wallet rather than split your POLS into different wallets to have more chances of being selected.

In addition, to increase the fairness of the ecosystem, Polkastarter uses a Cooldown Period. This means that after successfully joining an IDO, you can not take part in any other IDO in the next 7 days.

Preparations before participating

After being eligible for the whitelist by staking or holding POLS/ LP tokens for 7 days, to participate in the IDO, you will need to prepare ETH/ BNB as the gas fee, which depends on what chain your desired project is on. Besides that, you will also need an additional amount of ETH/ BNB to buy the IDO token.

How to participate

Step 1: Go to the Polkastarter website: https://www.polkastarter.com/

Click Connect Wallet and connect with your Metamask wallet.

Step 2: Go to the Project tab to choose the project you want to join the IDO sale.

In this case, I’m choosing the Polkastater V2 Demo as an example.

Step 3: After clicking, you’ll see all of the project’s information. Click Apply Now.

Step 4: You will be directed to the Whitelist Application form of the project. Complete all the requirements from the project and click Submit your application.

Step 5: After submitting, you will need to wait for the results from the projects. If you are luckily selected, the next step is completing the project’s KYC process and waiting for the IDO time of the project on Polkastarter.

Step 6: When the IDO is live, click Join Sale.

Step 7: Buy IDO token.

Step 8: Wait for the sales to end. Go to the Allocation tab and receive your token by clicking Claim Token.

FAQ about Polkastarter IDO

Can I hold LPs and POLS for combined POLS Power?

Yes. As long as you hold POLS and LP tokens in the same wallet, both will generate tickets to increase your chances of being selected for IDO.

Do I have to whitelist each separate project? Is there a universal Polkastarter whitelist?

There is no whitelist for all projects. Each project has its own whitelist and you will have to apply separately.

What is the advantage of staking over holding POLS?

Staking allows you to be immediately eligible for whitelists while holding requires you to wait 7 days.

Conclusion

And that is all you need to know in order to participate in an IDO on Polkastarter. Hopefully, after this article, you can do your own research and find potential projects to join its IDO sale on Polkastarter.

If there are any questions, please feel free to comment below or join Coin98 Community for further discussions about Crypto!

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Nhung Tran

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