Ascent — A beginners guide
Introduction
Ascent, by Bitbns is the World’s first decentralised token launchpad platform which carefully vets best projects in which users can participate. More details about need for such a platform and how it benefits BNSD/BNS hodlers can be found in the announcement post.
This post will give a step-by-step tutorial on how to invest in exciting projects using Ascent as well on how to stake BNS/BNSD tokens to earn fee rewards from new listings.
Ascent explained in one minute
Purely decentralised launchpad platforms like Uniswap etc face challenges like fake/scam tokens, rug pulls, too many tokens which crowds out genuine projects, etc.
Ascent, by Bitbns is a dapp running on Ethereum mainnet which aims to solve this by introducing a vetting process for projects where projects get listed on Ascent launchpad through an invite-only mechanism. At the same time, the sale is governed by the smart contract which ensures that the parameters set before the sale(total token sale, start and end times, price etc) are compulsorily adhered to. Distribution happens directly to the user’s wallet.
Advantages of using Ascent
- Anonymous — Participation in listing public sale is done directly using user wallet, so the public wallet address is the only identifier involved. The onus is on the user to adhere to any requirements of the project(countries allowed/not allowed to participate)
- Security — The smart contract ensures that funds are held in escrow till completion of the listing and the tokens needed for distribution to user wallet is already moved to the listing smart contract. This reduces project specific risk for the user(delays in token distribution etc)
- Self custody — Users participating via Ascent gets tokens credited to their wallets after completion of IEO and can immediately transfer them to any other wallet or trade them on other decentralised platforms(or create a pool on uniswap etc). They don’t have to wait for token to be listed on an exchange and for exchange to enable deposit/withdrawal etc.
Please note that ETH gas fees are needed for any operation on Ascent(buy,vote,stake)
How to use Ascent — Guide to Buying
- Create Metamask wallet and move funds there
- Go to Ascent listings page and click connect with Metamask with network set to Ethereum Mainnet. The page will show all live, upcoming and closed listings.
- Click a listing you are in interested in. That will give details for that listing including project details, whitepaper etc and allow buying of tokens if the listing is live at that time. Choose quantity and the token used to pay, click approve spend limits and then spend.
- Once the sale concludes, the tokens bought will be distributed to your wallet address
How to use Ascent — Guide to Staking
In addition to buying tokens during IEO, holders of BNS and BNSD tokens can stake LP tokens as well as BNSD tokens in the staking pool(before the IEO starts). The LP/BNSD tokens need to be present in the same wallet account used to sign into Ascent. The process to stake is same as above, first approve spending on LP/BNSD tokens and then click spend.
80% of the fees generated from the token sale(3% of sale amount) is distributed to the users who stake their tokens for the sale
Support
For more details, please use these forums —
