PolkaPet World IDO Launch Details & AMA Recap
PETS IDO Launch Details
As you would have seen on our various communications channels, we’re launching the PETS IDO at Block 809470 (Approximately 6:00 AM EST on October 28th), and ends at Block 810960 (Approximately 12:00 PM EST on October 28th). It’s the first IDO on our Eclipse Launchpad, so we wanted to provide you with all the info you need if you’re a user looking to contribute.
WHAT IS PETS?
PETS is the utility token for the PolkaPet ecosystem. It can be used for Staking, Governance, and in Play-to-earn. These three attributes work accordingly:
Staking:
- Stake $PETS for token rewards
- Stake $PETS for exclusive NFTs
- Stake $PETS to get PPW merch
Governance:
- Vote for new PolkaPet project partners
- Vote for artwork and visual communications
- Vote for community rewards
- Have your say on PPW games
Earn:
- From using partner products
- From games
- For artwork voted on by the community
Please refer to the PolkaPet World Litepaper for more information regarding this IDO, as well as more in depth information about the tokenomics.
When will the IDO start?
As mentioned, the PolkaPets IDO will start on Block 809470 (Approximately 6:00 AM EST on October 28th), and will be open for 6 hours.
What is the target amount to raise?
PolkaPets IDO has a total target amount of $100,000 for 333,333 PETS tokens. The target amount will be divided equally between the two pools: $50,000 for the basic pool and $50,000 for the unlimited pool.
How do I become eligible to participate?
In the PolkaPet World IDO you will need to stake at least 50 SOLAR in any of the vaults to be eligible to participate.
Which vault do I need to lock my Solar tokens for eligibility?
Depending on which of the vaults you make use of, and the amount of SOLAR that you lock, you will be granted a multiplier that will help increase your allocation of PETS tokens. Please refer to the previous Medium article for the exact amount.
When do I need to lock my Solar?
You need to have your 50 SOLAR locked in a vault before you commit to the pool, because the Eclipse platform will verify that your account holds the minimum balance before allowing you to take part.
Will the Vault lock time renew if I commit to the IDO?
When a user commits tokens to the IDO, the vault will renew the lock time. The IDO contract will renew all the user vaults.
I’m eligible, but how do I buy the PETS tokens?
You will need to form SOLAR/MOVR LP tokens in exchange for the PETS token allocation.
For more information, please refer to the documentation on how to create LP tokens.
Which pool do I commit my LP?
There will be two pools, but you will only be able to commit to one of them.
The Basic Pool: there is a maximum amount you can commit based on your multiplier. ($100 x your multiplier)
Unlimited pool: there is no cap on the amount you can commit. Your multiplier boosts your allocation, and there is a 1% participation tax (which is reduced based on the overflow of the pool). The participation tax will be used to buy back and burn SOLAR tokens.
Where can I see my Multiplier and my Max Commit?
All available information will be displayed within the UI of the Eclipse launchpad.
Am I guaranteed an allocation of PETS tokens?
All pools will use the overflow method, so no, there is no guaranteed allocation.
What do I do once the IDO has ended?
After the sale, you can claim your allocated PETS tokens as well as any unspent funds (in the event of overflow) from the Eclipse platform. The PETS tokens will be distributed accordingly: 30% at $PETS after IDO, and 70% over 3 months (3 distributions, one per month).
Hopefully this information gives you some guidance for taking part in the first launch on Eclipse. Take your time to go through all of our Docs to ensure you feel comfortable.
Good luck, and thanks for your support!
Keep shining.
More info about Eclipse: https://solarbeam.medium.com/solarbeam-eclipse-everything-you-need-to-know-4812b00065c9
