- There will be two pools open, one for the Public participants and another for Polkastarter token ($POLS) holders and liquidity providers
- Polkamarkets, Unmarshal, and Shyft Network have already conducted their whitelist phase for Polkastarter IDO
- Winner wallets have been picked by a lottery draw system, while all entries in the lottery were checked for valid ERC20 addresses
Polkastarter which launched during last bull run and its emerging rapidly ecosystem. Discussion relating to the coin has surged with the opening of whitelist for Polkastarter IDOs, and several networks have already actively involved in the process.
What is Polkastarter?
First of all to provide a brief idea about Polkastarter, the coin was launched after identifying that there is an increasing demand for, cheap transactions, secure & ultra-fast swaps, user-friendly design, and the possibility to buy and move assets between blockchains.
According to their website, the killer features of Polkastarter is the possibility of making both fixed swap pools and cross-chain swaps, powered by the Polkadot ecosystem, which can provide higher throughput for faster and cheaper transactions while staying connected to the Ethereum Network and other blockchains for liquidity.
What is a ‘whitelist’?
Next, the term whitelist refers to a list of allowed and identified individuals, institutions, computer programs, or even cryptocurrency addresses. In general, whitelists are related to a particular service or piece of information. As such, whitelists can present distinct meanings depending on the context they are used.
In the blockchain and cryptocurrency environment, whitelists are either related to Initial Coin Offering (ICO) events, or to withdrawal addresses. Here, the whitelist for Polkastarter IDOs refers to first case, as IDOs can be identified as an alternative for ICOs.
Cryptocurrency projects may offer a whitelisting phase for investors that are willing to participate in the public sale of their tokens. So any investor that wants to participate in the ICO would need to provide their personal information before being whitelisted (this is normally done through a KYC procedure).
What is an IDO?
According to CoinMarketCap definition, Initial dex offerings, or IDOs, are tokens that represent any type of asset hosted on a decentralized exchange (DEX), an IDO is when a project launches a token through a decentralized liquidity exchange.
IDOs offer businesses a tool for engaging their communities in an economy that both enriches their products and services while allowing them to make smart business decisions regarding their assets.
In the same way that traditional startups receive venture capital before launching, projects issuing initial DEX offerings receive financing from individual investors. But, investors in IDOs never own any equity in the project.
How to get a spot in whitelist for Polkastarter IDO?
Polkamarkets, Unmarshal, and Shyft Network have already conducted their whitelist phase for Polkastarter IDO. The recent one being the whitelist for Unmarshal, as it was conducted on March 30th. Whereas, Polkamarkets and Shyft Network conducted their whitelisting phase on February 24th and March 26th respectively.
Process of whitelisting conducted by Polkamarkets
There will be two pools open, one for the Public participants and another for Polkastarter Token ($POLS) holders and liquidity providers. The whitelist form is the same for both pools. Finally it is cross checked for any wallet address that holds +3,000 $POLS and Polkastarter liquidity providers for the POLS only pool.
Winner wallets have been picked by a lottery draw system, after the Polkamarkets team carefully checks for valid ERC-20 addresses, bots addresses, valid Telegram handles and other possible cheating attempts.
In order to obtain a spot on the IDO, the participants had to complete several tasks such as, follow Polkastarter on Twitter, follow Polkamarkets on Twitter, follow Polkamarkets announcement channel, retweeting the pinned tweet on the Polkamarkets Twitter account with the cashtags $POLS & $POLK, also to join Polkamarkets Telegram group, and finally to fill the whitelist form.
Process of whitelisting conducted by Shyft Network
Shyft Network’s IDO on Polkastarter, was conducted on 26th March. This is a public protocol designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks.
The launch price of SHFT token is $0.20, while the IDO proceeded on a First Come First Serve (FCFS) until the $500,000 hardcap is reached. On 26th March, Polkastarter Pools were unlocked and whitelisted addresses got their chance to participate, once the Polkastarter IDO ends (later that day) IDO contributors claimed their tokens from Polkastarter.
There will be TWO pools, one for POLS holders of $250,000 and a second for non-POLS holders of $250,000. Both pools are only accessible by whitelisted users. SHFT will be available at a fixed price of $0.20 per SHFT for both pools.
Process of whitelisting conducted by Unmarshal
With Unmarshal whitelist for Polkastarter, its token $MARSH is now available to the community via a Polkastarter IDO. The Unmarshal IDO Whitelist was conducted as a three-day event starting from March 22nd till March 25th.
In order to obtain a spot on the IDO, the participants were required to complete tasks such as, follow Unmarshal Twitter, follow Polkastarter, join Unmarshal Official TG, join Unmarshal Announcements channel, and Tweet about the Unmarshal IDO on Polkastarter with hashtags $MARSH, $POLS, #IDO, #Unmarshal, and finally to fill in the entry form confirming participant’s details.
All entries in the lottery were checked for valid ERC20 addresses, Telegram handles, email accounts, and Twitter accounts. Any Bot entries that were found was removed prior to a randomized draw of qualified users who will then be whitelisted for the IDO.
A total number of 680 winners of the lottery will be selected, while each winner is eligible to purchase $300 worth of MARSH tokens. All whitelist lottery winners were requested to pass the Unmarshal KYC process in order to be able to participate in the IDO.
Unmarshal is a Multi-chain DeFi Data Network that facilitates seamless access to data on blockchains for any kind of decentralized applications. The network empowers dApp developers to have easy access to on-data.
Conclusion
Polkastarter have been acting as an angle investor for many crypto projects and the projects to come, by facilitating whitelists for IDOs. More cryptos adding on to the market implies that more issues that exists in the crypto sphere are solved, hence each coin that enters the market attempts to solve a certain problem. If more platforms can be developed with Polkastarter capabilities, its no time that all issues pertaining to crypto be eliminated.
