Starlaunch is the IDO launchpad and accelerator for Solana that is protected by insurance.
The blockchain industry is expanding at a tremendous rate, giving both institutional and retail investors thousands of opportunities to generate wealth from new projects and products. The problem is, risks are still high that their money could go to waste because of exploitation and team negligence, which are still prevalent in the industry today.
And to bring a viable solution to these problems, one platform has launched a service that provides insurance on investors’ ventures to protect their funds in case of catastrophic project failures.
StarLaunch CEO Aatash Amir and his team wanted to create a platform that can protect investors from exploitation and project mismanagement while giving them opportunities to profit from blockchain projects.
Their solution? Providing insurance on their ventures, allowing them to keep their funds intact in case of any risks that could potentially wipe out their investments.
What is StarLaunch?
Starlaunch is the first initial DEX offering (IDO) launchpad and accelerator for Solana that is protected by insurance. It shields participants from unwanted circumstances that could put their investments at great risk.
One of the platform’s significant goals is to bridge trusted and thoroughly-examined Solana blockchain projects and its community of backers. StarLaunch’s efficient matching is a win-win solution for both blockchain projects and investors as both sides would have a ready platform to meet each other, bringing much-needed speed to their progress.
StarLaunch Uses Solana
StarLaunch has selected Solana because of the blockchain platform’s reliable features such as scalability, predictability, and affordability. Solana has lower transaction fees for both users and developers and is capable of 400 millisecond block times. The more people utilize it, the faster it gets, which is ideal for a platform made for large-scale usage.
It is one of the fastest blockchains to date as evidenced by its 50,000 transactions per second (TPS) capability. And to put this speed into perspective, the Visa payment network has only 2,000 TPS, Ethereum has 15 TPS, and Bitcoin has a meager 7 TPS.
Solana achieves this ultra-speed through its Proof-of-History (PoH), which can handle high transaction throughput.
Advantage of Proof-of-History
Proof-of-Work (PoW) and Proof-of-Stake (PoS) protocols need real-time production of blocks and consensus on all nodes to validate a given transaction. PoH, on the other hand, hashes incoming blockchain events in real-time and time-stamps every transaction through its internal clock, which is also called sequential-hashing verifiable delay.
Through this process, it creates a cryptographic historical record of events as a function of time. The innovative thing here is that this record can be reassembled asynchronously regardless of network delays and time differences on local computer clocks.
The advantage of this process is that it adds both objectivity and functionality, which speeds the validation process and prevents any delay in the network.
To participate in the StarLaunch IDO, users must hold USDC-SPL (Solana Programming Language) tokens and SOL tokens in a Solana Wallet. This link has detailed instructions on how to create a Solana Wallet.
Participants can use Sollet, an open-source Solana web wallet, to convert native USDC from the Ethereum network to the Solana network. It can directly connect USDC to USDC-SPL.
STARS Token Launch
STAR’s IDO registration happened last October 24, 2021. StarLaunch will soon announce its IDO event, long-term roadmap, and market launch schedule.
How To Stake STARS Token
”Stake Only” and ”Stake and Lock” are the two ways participants can stake their STARS tokens.
Participants must also know that the STARS that will be staked but not locked will be subject to a 90-day day half-life which will have precisely 0.6% daily decay rate based on StarLaunch’s deflationary mechanics.
They also have the option to stake and lock their STARS tokens to bypass the decaying process and still generate Hydrazine, the platform’s secondary token, at the same time. Users must expect a fee of 50% of the prorated decay left in their lock period if they wish to unlock their tokens earlier.
STARS LP Staking
STARS LP are the only tokens allowed by StarLaunch to be staked on its website to earn STARS rewards instead of Hydrazine. STARS LP is designed not to undergo the decaying procedure, and the rewards earned by staking this token will continuously accumulate on every block.
Hydrazine (N2H4): Secondary Token
Through the staked STARS, participants will earn Hydrazine, also called N2H4, which they can use to have direct access to allocations. StarLaunch’s two-token deflationary model would encourage participants to be more cautious of the IDOs they will support.
The platform’s mechanism ensures that IDOs would only attract participants who genuinely believe in the project’s potential and are not just participating for purely monetary reasons.
Participants would receive larger allocations, and users who elect to exit participation would have the privilege to keep their STARS tokens, which would allow them to accumulate more Hydrazine for their next IDO of choice.
StarLaunch also allows users to sell their collected Hydrazine on users who want to participate in an IDO.
Star-Hydrazine Insurance Program (SHIP)
Star-Hydrazine Insurance Program or SHIP protects participants for three months post-initial DEX offering until the launched project has followed all the expected outputs.
If SHIP is activated, its payout will provide every IDO participant with a refund of their initial allocation amount. The best part here is that users don’t need to pay any additional fees to be eligible for this insurance.
StarLaunch’s sister platform, CardStarter, a decentralized accelerator, and swapping platform, was the first to test the insurance program, which has brought successful results.
Besides SHIP, StarLaunch has also established another measure to ensure that every project that wants to launch on its platform is legitimate and viable, to reduce possible risks for participants as much as possible.
The platform requires every project to undergo a 3rd party audit to thoroughly study their tokenomics, current stage of development, team background, overall roadmap utility, and other crucial aspects.
How to Participate in StarLaunch IDOs
StarLaunch allows users to participate in its IDOs through its dual token mechanism, which comprises STARS, a deflationary token, and Hydrazine, a secondary utility token.
Here are the steps on how users can participate in IDOs.
- Users need to stake their STARS token in the StarLaunch Fusion vault to produce Hydrazine, which will be required to gain access to IDOs.
- Accumulated Hydrazine tokens are required to register for IDOs on StarLaunch’s web applications. Users will be given 72 hours for registration, and a 3-5 day window will follow for Know-Your-Customer or KYC screening.
- A day after the registration is closed, and KYC finalized, a 24-hour purchase window will start for the IDO event, and registered sale participants are required to claim their allocation during this timeframe.
StarLaunch has recently partnered with Wachsman, one of the world’s leading PR firms and strategy consultants in the blockchain industry, with headquarters in New York, Dublin, and Singapore.
This collaboration aims to capitalize on Wachsman’s international clout and communication expertise to bring StarLaunch’s message of innovation to various parts of the globe.
Communication is also an edge to stand out from the highly competitive blockchain industry, and Wachsman is highly capable of raising StarLaunch from the noise of the competition.
StarLaunch has finally provided investors complete confidence in jumping on the blockchain industry by providing them insurance that guarantees them protection from the risks that can threaten their hard-earned investments.