Aug‘ 21 - New Tier Policy Updates for Red Kite Launchpad
Following the success of recent IDOs, the Red Kite launchpad has garnered more and more community interest and welcomed many new members.
- To ensure that members’ benefits are appropriately allocated following their PKF/LP-PKF/KSM contributions,
- To increase the brand exposure of the IDO projects on Red Kite, and
- In response to community feedback on how to further improve Red Kite’s service quality,
Team Red Kite is pleased to announce the new level policy as below. This policy will officially go into effect at 4:00 p.m. UTC on Friday, August 27, 2021, until a new policy takes its place.
1. Method
1.1. Tier determination
The tier of each user on Red Kite is determined by the total number of Red Kite points they own. Users can earn Red Kite points through the following ways:
- Staking PKF, PolkaFoundry native token, on Red Kite. Each staked PKF will earn 1 Red Kite point.
- Adding PKF-ETH to Uniswap V2 liquidity pool to get LP-PKF, then staking them to Red Kite. Each staked LP-PKF will earn 400 Red Kite points.
📌 25 Aug — Latest Updates: For Kusama Parachain Auction Batch 2 that starts on the 1st of September, we have now introduced a new crowdloan campaign HERE. Contributing KSM to the PolkaSmith crowdloan is no longer reward in Red Kite Points (RKP).
For example, John is staking 20,000 PKF and 40 LP-PKF
→ The number of Red Kite points John is owning = 20,000 + 40*400 = 36,000.
→ According to the Tier conditions in Section 2, John is an Hawk
⚠️ NOTE: ANNOUNCEMENT ON TERMINATION OF LP-PKF STAKING ‼️
We would like to announce that the UNI-V2 LP-PKF pool will stop receiving LP-PKF staking. This policy is applied from 11:00 AM UTC, October 4, 2021, until there is a new announcement.
For users staking LP-PKF before, your benefits keep the same. You can continue to lock up LP-PKF for more rewards or unstake after a 30-day withdrawal delay time. When you unstake, you cannot stake more LP-PKF.
1.2. Snapshot time
At the time a pool stops accepting whitelist registrations, we use the snapshot method to determine each user’s tier and token allocation. Until the pool’s sale ends, whitelisters must maintain a tier equal to or greater than the tier defined at the snapshot time. Any case of tier reduction during this period will result in the inability to join the pool. After the snapshot, users can continue to earn more Red Kite points to increase their tier. The new tier is only valid for pools that have not taken a snapshot.
2. Tiers
2.1. Dove
- Owning at least 500 Red Kite points and above;
- No fixed pool size;
- No minimum staking time is required for PKF & LP-PKF;
- Lottery-based;
- Ticket price based on actual project & pool (usually $30-$70);
- Social interaction requirements:
- Join Telegram groups,
- Subscribe to Telegram announcement channels,
- Follow Twitter accounts,
- Retweet IDO/pool announcement with hashtags and cash tags.
2.2. Hawk
- Owning at least 5,000 Red Kite points and above;
- No fixed pool size;
- No minimum staking time is required for PKF & LP-PKF;
- Lottery-based;
- Ticket price based on actual project & pool (usually $100-$150);
- Social interaction requirements:
- Join Telegram groups,
- Subscribe to Telegram announcement channels,
- Follow Twitter accounts,
- Retweet IDO/pool announcement with hashtags and cash tags.
2.3. Eagle
- Owning at least 40,000 Red Kite points and above;
- No fixed pool size;
- Allocation multiplier: 1.0;
- No minimum staking time is required for PKF & LP-PKF;
- Guaranteed allocation for whitelist. Allocation is prorated based on the amount of Red Kite points the user owning at the snapshot time;
- No social interaction requirements;
- Exclusive pool for Eagle (subject to availability).
2.4. Phoenix
- Owning at least 80,000 Red Kite points and above;
- No fixed pool size;
- Allocation multiplier: 1.05;
- No minimum staking time is required for PKF & LP-PKF;
- Guaranteed allocation for whitelist. Allocation is prorated based on the amount of Red Kite points the user owning at the snapshot time;
- No social interaction requirements;
- Exclusive pool for the Phoenix tier such as seed and private sales;
- Occasional airdrop of NFT and tokens;
- Invitation to a private prosperity group with exclusive support only for Phoenix.
In the coming Q4, Red Kite will continue to roll out new features such as allocation resale, minigames, multi-token staking pools, friend referral, and many other surprises waiting for Red Kite members. Please stay tuned to our official channels to be the first to get news!
TL;DR:
- Red Kite announced a new tier policy applied from 4:00 PM UTC on Friday, August 27, 2021.
- Contributing KSM to receive Red Kite point is about to return along with the PolkaSmith’s crowdloan for batch 2 of the parachain auction.
- The allocation for the Hawk tier changes from guaranteed to lottery-based distribution.
- Change the minimum required Red Kite points of Eagle and Phoenix tier to 40,000 and 80,000, respectively.
About Red Kite
Red Kite is a cutting-edge launchpad powered by PolkaFoundry as a part of the growing $PKF ecosystem. Red Kite projects are carefully chosen through vetting, which takes everything from the origins of the project teams to legitimacy and implementation capacities into account. These projects are also supported by a network of our high-class marketing partners, leading influencers, and interactive communities.
Need more information about Red Kite? Follow us on PolkaFoundry’s official groups and channels so you won’t miss anything!
