How to participate in IDO (for users)
Guideline on how to participate in the Initial DEX Offering Event on Spaceport
Last updated
Guideline on how to participate in the Initial DEX Offering Event on Spaceport
Last updated
Now that SpacePort is live, you will be able to participate in IDOs as they launch!
To help you understand how to do this, we’ve prepared a video walkthrough for you, which you can watch here:
Open SpacePort or visit the Innovation Hub page and connect your wallet
Any upcoming or ongoing IDOs will be listed there.
You can click on the Token Page of an IDO you’re interested in to review all the project information as they are available. Website links, whitepaper, tokenomic, social media links are all available here.
Scroll down and you will see the IDO status. A countdown will show if it hasn’t started yet. If it’s LIVE, you should see the start and end block of the IDO.
You will also see the IDO ticket price in xPPAY. This is the amount of xPPAY you need to be able to participate in the IDO first round. This is simply a minimum requirement, it does not lock or use up your xPPAY.
Check the IDO stages tab and look for a whitelist, if there is one. You’ll need to apply for it there.
Once you’ve been whitelisted, simply go to the LIVE IDO and look for the “Invest” section. You can enter the amount you would like to invest or use the scroll bar to do this. The output in the IDO token will adjust to show you how many tokens you are buying.
Click “Buy” and sign the transaction. When confirmed, the tokens are sold and you’ve just completed your first IDO participation!
To get xPPAY you need to buy PPAY and stake it, or just buy xPPAY on PlasmaSwap DEX.
PPAY is the native token of PlasmaFinance. You can buy it directly from PlasmaFinance using the PlasmaSwap DEX (search for PPAY) or buy it from Bittrex Global (available to buy in USD, USDT and BTC). All exchanges where PPAY is available you can find on Coinmarketcap or Coingecko page of Plasma.Finance
xPPAY is the derivative token of PPAY, received automatically when you stake PPAY in the PPAY Savings pool: https://apy.plasma.finance/#/savings/manage/0x9Fd1d329BB687fef164F529f6F6DcD6f69e7b978. You will be able to see the rate of exchange when you access the Staking page. Alternatively, you can buy xPPAY on PlasmaSwap DEX.
When the IDO is completed, a liquidity pool is automatically launched on PlasmaSwap DEX in the same token pair you bought the tokens for. Anyone can also open a trading pool on the DEX after this, using at least 30% of the raised asset. You can, of course, trade this token across any DEX from Plasma.Finance
The tokens you buy may be locked and vested for a certain period, and you can always claim unlocked tokens at any time as they become available from the IDO Page or Portfolio.
Each IDO on SpacePort has 2 rounds:
The first round is for xPPAY holders only. Model of the 1st round: First-come, First-served (FCFS). This round has a duration of only 15 minutes and available only for investors who hold at least 20,000 xPPAY.
The second round is for everyone. Model of the 2nd round: First-come, First-served (FCFS). This round's duration is set by the project and can be from 5 minutes until 1 month. Anyone can participate in this round.
If the project has KYC (investor verification system), you need to apply for that before IDO to have the ability to participate in it.
If you don't have enough ETH or another token to invest in IDO, you can always purchase it using a credit card or bank wire, using our fiat-on ramp system on the Market Page.
Anyone can freely create a token and initiate an IDO for it (including fake versions of existing tokens). It is also possible for token developers to mint near-infinite tokens and dump them in the market. Potential investors in IDO must conduct their own due diligence of any issuer, cryptocurrency, token or token-based security. Investing in cryptocurrencies, tokens and token-based securities is highly risky and may lead to a total loss of investment.
If you have proof or information that one of the IDO on Spaceport is a scam/fake, please contact our support (spaceport@plasma.finance) to check and block it.