CoreStarter’s Updated Raise System
Now that we have conducted 6 raises, we have assessed the effectiveness of our current model and will be making some upgrades to our IDO process. I’ll briefly run over our current model, and then outline the changes that we will be making. The most important note is to participate in ANY raise on CoreStarter you will need to be KYC’d on our platform. Will not leave without saying our community’s feedback on this has been a great help, and we are working hard to make CoreStarter as user-friendly and effective as possible.
Current Model — Round 1 and First Come First Served (FCFS)
Round 1 users must be staking $CSTR and achieve a pool weight score (PWS) that qualifies them for one of our 6 tiers. Our system calculates PWS as the number of tokens staked x the number of days staked. This means that the longer you stake, the higher your tier goes! A feature not found on any other Launchpad. To ensure maximum allocations for interested users, users must register for each IDO they wish to participate in. The entire raise amount is split as a guaranteed allocation across our tiers. This means all users have a set amount they can purchase, and if they purchase in Round 1 will not miss out on the sale. Registration is also used to collect the wallet address for token distribution if it is not a Solana-based project. Round 1 runs for 12 hours.
FCFS users only need to be KYC’d and then all are automatically whitelisted. It is important to note that IF you have not already participated in an IDO and supplied a wallet address we can use for token distribution, you will need to register so we can collect one. FCFS is a 12-hour round (Unless sold out prior) that is capped at a value of roughly 50% of a Tier 6 allocation.
An important note with all CoreStarter IDO’s is you are only able to make ONE transaction per round. So please make sure to not make a “test” transaction.
The Problem
As we split the entire Allocation across all Tier members who register that means any unsold amounts carry across to our FCFS round. We are having countless users who register for each IDO, are allocated funds, and then do not participate. That means we have a large volume carrying over to our FCFS round, and users who are trying to buy are given reduced amounts and left frustrated. We then need to raise the FCFS cap amount, which reduces the incentives for staking and allows those who are not staking an unfair advantage for accessing IDO’s. We also feel that a 12-hour Round 1 sale may not be long enough due to the time zones in which our community is located.
Another problem is the collection of users’ wallets for distribution outside of SPL (Solana) tokens. Currently, users need to register for IDOs so we can collect and store wallets that we can use for future raises. Users are always asking to verify registered wallets which they should be able to view themselves.
The Solutions
The first of these solutions is we will continue to monitor participation from our registered users. Users who continually register but do not participate will be added to a ‘watch list’. They will then be contacted before each IDO they registered for to confirm if they will be participating. If this does not increase participation, we may try a $5 USDC registration fee for each raise. The $5 fee will buy $5 worth of tokens in that particular raise, but it is designed to stop users from registering without the intention of participating. Currently, we have around 30–60% participation depending on the raise, we would ideally like to see this at 70%+ for each raise. We understand that not all users will participate, but at that rate, it is taking large amounts of allocation away from those supporting, staking, and investing.
The next solution is to reward our users who are supporting us by staking, even if they do not manage to make a tier. We will be introducing a Round 2 or “Community Round” as we are calling it. This FCFS style round will be ONLY available to users who have at least 100 $CSTR staking for 3 days or more. It is a great incentive to encourage users to stake and reward those who are staking in our system. As we start to sell out in Round 1 and then have less volume in Round 2 it means that users who are staking are the only ones who will access a raise on CoreStarter. Even if we do carry a small amount across to Round 3 it means those staking can enjoy up to 3 purchases, compared to 1 or none if they are not. This will be followed by the standard FCFS we currently use if necessary.
The final solution is a wallet dashboard for each user. We will be creating and adding a dashboard for each user where they can enter and maintain wallet addresses for us to distribute tokens to. This means whether it is ETH, BSC, SPL, MATIC, etc you will be able to add, update, and edit your wallets. You no longer need to register your separate wallets, or message us to check or change wallets, you will be able to do this yourself. ETA on this is not available but we are working on this as a priority.
We appreciate all of the feedback and suggestions we receive in our Telegram group daily; they all help make CoreStarter a better platform. We will have more updates on IDO’s and partnerships in the coming days so please keep an eye on our socials! You can find all the links you need here.
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