What is Solster? Everything you need to know about STR

Launchpads always play a crucial role in every emerging blockchain ecosystem. They’re acting as incubators, accelerating projects to reach their goals. Everyone comes to the launchpad with an expectation of a quick-rich scheme even with a small initial investment.

On Solana, Raydium and Solanium have gained initial successes by leading the launchpad sector. On the contrary,  Solster is a developing launchpad project. In Aug and Sep 2021, the Solster team conducted its IDO directly on their platform with a total of 560,000 USDC raised from the community.

The article below will provide all detailed information about Solster, including:

• What is Solster and the STR token? How does it work?
• Specific details about STR token and it’s tokenomic including its up-to-date price, key metrics, distribution and use cases.
• How to get a STR? Where to store it?
• Solster roadmap and updates & details about team, investors and partners.

Let’s get started!

What is Solster?

Solster Finance aims to build a DeFi ecosystem that includes a wide range of products and features, including:

• An IDO launchpad, the first strategic product of Solster.
• A DEX, allowing users to swap and stake on the platform.
• Lottery Platform, a peer-to-peer lottery giveaway.

The DeFi ecosystem model of Solster is similar to some existing projects such as Solanium, Raydium, especially PancakeSwap on BSC. There are some notable features of Solster, including:

• Low transaction fees thanks to the Solana blockchain technology.
• Projects raised funds that will be vested according to specific milestones.
• The Restrict Bot Program prevents automatic bots from interrupting the IDO process.
• Reward incentives are distributed to all STR token holders.

The platform mainly targets end-users by offering the finest financial products and user-friendly UX-UI related to Solana’s theme.

How does Solster work?

The Solster launchpad is decentralized and fair for all STR token holders. The IDO procedure includes three rounds and a tiered system. Participants are guaranteed to receive allocations depending on the number of tokens they have.

This trilogy IDO model ensures that users can access the IDO token sales. User Flow describes the required steps for IDO participation as follows.

Solster uses a tiered system to determine the guaranteed allocation for each participant in the pool. It is calculated based on the STR tokens they have. The tiers can be changed depending on the STR price in the future.

• Tier 1: Nano – 8% Pool Weight (14,000 Staked STR)
• Tier 2: Micro – 14% Pool Weight (26,000 Staked STR)
• Tier 3: Mega – 29% Pool Weight (50,000 Staked STR)
• Tier 4: Giga – 49% Pool Weight (75,000 Staked STR)

Governance on Solster is granted to a team of members who own the highest STR in the platform. The higher the staked amount of STR tokens, the more likely the chance of investors being elected to the team. They have a strong voice in voting on IDO projects screened by the Solster team. This unique feature strengthens the power of the Solster community. 

What is STR Token?

Solster has the STR token as its SPL token on the Solana blockchain. Its main function is to be staked to earn xSTR tokens determining which tier holders will be in. 

• Token staking for a selected period, users will be accessible to free airdrop, voting rights, and exclusive pools.
• Token vesting is from Bonfida vesting mechanism.
• Token burning will start from July 2022.

Detailed information about STR Token

STR Key Metrics

• Token Name: Solster.
• Ticker: STR.
• Blockchain: Solana.
• Token Standard: SPL.
• Contract: 9zoqdwEBKWEi9G5Ze8BSkdmppxGgVv1Kw4LuigDiNr9m.
• Token Type: Utility and Governance.
• Max Supply: 100,000,000 STR.
• Circulating Supply: Updating...

STR Token Allocation

The STR Token has a total max supply of 100,000,000 tokens distributed as follows:

• Token Sale: 26%
  • Private Sale: 22%
  • Public Sale: 4%
• Marketing & Rewards: 20%
• Team: 17%
• Ecosystem Development: 15%
• Liquidity & Launch Rewards: 15%
  • Liquidity: 14.5%
  • Launch Rewards: 0.5%
• Seed Investment: 4%
• Advisors & Partners: 3%

STR Token Sale

Solster plans to raise a total of $1.36M with the Private Sale and the Public Sale.

STR Token Release Schedule

• Token Sale: 26%
  • Private Sale: 22%; 10% TGE; 10% weekly linear vesting.
  • Public Sale: 4%; 30% TGE; 10% weekly linear vesting.
• Marketing & Rewards: 20%; 1 month cliff; 10% monthly linear vesting.
• Team: 17%; 3 months cliff; 10% monthly linear vesting.
• Ecosystem Development: 15%; 1 year cliff.
• Liquidity & Launch Rewards: 15%; Fully unlocked when launched.
• Seed Investment: 4%; 10% TGE; 5% weekly linear vesting.
• Advisors & Partners: 3%; 1 month cliff; 10% monthly linear vesting.

STR Token Use Case

Solster tokens are used in many cases, including:

• IDO Participation: Solster uses a tiered system that requires a certain amount of STR to be eligible for the IDO token sales.
• Governance: STR tokens will determine the voting power on the Solster platform. STR holders can be elected to become members of the governance team. This means the members will select IDO projects being launched on the platform.

How to get STR Token

STR tokens are now only available on BitMart and Raydium Swap with the STR/USDC pair.

Roadmap & Updates

Quarter 2 – 2021  

• Use Case and MVP Development
• Solster Website with MVP Release
• STR Token Development and Private Sale

Quarter 3 – 2021  

• Solster Launchpad Release
• STR Token Public Sale on Launchpad
• Application Acceptance for Launchpad Projects

Quarter 4 – 2021  

• STR Staking Platform
• New Staking Tiers
• STR Lottery Platform
• Token Vesting Platform

Quarter 1 – 2022  

• Solster Swap Program
• Solster DEX with User-Defined UI
• Governance Model

Quarter 2 – 2022  

• Token Burning will take effect at the end of the second quarter of 2022
• Release of Battle platform  Enhancement to DEX

Team, Investors, and Partners

Team

Darshit Parmar is the Founder of Solster Finance. He has working experience in small to large-sized tech companies in the IT industry. Furthermore, he has over 11,000 followers on his Linkedin, indicating the interest of the community in his project. 

Investors

Solster has formed partnerships with supportive VCs and CEXs. Together with 10 backers and investors, they have a solid community network that helps each other to reach the mutual goal.

Partners

Updating...

Is Solster (STR) a good investment?

To summarize, there isn’t any new project launched on the Solster platform. This is probably an opportunity for latecomers, although other investors made huge profits from previous IDOs on other launchpads. Solster has delayed the platform release for a while and the team is expected to release the IDO platform as fast as possible. There are some key highlights from Coin98 for investment considerations:

• Solster is technically powered by the Solana blockchain; therefore, users can have a seamless and fast experience with the platform. Every project built on Solana also has this cutting-edge advantage to compete with projects on other blockchain platforms. However, Solster has strong opponents in the Solana ecosystem such as Raydium, Solanium, Solstarter, etc.
• The minimum requirement for IDO participation on Solster is 14,000 STR staked. According to the Solster whitepaper, the tiered system can be changed to adopt the future price of STR. This means Solster puts everything into account before finishing the products.

Currently, only two IDO token sales are completed on the Solster platform to raise funds for itself. Since the STR token sales, the platform hasn’t launched any new project, let alone any hint or announcement.

Other IDO platforms are leading and dominating the Solana launchpad market and they are rapidly expanding to launch NFT projects. Solster is quite behind in the race since no project has been launched. Many wonder what the first project to be launched on the Solster platform will be DeFi or NFT? 

To conclude, Solster has a diversified business model, but it’s still on paper, not in operation. In my perspective, the success of any launchpad depends on the right timing of the team catching the correct market sentiment. 

And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.

Similar Projects

In the launchpad sector, Solster has to directly compete with other IDO platforms on Solana such as Raydium and Solanium with multiple successful launches.

On other blockchains: Solster has a similar operating model to PancakeSwap. 

Conclusion

Solster is going the right way since targeting the launchpad market of the new Solana blockchain. Moreover, Solster adopted the innovative model of a successful launchpad. On the other hand, the Solster team hasn’t launched any project, which makes Solster behind others. 

That is all you need to know about Solster and its STR token. I hope you’ve gained helpful insights to understand the potential behind Solster.

If you want to know further about Solster, please leave a comment below and join Coin98 Community for further discussions about Crypto.