Polkastarter app review

Polkastarter

Polkastarter app review

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Open Dapp

Basic info

  • Token POLS
  • Audited no
  • DAO no
  • Yield farming yes
  • Team public
  • Hacks no

Token profile

Price Market cap.

Yolanta Chomag

Last updated: Nov 22, 2022

What is Polkastarter

Polkastarter is a decentralized fundraising platform for crypto IDOs (Initial Decentralized Offerings), NFT sales, and Gaming. It allows early-stage blockchain projects to raise capital and distribute their tokens among eligible community members. For users, early participation means potentially high ROI afterward.

The platform went live in December 2020 after it successfully raised 875K USD from private investors and latterly from the launch of the POLS token. It is a multi-chain platform supporting launches across Ethereum, BNB Chain, Polygon, Avalanche, Celo and the Polkadot ecosystem.

Polkastarter investors include Faculty Group, Kyros Ventures, Moonrock Capital, Vendetta Capital, ZBS Capital, White Palm Capital, Pluto, NGC Ventures, Signum Capital, Astronaut Capital, and OPW Ventures.

How does Polkastarter work

All fundraising on Polkastarter follow a lottery format. In order to qualify for an allowlist spot, users need to have at least 1 ticket worth 250 POLS Power. 

The chances of winning in a lottery increase with the higher POLS Power, which reflects all POLS held in non-custodial wallets, staked or provided in Polkastarter’s smart contract. Besides, Polkastarter offers 5 POLS Tiers, where the more tickets the user holds, the more the value each ticket has.

How to use Polkastarter

In order to launch an IDO on the Polkastarter app, each project should go through the following stages: application, preliminary due diligence, direct assessment by the Polkastarter team and Council vote. The Polkastarter Council is an independent group of industry leaders.

The selection is based on five criteria: basics, development, team and leadership, and tokenomics. If a project passes due diligence, team assessment and also receives at least 60% of the Council’s vote, they are approved for launch. 

Pools on Polkastarter incur a fixed fee paid by the protocol’s creator. Polkastarter fees for transactions are paid in POLS tokens.

The POLS token

POLS is the native token of Polkastarter and acts a utility token for entering token launches and NFT sales. Polkastarter is building new features to allow further utilities to POLS holders. The token is available on both Ethereum and BNB Chain.

The total supply of POLS is 100 million tokens with the current circulating supply of 95 million tokens.

Is Polkastarter safe

The Polkastarter team was gathered by tech entrepreneur Daniel Stockhaus and software engineer Tiago Martins, and crypto veteran Miguel Leite. Daniel Stockhaus is a strategic digital leader and was in the tech industry from 2000 till 2017 until he became interested in cryptocurrencies and blockchain industry. So far, there are no audits Polkastarter has released to the public.

Partners

Polkastarter established relationships with multiple partners, such as DIA — for DeFi trading, pricing, and anti-slippage features. Orion Protocol —  for automated liquidity provision. Covalent —  to augment anti-scam measures on token sales. Shyft Network — for a global whitelisting solution for token swaps and compliant liquidity pools. Moonbeam —  for cross-chain interoperability. Big Time —  for access to early beta testing of Big Time gameplay. Unmarshal —  to enhance IDO data analytics.

What’s next

The project is planning to support more blockchains and include NFT sales and rewards in their ecosystem, as well as launch NFT farming. The Polkastarter team is also aiming to create a large play-to-earn community with its Polkastarter Gaming Guild.

Community members can vote for the upcoming features on Canny.io platform. 

Links

https://docs.polkastarter.com/ 

https://polkastarter.canny.io/ 

 

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