It’s been a busy few weeks at KickPad, with a few launches and a few more now gearing up to be announced very soon. Through the past two weeks we have received some valuable insight and feedback regarding the IDO allocation system (both from the KickPad team as well as the community), and we are very thankful for all the views and opinions shared. The biggest thing we have seen and heard is:
“Allocation sizes must increase.”
And we agree.
KickPad’s platform has evolved a lot since the humble beginnings, but our goal and motto has always been to bring transparency and democracy to DeFi. As such, we loved the idea of guaranteeing spots for everyone possible in our IDO sales. We did not like the idea of lottery systems for KPAD stakers to get into the IDO sales, as we thought (and still think) that it is a way for sneaky teams to “game the system”.
However we are now seeing that KickPad has now become increasingly popular platform, which brings along with it an increase in userbase. And as users increase, allocations per person are reduced. What we see now is that these allocations must be increased in order to grant our stakers a larger share in the IDO rounds. And we are going to do just that.
Updates to IDO System, a Summary
We will keep this article as short and sweet as we can. There will be 4 main changes that will come into effect for the next IDOs:
- IDO round sizes have been optimized (and renamed) to give KPAD stakers higher allocation
- IDO participation requirements have been modified, to fix the allocation dilution and “watering down”
- Stakes will now be locked for 7 days
- UI Bugs have been fixed, which will result in less confusion on contribution amounts during sale
Updates, In Depth Details
Staking Rounds have new names and new details. More allocation has been given to the KickPad staker round. The minimum KickPad required to participate has also been increased.
Gold Round (90% of sale):
- 90% of tokens sold here
- Minimum staking requirement to join: 2500 KPAD
- The more KPAD you stake, the higher your allocation
- Allocation is calculated: (Your KPAD staked) vs (Total KPAD staked) as a percentage
- i.e. if 100 total KPAD is staked in the pool, and you have staked 10 KPAD, you get 10% of the allocation
Silver Round (10% of sale):
- 10% of tokens sold here
- This is for winners of the whitelist rounds
- NOTE: You cannot participate in Silver round if you participate in Gold round with the same wallet. When applying for whitelist events, make sure to use a different wallet address than your Gold round address
General Staking Updates — Important:
- The new requirement for 2500 minimum stake for IDOs means that we will create a new smart contract for the staking.
- All new stakes will be locked for 7 days.
- This will be live in a few days and we will announce to the community.
- This will be called the v2 staking contract
- You will need to un-stake your tokens in the v1 staking contract and add to the new v2 staking contract
- All of this will be done on the staking page on the KickPad website.
Update: A note from the team:
We’ve listened to you, and heard you.
Originally the idea of KickPad was to “guarantee” allocation to everyone we could. We wanted this as transparent and clear as possible.
However it is becoming obvious now that the levels of allocation are too low. Guaranteed allos are good, but it is understandable that we want to increase them.
Moving forward we have a v3 staking system that will be coming. This will include updated staking tiers, as well as changes to the allocations.
No longer will we be getting people “$6” worth of allocation. You have spoken, you have been heard, and we agree with you.
Honestly when this project began we did not expect so many thousands of you to be staking and supporting our IDO projects. As these numbers have increased, we need to re-envision our approach. As KickPad’s community and vision has grown from our more humble beginnings, we see that a process will not work as well for a staking community in the thousands, as it does in a smaller staking community.
We are seeing the allocation concerns, and we hear you. The v3 staking system will address these by ultimately increasing the minimum allocations in projects.
Thank you all, and thank you for all the great times so far.
The first 2 projects were ones that we believe in, and think will be great for the BSC community and infrastructure.
Moving forward we have a strong pipeline of terrific teams, ideas, and projects that will be coming to the KickPad.
We will continue working towards this goal.