How to Farm Crypto and join DeFi safely?

icon New Moon
Apr 24
  • 1. Preparations before participating
  • 2. Polkastarter Overview
  • 3. How Polkastarter selects a whitelist winner
How to Farm Crypto and join DeFi safely?

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.

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. 

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