RedKite- A Polkadot LaunchPad
The recent congestion in various launchpads means a higher threshold of entry and still not getting guaranteed allocation. Sometimes even if you get allocation it is so less than the multiplier simply does not work. Trying to accumulate tokens of platforms like BNB or Daomaker is costly. Just 1 BNB costs approximately $ 458 as of today!
While HODL good projects are the most important strategy, to maximize your profits, you might also want to get earlier in the projects. If you do not have good connections, you will be unable to participate in Presale rounds. The old ICOs have now been replaced by Launchpads. These Launchpads conduct public sales. If you think that you have missed the important launchpads, well, that is not correct. An important launchpad called Gamestarter just launched.
Why Red Kite?
When we were participating in the Kusama Parachain auctions, we found out this project called, Polkasmith, competing in the auction. While it did not win the first phase of auctions, but upon investigating the project, I found it to be pretty interesting. It positions itself as “The One-stop Production Hub for DeFi & NFT Applications on Polkadot.” Polkasmith is the Canary version (just like Kusama for Polkadot) of Polkafoundry. The project is built for the launch of NFT Marketplaces, Open Lending Platforms, and a Cross-Chain DEX, etc on top of it. But most importantly, it has a launchpad, called Red Kite.
Redkite has launched some important projects like Tribe, Bunicorn, etc. Its most recent IDO, Step Hero is very hyped and has seen huge demand. In the future, it is also going to launch NFT Trade, which is a good project.
In my further investigations, I found out that the project is owned by Icetea Labs, a decent investment firm. A launchpad owned by a crypto investment firm will ensure that projects linked to Icetea Labs will eventually launch in the platform. These projects will be well-vetted as Icetea labs would themselves invest in them and they will ensure distribution and retention of the value of the token.
Looking into the price, the all-time high was $ 2.92 and now it is at $ 0.50. That’s a discount of almost 85%. Now, if a project goes low, it means two things, either the project is going dead, or it is highly undervalued. The Step Hero IDO in Red Kite immediately did approximately 13x. This launchpad is just starting.
There has been recent news that Icetea Labs is partnering with Polygon to create a Gaming focussed platform called GameFi. This is an extremely important step. The confidence in Icetea increases and also this will almost certainly ensure that GameFi will someday launch on RedKite.
Polkafoundry is again going to participate in the 2nd phase of the Kusama parachain auction. Once they get it and find the stability of a good platform, they can build.
Coming soon stakers of PKF will also get staking rewards (compare this to Daomaker staking, which gives 0%). The utility of the PKF token is only increasing.
With such developments in tokenomics, the platform, and such a discounted price, this is a highly undervalued launchpad and ready to explode in the future.
The project has seen its hiccups recently, with a bot posting scam contract details of one IDO, resulting in loss of funds for some users. The Polkafountry team handled it beautifully and refunded the impacted people. The platform also has faced teething issues, particularly on handling loads, but I am sure these will be resolved soon.
Any platform that participates in the parachain crowd loan has my respect, as it shows its dedication to the substrate ecosystem. Take the example of Polkastarter. In my opinion, even though they have done pretty well, they have misused the name of Polkadot to gain additional attention. This is a question about values. They did not even participate in the parachain auction. Polkafoundry has gone the other way round and is still under-appreciated.
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