Cooldown Period - Everything You Need to Know
💡 Cooldown prevents you from being pre-selected in a new allowlist lottery for 7 days from your last IDO participation (the date you bought the tokens)
We’ve been keeping you busy the last few weeks - there are tons of new IDOs launching on Polkastarter. That’s great because you can apply to many exciting projects. But it has also raised some questions about our cooldown period.
This article will tell you all about our cooldown period, so you know what you can expect when you apply to many IDOs in the same week.
Here are the answers to all your burning questions:
Why create the cooldown period in the first place?
The cooldown period ensures fairness across the ecosystem.
With the cooldown, successful participants will not be able to join other sales for 7 days, giving a HIGHER chance to those who were previously unlucky.
Do I enter a cooldown period immediately after being allowlisted?
The cooldown period ONLY begins once you have ALLOCATED FUNDS to an IDO. Hence participating in the project.
If you have not allocated funds, NO cooldown applies.
When does the cooldown begin?
It starts when you allocate funds to a project.
For example, Humans IDO was at 3 pm UTC on Dec. 9. Those who got allowlisted & entered the IDO by allocating funds to Humans were required to follow a cooldown period that started at/just after 3 pm UTC, December 9. At that time, they were unable to become pre-selected for another project.
Can you avoid the cooldown period?
Those with 30,000+ POLS Power enjoy ‘no cooldown period’. This includes 2 tiers: 30,000 and 50,000 POLS Power. 50,000 POLS Power tier comes with additional benefits, check here for more details.
If your POLS staking account is currently on a 7-day Cooldown and you top it up to 30K pols, your account will come out of cooldown after 6 hours (next POLS Power snapshot). If the lottery snapshot for the next allowlist is generated after your top-up, you will be able to be pre-selected.
Here are three case studies to give you an idea of how exactly the cooldown period works:
- Example #1
You get allowlisted on the 11th for IDO #1.
On the 12th, you get allowlisted for IDO #2.
IDO #1 and #2 sales happen on the 13th and 14th, respectively.
Would you still be able to participate in both? YES!
- Example #2
If you get allowlisted for IDO #1 on the 11th.
IDO #1 sale is on the 12th, and you participated successfully.
IDO #2 allowlist opens on the 13th and closes on the 16th.
Can you get allowlisted for IDO #2? No, unless you hold 30k+ POLS and are exempt from cooldown.
- Example #3
If you applied to more than 1 project and got pre-selected, will you get selected for the others?
If you allocated funds (=bought the tokens), you have to wait 7 days until you can win the next allowlist spot. The allowlist closing date and lottery snapshot generation are the crucial metrics here.
Need more information? Check the articles below 👇