For every new emerging blockchain ecosystem, launchpad plays an important role to support and leverage new projects inside the ecosystem. From developers’ perspective, it was hard to raise funds from investors in a traditional way. Thanks to blockchain technology, they can now launch their ideas on different platforms to get support from the community.
Since the beginning of 2021, the Solana ecosystem has been growing at a fast pace. Multiple new projects were being developed on Solana to inherit the advantages of blockchain platforms and the support from strong communities.
The rising number of new projects seems to be unstoppable. To meet the demand, there are at least 7 IDO platforms on Solana. In addition, in this article, I will walk you through how to participate in an IDO on an IDO platform of Raydium - AcceleRaytor.
So let’s get started!
What is AcceleRaytor?
AcceleRaytor is an IDO launchpad by Raydium that focuses on accelerating the growth of the Solana ecosystem. New projects can register to AcceleRaytor to raise capital via the token sale on the platform. It receives strong support from the Raydium community network.
To participate in IDOs on the platform, users need to have RAY tokens staked to participate in the IDOs. This will raise the demand for the RAY token. In addition, the more RAY you stake, the more lottery tickets you’ll have when there is an IDO. At the moment, 7 Solana-based projects were launched on the platform. Those IDOs were filled with hundreds of percentages.
The upcoming project launched on AcceleRaytor is DeFi Land which is a multi-chain financial gaming platform. It had its first token sale on the IDO platform Solanium to raise 100,000 USDC from investors. This possibly means the launchpad sector of Solana is heating up.
How AcceleRaytor selects whitelist winners
To participate in IDOs on AcceleRaytor, investors need to stake RAY tokens into pools. There are three types of stake pool accessible for investors:
- RAY pool: This is the most popular pool for investors. They stake RAY in the single-sided staking to participate in IDOs.
- Community pool: This pool is for the community, meaning both Raydium users and others have a chance to participate in IDOs. However, due to inefficiency, there was only one IDO of the Media project using this pool.
- Private pool: This pool is for investors whitelisted by the project launching IDO on the platform. The project team will announce the whitelist before the IDO.
Currently, the platform doesn’t use the Community pool for IDOs since it gained little success. As a result, AcceleRaytor is now focusing on launching IDOs requiring investors to stake RAY into the single-sided staking for participation. While staking in the Ray pool, stakers will receive lottery tickets to get a chance to win a token allocation.
To get the lottery ticket, participants have to stake RAY on the platform before the IDO launch. There will be two snapshot deadlines determining the ticket allotment. The lottery system will select the allocation winners.
- Eligibility: Stake at least 100 RAY in the single-sided staking before the 7-day staking deadline. Participants have to deposit USDC once the pool opens. RAY must be staked during this process.
- Lottery ticket: 1 ticket for every 100 RAY staked, maximum 5 tickets for each participant. If they stake more than 500 RAY, they will receive only 5 lottery tickets.
- This will reward long-term RAY stakers to be eligible for both the 7-day and 30-day deadlines. This means they can receive more tickets in addition to 7-day deadline tickets.
- Eligibility: Stake at least 50 RAY in the single-sided staking before the 30-day staking deadline. Participants have to deposit USDC once the pool opens. RAY must be staked during this process.
- Lottery ticket: 1 ticket for every 50 RAY staked - maximum 5 tickets, and 1 additional ticket for every 1,000 RAY staked.
The pool opens:
- Tickets: Users receive tickets as above, and they need to deposit USDC for every ticket they wish to enter.
- Deposit: 100 USDC for each lottery ticket to be counted in the lottery system. The deposit must be in multiples of 100 USDC.
Lottery: The pool is closed to start the lottery system, then winning tickets will receive a 100 USDC allocation.
Preparations before participating
Before participation, you have to prepare the following requirements:
- Solana Wallet: You can use Solana Wallet on Coin98 Wallet or other SPL wallets such as Fantom, Sollet, Solflare, etc.
- RAY tokens: Since IDOs on AcceleRaytor require RAY staked. You can buy RAY on Coin98 Exchange right here.
- USDC: Investors need to deposit USDC into the token pool corresponding to your lottery tickets once it is open for sale.
Stake RAY to participate in IDO
Step 1: Go to the Raydium website: https://raydium.io/
Click Launch app to the AcceleRaytor IDO platform.
Step 2: To connect the Coin98 Extension Wallet, click Connect on the top right corner of the website. Then select Coin98 Wallet. You can choose other SPL wallets.
Step 3: Click Staking on the menu panel then click Stake RAY to start staking.
Step 4: Enter the amount of RAY you prefer to stake and click Confirm.
You have successfully staked RAY tokens on AcceleRaytor. Now you need to wait for future IDOs.
Once the IDO is open, you will see the number of lottery tickets you own. After the lottery ends, you can see your winning tickets and claim your winning tokens (or claim USDC if you’re not lucky enough).
Disclaimer: IDO is a fund-raising method that has the risky potentials of losing your investment. Therefore, be responsible for funds and consider carefully before making any investment decision.
FAQ about AcceleRaytor
What are some notable projects launched on AcceleRaytor?
- Star Atlas (ATLAS): An NFT game follows the metaverse trend that has recently released a video trailer with nearly 500k views on Twitter.
- Grape Protocol (GRAPE): It is a Solana-based social network that is decentralized and transparent. GRAPE token holders are rewarded with benefits corresponding to their membership tiers.
- Synthetify (SNY): A decentralized protocol that allows users to create and trade synthetic assets. And the protocol has Pyth Network provide the price feed from most trusted parties.
Is there any reward from staking RAY?
To participate in IDOs on the Raydium platform, investors need to stake RAY tokens in the single-sided staking. Besides the IDO participation, they will earn additional RAY tokens with an APR of over 20%. You can earn RAY by providing liquidity on the platform.
What is the TVL of Raydium?
Has Raydium been audited?
The audit process is undergoing by Kudelski Security.
Launchpad is a must-have part of any blockchain ecosystem since it helps new projects to raise funds and get support from the community. AcceleRaytor is one of the core features of Raydium, leveraging projects with its supportive community. Therefore, we can expect many future prominent IDOs launched on the platform.
And that is all you need to know to participate in an IDO on AcceleRaytor. Hopefully, this article can help you get started on AcceleRaytor with the Coin98 Mobile Wallet and the Coin98 Extension Wallet.
If there are any questions, please feel free to comment below or join Coin98 Community for further discussions about Crypto!