Cadets,
Two weeks ago, we shared a galactic map where each star represented a platform enhancement that will be added or changed before year’s end.
Today, we are ready to reveal not just one, but two of the stars on the galactic map.
We’ve been working hard for the past few months, brainstorming solutions that would close gaps in our platform without overcomplicating the user experience. We’d like to thank the All-Stars group, as well as the larger community, for being a part of that process.
It is difficult to alter the existing system, but it is also necessary. We’ve put a lot of thought into what changes make the most sense, and although these new features might look small, we believe they will drastically improve the platform as well as our two-token model.
Minimum staking amount requirement
Over the past year, many of our most loyal supporters have argued that the biggest issue with our system is that people can participate in IDOs without staking STARS. They feel it isn’t fair to stakers, as they essentially have no advantage to non-stakers, and we agree.
That is why we decided to implement a minimum staked amount to participate in Public & Private Sales on Starlaunch. As of now, the minimum amount of STARS staked across all LOCKED boxes needs to be 1,000 to participate in Sales on the platform. We have the possibility of increasing or decreasing this amount based on the $STARS price.
This way, non-stakers won’t be able to go straight to Raydium and purchase Hydrazine to burn for IDOs, while stakers will still have the ability to buy or sell Hydrazine if they so choose.
First Come First Serve
Another recurring issue is the fact that people can burn less than 1 hydrazine, skip the whitelist sale, and simply purchase an allocation in the first-come, first-served (FCFS) round. Our FCFS round was conceived as a bonus round, where people have a chance to top up their allocation if there is anything left unsold after the whitelist sale. It was never our intention to compromise the utility of STARS and N2H4 in this way, and we will improve the situation before next IDO.
In order to prevent gaming of the FCFS round, we’ve decided to implement a rule that allows FCFS participants to buy additional tokens by a percentage of their whitelist sale purchase. This means we will set the percentage for each IDO, and participants will be able to buy only the said percentage of their whitelist sale purchase during the FCFS round.
Example: If we set it to 20%, a participant that bought 100 USDC worth of tokens during the whitelist sale will have a chance to buy additional 20 USDC worth of tokens during the FCFS round.
The percentage will be set based on how much of the raise pool was unsold during the whitelist sale round. That means that the FCFS round will now be conducted 24 hours after the whitelist sale round ends and not immediately after it.
Change is coming, Cadets, and it may just be the beginning. These are the first 2 changes that we’ll be implementing, with 3 more to be announced in the coming weeks and implementation following shortly after. Based on the results of these updates, we may seek further adjustments to the model. If and when we do, we will work to make sure you not only have a voice, but that you understand what’s happening every step of the way. With that said, we always appreciate feedback and encourage you to send it via the #suggestions channel in our Discord server.
o7!
About StarLaunch
StarLaunch is a unique and dynamic incubator and launchpad, connecting promising Solana projects to early supporters and a network of key partners. The StarLaunch team operates by prioritizing its community first. Starlaunch brings thoroughly vetted projects to its community and protects IDO participants with an in-house insurance program.
