Dexlab IDO Transparency Report

Dexlab Team
Jun 12 · 5 min read

Thank you all for participating in our Whitelisting process. The immense amount of support we have received in the past few weeks is incredible.

We were delighted that many countries from around the world are interested in Dexlab! But unfortunately, not all could be accommodated and we apologize for that.

We know many of you are anxious about the results, but more importantly, the process and criteria behind how we decided to select and narrow down the participants. We had an overwhelming number of applicants, roughly 120,000. To narrow it down to the first 1000, we had many criteria and filters in mind.

Before we begin, here are a few details of the IDO:

  • IDO token allocation: 20,000,000 DXL ($ 400K)
  • IDO token price: $ 0.02
  • Allow Allocation: $40–400

We first began the eliminate participants with the two following criteria:

  • Country
  • Date of Birth

In the terms of the agreement in the whitelisting process, several countries were listed as ineligible. We understand many were eager to participate in the process, but unfortunately, because of the laws of the respective countries, we eliminated those countries first. We then proceeded to eliminate any participants under the age of 18.

Afterwards, the following criteria were used to narrow down our selection:

  • Arithmetic Question
  • Non-Working Email Addresses
  • Non-Working Twitter Accounts
  • Non-Matching Twitter Handle in Application with Dexlab Twitter Followers
  • Duplicated E-mail Addresses
  • Duplicated Solana Wallet Addresses

The process had a basic arithmetic question. If this question was not answered correctly, the applicant was automatically disqualified. Furthermore, we eliminated applicants where an email address was used more than once for an application, as well as a duplicate Solana wallet address. Finally, we cross-referenced our Twitter account followers with application followers and eliminated those as well.

Here is a breakdown of the other 70 countries.

Afghanistan, Algeria, Argentina, Armenia, Australia, Austria, Azerbaijan, Belgium, Cambodia, Costa Rica, Czech Republic, Denmark, Ethiopia, Guatemala, Honduras, Ireland, Israel, Latvia, Maldives, Medan, Monaco, Mongolia, New Zealand, Saint Vincent and the Grenadines, South Africa, Tanzania, Kazakhstan, Malta, Peru, Qatar, Saudi Arabia, Trinidad and Tobago, Norway, Morocco, Romania, Tunisia, Uzbekistan, Canada, Kenya, Portugal, Slovenia, Switzerland, Estonia, Finland, Sweden, United Arab Emirates, Malaysia, Netherlands, Poland, Nepal, Philippines, Laos, Spain, Germany, Italy, Pakistan, Mexico, France, and Taiwan

First Round IDO

From June 1st to June 6th, for the first round of our IDO, we sent out 1000 participants an email with instructions on how to begin KYC verification. The email also contained detailed instructions on how to proceed through our IDO platform to complete the purchase. At the end, on June 6th, only 650 participants passed the KYC verification. After the participants were narrowed down, we began with the second part of the IDO; the KYC process. (Details on KYC will be explained in the KYC section.)

Final Round IDO

From June 6th to June 9th, we began our second and final round for the remaining IDO amount. We randomly selected a similar number (as round 1) of participants from the remaining lot, and sent an email with instructions on how to begin KYC verifications. These applicants did not include anyone from the first round, and first round participants were closed off for this final round. The final round closed when all three pools were sold at 100%.

KYC Verification

Dexlab used ‘Synaps’, a digital identity company to handle the KYC procedure. Every chosen participant was sent an email, detailing instructions on how to begin the KYC process.

The Synaps KYC verification process included the following steps:

  1. In-Time Real Photo (Selfie photo of applicant.)

2. Identification Verification (Verification of identification, which could be National ID, Passport, or Driver’s License.)

3. Phone Number (Text or Phone Call Verification.)

Unfortunately, not all participants passed the KYC verification. From the first round of the whitelist IDO, of the 1000 participants we selected, only 650 applicants passed the KYC verification. We gave participants from June 1st 2021 to June 6th 2021 to verify.

During this process, we encountered several problems.

  1. Participant authentication of Identity failed
  2. Participant phone number verification failed

According to Synaps, one of the biggest problems we had was that many applicant’s names on the whitelist application did not match the form of identification they provided. Poor quality images for identification was also a major factor in rejection. Finally, phone verification that was done with a virtual or e-phone was automatically rejected.

Winner Breakdown

Other 49: Phillipines, United Arab Emirates, Laos, Estonia, Romania, Switzerland, Australia, Ghana, Kenya, Slovenia, Finland, Malaysia, Maldives, Netherlands, Sweden, Bangladesh, Canada, Nepal, Czech Republic, Mexico, Norway, Portugal, Uzbekistan, Brazil, Medan, Myanmar, New Zealand, Qatar, Saudi Arabia, Austria, Belgium, Croatia, Cyprus, Ethiopia, Georgia, Honduras, Ireland, Kazakhstan, Latvia, Macao, Macedonia, Mongolia, Morocco, Saint Vincent and the Grenadines, South Africa, Tunisia

Although a majority of interest in Dexlab is based in Asia, we are extremely excited that the IDO distribution was very global and that there is a worldwide interest in us.

Overall, we think it was a successful IDO and it was all thanks to the participants. Thank you very much!

As always, you can ask us more through our community channels.

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https://www.dexlab.space/

Discord: https://discord.gg/XcQDV7z2Hz

Twitter: https://twitter.com/dexlab_official

Telegram: https://t.me/DexLab_official

Airdrop, Distribution and Listing

This report describes the IDO that took place between June 1st and June 9th, 2021.

For questions about the airdrop, stay tuned. But remember, if you participated in the whitelist, and passed all our criteria, you will receive your airdrop tokens.

After much thought and analysis, the Dexlab team decided that for Distribution and Listing, because of current market situation, it will be delayed for a month, up to two months maximum. We want things to smooth out a bit before listing, and we believe that things will back in track soon enough.

An email will be sent out to IDO winners with details of schedule when set.

We truly apologize, but we want what is best for investors; to protect them. We hope that you understand.

Stay up to date with the latest #Solana projects launching through Dexlab, and make sure you don’t miss out on any new tokens by following us on Twitter or joining our Telegram group!

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