KrystalGO: Now Supporting IDOs On Solana
Updates
(11 May, 2022): The KrystalGO point system has been revised effective 11 May 2022. Please refer to our Gitbook for the latest update.
Krystal is pleased to announce that we are able to facilitate community fundraising for projects on the Solana network with our launchpad, KrystalGO.
You will now be able to participate in community-led Initial DEX Offerings (IDOs) and Initial NFT Offerings (INOs) for projects that are built on Solana.
This is just the first step we are taking into the Solana ecosystem. We will soon expand more DeFi services on Krystal in the near future.
Do stay tuned for future updates as we add more DeFi services to our platform!
What is Solana?
Solana is a decentralised blockchain that is designed to support scalable and user-friendly applications on its network.
Solana uses a hybrid consensus mechanism, consisting of both proof-of-stake and proof-of-history, which has resulted in fast and cheap transactions on its network.
What is KrystalGO?
KrystalGO is a community-focused launchpad that provides you with an opportunity to invest in the latest up-and-coming blockchain projects.
With the expansion to Solana, you will be able to participate in token launches of projects that are building and launching tokens on the Solana network.
To find out more about KrystalGO, you can check out our support center for more information.
How do I participate in IDO launches on Solana?
If you haven't participated in any IDOs on KrystalGO before, here’s a quick summary of the process:
- Connect an Ethereum wallet to KrystalGO and complete the KYC process
- Indicate your interest in the IDO during the registration period
- Accumulate points to qualify for 1 of the 4 tiers on KrystalGO
- Participate in the token sale by depositing the required amount of cryptocurrency to mine the project’s token
- Claim your tokens after they have been vested
Accumulation of points for the different tiers is done either via staking KNC or your trading volume (in USD) for the last 30 days before the end of the registration phase.
To participate in upcoming Solana IDOs, you will need to link a Solana wallet to the Ethereum wallet where the KYC process is completed.
How do I connect my Solana wallet with KrystalGO?
You are required to create a wallet that supports the Solana network, and then link it to the wallet that you have either created or imported to Krystal.
This is because Solana is not an EVM (Ethereum Virtual Machine)-compatible network, so you will need to link it to a wallet that is compatible with the Solana network.
You can check out our video guide on YouTube, or read the text guide below.
After connecting your Ethereum wallet to KrystalGO, you will have an option to link your Ethereum wallet to a Solana wallet.
Some of the wallets that we support include:
However, we recommend linking Phantom Wallet with KrystalGO.
After doing so, you should view your Solana wallet address on the KrystalGO dashboard.
With your Solana wallet linked, you will now be able to participate in IDOs on the Solana network!
Conclusion
We hope you’re as excited as we are to have Solana on KrystalGO!
Do keep a lookout on Twitter or Telegram for updates on IDOs launched on the Solana network.
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