New Tier Policy Updates for Red Kite Launchpad
⚠️ UPDATED TIER POLICY: From August 27, 2021, we have updated the new tier policy HERE. The method and benefits published in the following publication are no longer valid.
📢 UPDATE:
- From 3:00 PM UTC, August 6, 2021, the new adjustment to the LP-PKF/Red Kite point ratio is 1:400, which means 1 LP-PKF is now equal to 400 Red Kite points.
- Thank you to all who contributed KSM to the PolkaSmith crowdloan. Batch 1 of KSM parachain auction is now closed. We returned all KSMs to the contributors’ wallets. The amount of Red Kite points rewarded through KSM contribution was recovered. Stay tuned to PolkaFoundry’s official media channels for the upcoming Batch 2 auction.
The Red Kite team has continuously sought out and listened to a massive amount of feedback from the community from launch until now.
Based upon community comments and several recent IDOs, we are happy to announce an update on the policies and benefits of the four tiers, Phoenix, Eagle, Hawk, and Dove, on the Red Kite launchpad. These policies are effective as of the date of the announcement. They will remain in force until Red Kite releases a replacement policy.
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 liquidity pool to get LP-PKF, then staking them to Red Kite. Each staked LP-PKF will earn 400 Red Kite points.
- Contributing KSM, Kusama native token, to PolkaSmith’s crowdloan on Red Kite. Each locked KSM will earn 500 Red Kite points(*).
(*) Read HERE to know more about the reward policies for KSM contributors.
We no longer count the PKF staking on MANTRA DAO. If you have PKFs staked there, please unstake then re-stake them into Red Kite Launchpad.
For example, John is staking 10,000 PKF and 10 LP-PKF, locking 4 KSM in the PolkaSmith’s crowdloan on Red Kite.
The number of Red Kite points John is owning = 10,000 + 10*400 + 4*500 = 16,000. According to the Tier conditions in Section 2, John is a Hawk.
1.2. Snapshot time
For a specific pool, the tier and token allocation of each user will be determined by the snapshot method at the time of closing the whitelist form of that pool.
From the snapshot moment until the pool’s sale ends, whitelisters need to maintain their tier equal to or higher than the tier defined at the snapshot time. Any case of tier reduction during this period will forfeit the right 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 required and unstaking delay (for PKF & LP-PKF);
- Lottery-based;
- Ticket price based on actual project & pool;
- Social interaction requirements: Join Telegram groups, subscribe to Telegram announcement channels, follow Twitter accounts, and 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 required and unstaking delay (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;
- Social interaction requirements: Join Telegram groups, subscribe to Telegram announcement channels, follow Twitter accounts, and retweet IDO/pool announcement with hashtags and cash tags.
2.3. Eagle
- Owning at least 20,000 Red Kite points and above;
- No fixed pool size;
- No minimum staking time required and unstaking delay (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 60,000 Red Kite points and above;
- No fixed pool size;
- No minimum staking time required and unstaking delay (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.
3. Other changes from the previous announcement
- Since May 24, 2021, Red Kite has only accepted KYC via Blockpass.
- The lucky factor remains constant. Suppose you do not win a ticket in a successful whitelisting. In that case, your luck will be doubled when you successfully participate in the next whitelist.
To make Red Kite a comprehensive and user-friendly DeFi hub, in Q3, we are planning to bring the community the Red Kite V2. It will have several upgrades and modifications, including removing whitelist registration via Google form, updating loyalty multiplier for loyal users, implementing a mechanism to protect user’s investment, and adding new DeFi features.
Please remain tuned to our official channels to be the first to get news!
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!
