We have a lot to share with you today, and we couldn’t be more excited. But if you’re in a rush, here is the TL;DR so you know what’s up. Starting with the Dfyn IDO on 10th of May, 2021, we will transition into the following
- There will be only POLS pools going forward, maximizing whitelist spots for token holders.
- We are introducing a ticket system, where 250 POLS equals 1 ticket - In order to qualify, your wallet must have held POLS for at least 7 days before you apply for whitelist
- This reduces the entry-point requirement for pools from 3,000 to just 250 POLS.
- No more wallet splitting if you hold more than 3,000 POLS! 🎉
- We added bad-luck protection, limiting wallets to winning a maximum of 1 IDO per week, drastically increasing fairness across all token holders.
The new Polkastarter Whitelist requirements and the improved lottery system will enable every Polkastarter token holder to have much higher chances of winning a spot on IDO whitelists.
From now on (starting with the Dfyn IDO on May 10, 2021), we are implementing a lottery system that rewards one ticket per 250 POLS. In order to be eligible, you have to apply to each IDO whitelist, and the more you hold, the bigger the chances you have of winning. So let’s learn more about it!
How It Works
Each ticket equals 250 POLS. For every 250 more POLS you own, you’ll receive 1 more ticket. So, if you have 750 POLS in your wallet, you’ll have 3 tickets to your “name” for when you submit for a whitelist. Whitelists choose addresses at random, so if your address has more than 1 ticket in the submission, your chances of being chosen are higher. It’s important to note that you are not spending your POLS when you apply for a whitelist; your POLS holding just translates to the number of tickets submitted to the whitelist in your name.
But more importantly, we’re implementing boosters! The more POLS you hold in your wallet, the higher the chance of successfully whitelisting with our new weight system. This will not only make it impossible to game the system, but it also removes the need for you to split up wallets, as you’re rewarded for not doing so.
- 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
So if you own 250 POLS in your wallet, you’ll receive 1 ticket and your chances of being whitelisted will be accelerated by 1.0x (i.e. remain the same). If you own 750 POLS in your wallet, you’ll receive 3 tickets (increasing your chance), but your booster will remain at 1.0x. If you own 1,250 POLS, you’ll receive 5 tickets (increasing your chance), and your booster will be set at 1.1x chance of being approved for a whitelist.
We have crunched the numbers. Removing the public pools will improve the probabilities of winning for POLS token holders significantly. Not only that, but holding as little as 250 POLS now gives you a reasonable chance of winning a whitelist spot. Until now, your only chance was the public list, and we all know how hard this was!
Based on the current token distribution, and an average pool with 1,000 whitelist spots, this would mean:
- 250+ POLS = 100 winners
- 1,000+ POLS = 130 winners
- 3,000+ POLS = 600 winners
- 10,000+ POLS = 90 winners
- 30,000+ POLS = 80 winners
Please note that these results, while based on tens of thousands of tests that we ran, are subject to optimizations as pool sizes and token distribution change.
Liquidity Providers conversion
Each liquidity provider LP-V2 token is worth 100 POLS (subject to change)
- 250+ POLS = 2.5 LP tokens
- 1,000+ POLS = 10 LP tokens
- 3,000+ POLS = 30 LP tokens
- 10,000+ POLS = 100 LP tokens
- 30,000+ POLS = 300 LP tokens
To make this all work, and to remove some randomness of getting lucky, we have implemented a Cooldown Period. After successfully participating in an IDO, wallets will be put on a cooldown which prevents them from winning another IDO in the next 7 days. This is the same amount of time required to make your POLS eligible, so you will need to keep your tokens in your wallet to stay eligible as well.
This one is for the early supporters, the diamond hands, the big boys. If you’ve supported Polkastarter early and you have held on to your $POLS with diamond hands since the early days, you will love this change.
The top 10 token holders (about 1% of most pools) of all whitelist applications will be approved automatically, meaning you can get into any pool you want as long as you’re in the top 10 token holders that applied.
👉 All the numbers and weights of our lottery system are subject to change. The goal of this system is to provide a much fairer chance for anyone to be whitelisted for an IDO. We reserve the right to change these parameters as per our discretion in order to achieve and keep delivering a fair system.
👉 In the next weeks, we will transition to pools that are exclusively available to POLS token holders (minus a few spots for marketing purposes, like AMAs, etc).
Polkastarter is the fully decentralized protocol for launching new ideas. Our curation process and industry access enable us to offer the best new projects in blockchain and digital assets.
With Polkastarter, decentralized projects can raise awareness, build a loyal community, and receive long-term support. Users of the platform will be able to participate in a secure and compliant environment, and use assets both in and beyond the current ERC20 standard.
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