How to Participate in a Polkastarter IDO Pool (Ethereum & BSC)
To participate in a Polkastarter IDO pool, your first step is to be whitelisted by the project. Whitelists are lotteries - meaning each project will have a bucket of addresses from which they will choose at random a smaller group of addresses to become whitelisted.
To be whitelisted, you have two options:
Option #1: Hold POLS
For every 250 POLS you have in your wallet, you will receive one “ticket” that will count towards you in the whitelist selection. So, if you own 750 POLS, you will have 3 tickets to your name when you submit your address to be whitelisted. Projects choose addresses to be whitelisted at random, so the more tickets you have, the greater your chance of being whitelisted.
You can hold POLS in either your Ethereum or BSC wallet.
Option #2: Provide Liquidity
If you provide liquidity to the ETH-POLS pool on Uniswap or BNB-POLS pool on PancakeSwap, your LP tokens will also be counted towards tickets for being whitelisted. Each LP token is the equivalent of 100 POLS. Therefore, the 250 POLS required for a ticket is equal to 2.5 LP tokens. If you have 5 LP tokens (equal to 500 POLS), you will have 2 tickets.
In addition, we’re implementing boosters. The more POLS (and LP POLS equivalents) you hold in your wallet, the higher the chance of successfully whitelisting with our new weight system.
250+ POLS = 1.0x
1,000+ POLS = 1.1x
3,000+ POLS = 1.15x
10,000+ POLS = 1.20x
30,000+ POLS = 1.25x & No Cooldown (see below for more information about the cooldown).
1) You’re not exchanging POLS for tickets; the number of POLS you own just represents “tickets” for the whitelisting process.
2) Each address can only be selected once for a project whitelist (i.e. you can’t get double your allocation if your address is drawn twice, the duplicate just won’t count).
3) You must hold the POLS in your wallet for at least 7 days prior to the IDO for the tokens to be valid for whitelisting.
Once you’ve submitted your whitelist application, you will need to wait for the whitelist window to close and for the team to process all the requests. The project team will select whitelist winners at random and publish the results on their channels.
Whitelisted addresses will then need to complete KYC. KYC is completed to ensure the project launches fairly, no bots have been whitelisted by accident, and to ensure compliance with regional regulation.
Remember: Polkastarter IDOs will only happen on polkastarter.com
- Go to www.polkastarter.com and click "Go to App"
- Choose the IDO your want to participate in and make sure you are in the right network (Ethereum or BSC).
- Connect Metamask. Ensure you connect the address that was whitelisted.
- Review the pool’s minimum and maximum allocation.
- Click Join Pool.
- Read and Accept the Disclaimer.
- Input how much ETH or BNB you want to spend to buy the token.
- Click the Join Pool button.
- On the pop-up, click confirm the transaction on your wallet
- Once confirmed (be patient), you just have to wait for the pool time to finish before claiming your tokens.
Claim Your Tokens
Once the pool ends, you will be able to claim your tokens. In order to claim your tokens, revisit the page of the pool you participated in.
Click ‘Your Allocations.’ Then click ‘Claim Tokens.’ Metamask will open and you’ll have to confirm the transaction. You will get your tokens in your wallet shortly thereafter.
If you successfully participate in an IDO, the wallet you used to purchase the tokens will be placed on a cooldown period of 7 days. During those 7 days, you will not be whitelisted for another IDO. This is to ensure fairness across the ecosystem. It is worth noting that you have to hold POLS in your wallet for 7 days before you can participate in an IDO, so there is no use in moving your POLS to another wallet in the hopes of bypassing the cooldown period and participating in another IDO.
The cooldown period only applies to members who successfully participate in an IDO - i.e. exchange ETH or BNB for the project’s token. If a participant is successfully whitelisted but for one reason or another does not participate successfully in the sale, no cooldown period is implemented, and they can immediately reapply for a whitelist spot in another project.
*(The Polkastarter IDO whitelisting rules change on May 10, 2021. To learn more about these changes, read here).