Increasing Chances of Winning IDO Allocation with the New Lottery Winner Selection Mechanism
We are pleased to announce that Red Kite will use a new winner selection procedure for the IDO pools after October 24, 2021. As a result, users will have a greater chance of winning IDO allocation.
The Red Kite team has constantly improved and presented new mechanisms to bring our community the best experience within our launchpad. Along with the explosion of members and IDO pools on the Red Kite launchpad, the winning rate for the whitelist of each IDO is competitive. In response to community feedback on how to further enhance Red Kite’s service quality, we have implemented a new procedure for winner selection to increase the chances of winning the whitelist for users.
The former winning selection process
The IDO pool winners were chosen randomly based on users’ Red Kite points and a luck factor. The more Red Kite points a person holds, the greater their chances and allocation to win.
The allocation for users is lottery-based and their ticket size depends on the actual project and pool. If users do not win a whitelist for this IDO pool, the luck factor will double their current tickets to increase their winning chance in the next pool.
Along with the thriving of the Red Kite launchpad, the number of users trusting and joining IDOs on Red Kite escalates, which leads to a competitive winning rate among users of the same tier. The doubling of tickets does not have much impact on the probability of winning for one person in the whole pool, resulting in a person who owns fewer Red Kite points will be much less likely to win allocation than others.
New winner picking procedure
The Red Kite team presents a new winner selection process with two rounds to create more winning chances for users than the previous mechanism.
Within the 1st round, winners are still selected randomly based on their Red Kite points. Yet, the luck factor will be replaced with Round 2. Red Kite will reserve up to 2% of the total allocation for winners in this round, with the ticket value being around $10 — $30 depending on the actual pool size. Round 2’s winners can purchase tokens with a guaranteed allocation for Phase 1 of IDO pools.
The unlucky users of Round 1 will be considered to join the next round. Still, only users not winning the whitelist in consecutive IDO pools and owning more Red Kite points will be eligible for the 2nd round.
Come to Round 2, our system will pick winners among those candidates based on a random mechanism. Depending on the specified tickets and their value, a corresponding number of users will be selected as the winners.
Example:
2000 users apply for a whitelist of an IDO pool, and 500 people win its whitelist in the 1st round with guaranteed allocation. Among 1500 users not winning the whitelist, a limited number of people are eligible for Round 2 because they have been unlucky in consecutive pools and/or holding many Red Kite points
The total allocation for the IDO pool is $150,000 and Round 2’s allocation will be 2%*150,000 = $3,000. If a ticket for one Round 2 winner is worth $20, there will be 150 users among chosen candidates winning a slot for the IDO pool from this round.
In general, people who did not win allocation in multiple pools in a row before will get the 2nd chance to win with Round 2.
👉 How to check the results of Round 2: The winner list of Round 2 will be announced 15–30 minutes later than that of the 1st round. Users winning in each round can check the results in the separate tabs as below:
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.
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