Discover Polkastarter's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Polkastarter?

Polkastarter (POLS) is a decentralized token crowd sale platform for crypto projects looking to raise funds. It is a cross-chain decentralized exchange (DEX) built on Polkadot, supporting multi-chain token sales and liquidity pools. The native POLS token is used for transaction fees, community governance, and staking to earn rewards. It also grants early access to token pools and auctions on the platform.

How is Polkastarter used?

Polkastarter (POLS) is a utility token that serves several functions within the Polkastarter ecosystem. Here are some key ways POLS is used:

  1. Liquidity Mining: POLS is used for liquidity mining, which incentivizes users to provide liquidity to the platform.

  2. Governance: POLS holders have the power to vote and propose recommendations about Polkastarter’s growth, including ideas for additional features, token utility, and platform-listed tokens.

  3. Transaction Fee Payment: POLS can be used to pay for platform transactions.

  1. Participation in POLS-only Pools: POLS holders can participate in token pools and auctions exclusively available to POLS holders.

  2. POLS Power: POLS is used to calculate POLS Power, which determines a user’s chance of participating in IDOs and NFT sales. The more POLS a user holds, stakes, or provides as liquidity, the higher their POLS Power and the greater their chances of being selected for IDOs and NFT sales.

  3. Staking: Users can stake POLS to earn staking rewards, which are distributed based on the percentage of POLS staked by each user.

  1. Access to Token Pools: POLS staking is required for access to token pools, and pool creators can limit access to POLS holders for a reduced fee on swapped funds.

These uses make POLS a central component of the Polkastarter ecosystem, facilitating various activities and incentivizing user participation.

How do I store Polkastarter?

To store Polkastarter (POLS) tokens, you can use a cryptocurrency wallet that supports Ethereum (ETH) or BNB Smart Chain (BSC), depending on the network where you purchased your POLS tokens. Here are the steps:

  1. MetaMask Wallet:

    • Go to the MetaMask website and follow the instructions to set up your wallet.
    • Ensure you are on the correct network (Ethereum Mainnet or BNB Smart Chain) depending on where you purchased your POLS tokens.
  2. Other Wallets:

    • You can also use other desktop wallets that support the respective networks. However, MetaMask is highly recommended for a seamless experience.
  3. Security:

  • Always keep your wallet secure by using strong passwords and keeping your recovery phrases safe.
  • Regularly update your wallet software to ensure you have the latest security patches.

By following these steps, you can securely store your POLS tokens and participate in Polkastarter IDOs and other activities.

How to buy Polkastarter?

To buy Polkastarter (POLS) tokens, you have several options:

Option 1: Centralized Exchanges (CEX)
  • Binance: Create a free account, verify your identification, and then use fiat money to buy POLS directly with USD or other supported currencies.
  • Coinbase: Sign up for a Coinbase account, add a payment method, and then search for and select Polkastarter to purchase with your local currency.
  • Kraken: Buy POLS directly with USD or EUR on Kraken's platform.
Option 2: Decentralized Exchanges (DEX)
  • Uniswap: Use MetaMask to connect to Uniswap, swap ETH or another ERC-20 token for POLS.
  • PancakeSwap: Use MetaMask to connect to PancakeSwap, swap BNB or another BNB Smart Chain token for POLS.
Option 3: Crypto.com
  • Direct Purchase: Buy POLS directly with fiat currencies like USD, EUR, or GBP using your credit or debit card on Crypto.com.
Additional Information
  • Token Details: POLS is the native token of Polkastarter, a decentralized protocol for launching new blockchain projects. Holding POLS is required for allowlist eligibility in Polkastarter IDOs.
  • Token Contracts: The Ethereum token contract is 0x83e6f1e41cdd28eaceb20cb649155049fac3d5aa, and the BNB Chain token contract is 0x7e624fa0e1c4abfd309cc15719b7e2580887f570.

Remember to carefully consider your investment decisions and understand the associated risks before buying POLS.

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History of Polkastarter

Polkastarter (POLS) is a decentralized fundraising launchpad or DEX that helps early-stage crypto projects raise capital via Initial DEX Offerings (IDOs) in a safer, fairer, and cross-chain environment. The project was founded in 2020 by Daniel Stockhaus, Tiago Martins, and Miguel Leite, who drew inspiration from the non-DeFi app Kickstarter.

Founding and Early Development

Polkastarter was launched in September 2020, initially on the Ethereum blockchain after a pivot from Polkadot. The founders raised $875,000 for product development from industry investors and launched the POLS token shortly after. The platform aimed to address issues faced by other DEXs, such as volatility, uneven token distribution, and liquidity rug pulls, by introducing fixed swap pools that maintain a fixed token price during its launch.

Key Features and Milestones
  • Fixed Swap Pools: These pools ensure that the token price remains fixed throughout the sale until the initial supply is purchased, providing a secure environment for token sale investors.
  • Cross-Chain Support: Polkastarter supports the sales of tokens on various Layer 1 and 2 chains, including Ethereum, Polygon, Celo, and Avalanche.
  • IDO Projects: The platform has launched over 100 projects, raising over $45 million, with 30,000 unique participants and 80,000 funding participations across various sectors like GameFi, DeFi, Web3, and NFTs.
  • POLS Token: The native token is used for network fees, governance, and whitelisting participants. Users need to hold at least 250 POLS to participate in IDOs.
  • NFTs: Polkastarter has launched its own range of NFTs, Paulie Diamond Hands, which provide added benefits to loyal POLS holders.
Price History

The POLS token started trading at $0.0015 on Uniswap in September 2020. It rose steeply in early 2021, reaching an all-time high of $6.47 in February 2021. The price then fluctuated, falling to under $0.70 by April 2022. The all-time low was $0.12 in October 2020.

Polkastarter continues to evolve, focusing on building a public, fair, and secure on-chain fundraising platform with an independent and decentralized vetting process for upcoming projects. The project's future looks promising, with continued adoption and new IDO projects each quarter.

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How Polkastarter works

Polkastarter (POLS) is a blockchain-based platform designed to facilitate the creation of cross-chain token pools and auctions. It aims to simplify the token launch process, providing a secure environment for both investors and projects. Here's an overview of how POLS works:

Key Features
  1. Native Utility Token: POLS is the native token of Polkastarter, serving multiple purposes within the ecosystem, including liquidity mining, governance, transaction fee payment, and participation in POLS-only pools.

  2. Staking: Users can stake their POLS tokens to earn rewards and gain access to token pools. Staking POLS tokens locks them for seven days, during which time they cannot be withdrawn. After the lock period, users can withdraw their POLS tokens at any time.

  3. POLS Power: POLS Power is an aggregator that calculates the eligible POLS balance across various sources, including staked POLS and POLS in wallets. It determines the chances of participating in IDOs and NFT sales. Users with more POLS have higher chances of being selected.

  1. Allowlisting: To participate in an IDO, users must get their wallet addresses on the allowlist. This can be achieved by holding POLS tokens for at least seven days, holding POLS liquidity provider tokens on Uniswap or PancakeSwap for at least seven days, or by staking POLS.

  2. Token Pools and Auctions: Polkastarter allows projects to create token pools and auctions, which can be accessed by users who meet the allowlisting criteria. Pool creators can set fees and limits for pool access, and POLS stakers earn a percentage of these fees.

  3. Governance: POLS holders have a say in the governance of the platform, allowing them to vote on and propose platform enhancements.

  1. Incentives: Polkastarter offers staking rewards to users who stake their POLS tokens, providing an incentive to participate in the ecosystem.

  2. Security: The platform ensures a secure environment for both investors and projects, reducing the risk of scams and fraudulent activities.

  3. Interoperability: Polkastarter aims to bridge the gap between different blockchain networks, enabling the creation of cross-chain token pools and auctions.

  1. User-Friendly Interface: The platform provides a simple-to-use launchpad, making it easier for users to launch and participate in token pools and auctions.

POLS tokens are available on various cryptocurrency exchanges, including Uphold, Kraken, and decentralized exchanges like Uniswap and PancakeSwap.

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Polkastarter's strengths

The token Polkastarter (POLS) has several strengths that contribute to its utility and value within the Polkastarter ecosystem:

  1. Governance: POLS token holders have the ability to vote on crucial matters such as protocol features, token listings, and fee structures, ensuring that the community has a say in the platform's development.

  2. Staking: POLS can be staked to earn rewards, which incentivizes users to hold and stake more tokens. This staking mechanism also grants access to token pools and provides liquidity to the platform.

  3. Liquidity Mining: POLS can be staked to participate in liquidity mining, which rewards users for providing liquidity to secondary markets.

  1. POLS Power: The POLS Power system allows users to accumulate points based on their POLS holdings and staking, which increases their chances of participating in IDOs and NFT sales. Higher POLS Power levels also grant additional benefits such as increased ticket values and the ability to skip cooldown periods.

  2. Cross-Chain Interoperability: Polkastarter's integration with Polkadot enables cross-chain token swaps, making it a versatile platform for users to interact with multiple blockchain protocols seamlessly.

  3. Decentralized Fundraising: Polkastarter provides a decentralized platform for new projects to raise funds through cross-chain auctions and token pools, promoting a democratized and interoperable DeFi ecosystem.

These strengths collectively contribute to the utility and value of the POLS token, making it a key component of the Polkastarter ecosystem.

Polkastarter's risks

Polkastarter (POLS) carries several financial risks that investors should be aware of. These risks include:

  1. Market Volatility: Cryptocurrencies are known for their high volatility, and POLS is no exception. Market fluctuations can cause significant changes in the token's value, leading to potential financial losses.

  2. Impermanent Loss: Providing liquidity on decentralized exchanges like Uniswap and PancakeSwap can result in Impermanent Loss, where the value of the liquidity provider's assets decreases due to price changes in the assets being held.

  3. Smart Contract Risks: Staking tokens involves smart contract risks, which can lead to potential losses if the contracts are not secure or if there are bugs in the code.

  1. Risk of Fraudulent Projects: Despite Polkastarter's due diligence process, there is still a risk that fraudulent projects or scams may be listed on the platform, which can result in financial losses for investors.

  2. Security Risks: Investing in projects through Polkastarter carries the risk of security vulnerabilities or faulty code in the projects themselves, which can also lead to financial losses.

  3. Risk/Reward Score: Polkastarter has been given a medium to high Risk/Reward Score by InvestorsObserver, indicating that it is a relatively moderate to high-risk investment.

These risks highlight the importance of thorough research and caution when investing in POLS or participating in the Polkastarter ecosystem.

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Did Polkastarter raise funds?

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Polkastarter’s team

  • Daniel Stockhaus: Co-founder and CEO of Polkastarter, with extensive experience in marketing and digital online presence.
  • Tiago Martins: Co-founder and CTO of Polkastarter, an experienced software developer with a number of successful projects and startups under his belt.
  • Miguel Leite: Co-founder of Polkastarter, with over 10 years of experience in building tech companies.

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