πIntroduction to Ignition
https://ignition.paidnetwork.com/
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$PAID Ignition v2 is a next-generation crowdfunding platform, building towards a sustainable, circular token economy, aimed at accelerating curated, top-tier projects via crowdfunding from a large pool of users.
The Open Pool Era: A Paradigm Shift
In our continuous pursuit of innovation and inclusivity, we're thrilled to unveil the next big step in our journey: The Early and Open Pools.
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Imagine a platform where all barriers to entry are removed, and opportunities are democratisedβa Kickstarter for Web3, where everyone, whether a seasoned $PAID token holder or a newcomer, can capitalise on the next unicorn destined for greatness.
But what does this mean for you?
Open Access: Participation in $PAID Ignition launches will no longer be exclusive to $PAID token holders. Everyone gets a seat at the table, embodying our vision of a truly open and inclusive ecosystem.
The Open Pool is on a first-come, first-served basis and there will be no limit to the number of tokens a user can buy. A user allocation limit may in some cases be applied and will be determined by an automated process that takes into account a number of factors including the projects raise requirements. for example, if user limits are applied, there may be different individual user limits for a project raising $1million as opposed to a project raising 10 million.
The Early Pool: The exclusive Early Pool is meant for the larger $PAID token holders who have at least 75000 $PAID staked.
Allocation Rollover Mechanism: Any allocations left over in the early pool will automatically be rolled over to the Open Pool
KYC requirements: The KYC procedure is only mandatory when buying over $1000 worth of tokens. If you choose to leave out the KYC procedure, the contribution amount to Early and Open Pool fundraises needs to be below $1000. The KYC procedure must be completed 25 hours before your Early and Open Pool fundraises.
Understanding Our New Fee Structure
Participation Fees: Engaging with PAID Ignition's Early and Open Pools incurs a fuel charge of 15%. We acknowledge that this rate is higher than before. However, this strategic decision is essential for the health and sustainability of PAID's deflationary token economy. Here's why:
Deflationary Mechanism: Half of the fee revenue is utilized to purchase PAID tokens from the open market. Subsequently, these tokens are permanently removed from circulation (burned). This action leads to two key outcomes:
Market Impact: Each purchase creates a significant buy order, positively influencing the market.
Reduced Token Supply: Burning these tokens decreases the overall supply, inherently increasing the value of the remaining tokens.
Long-term Sustainability: By burning 5% of sale revenue in PAID tokens after each regular sale, we're ensuring that every token holder gains a larger share in the token's value. This process not only stabilizes but also has the potential to increase the token's worth over time.
Enhancing our Resource Pool: Our 15% fuel will significantly enhance our resource pool, allowing us to add more value to our circular economy while facilitating the expansion of our operations and our overall impact within the Web3 space.
Reinvesting funds back into our community: All of the value accrued from Fuel will be reinvested back into our community in the form of rewards for our stakers. This does not go into the pockets of Paid Network!
We understand that this change might initially be met with apprehension. However, it is a carefully considered strategy aimed at fostering long-term growth and value for our community. We believe that the benefits of this approach - a stronger, more resilient economy and enhanced token value - significantly outweigh the initial cost.
The Early Pool: For our loyal Galaxy Pool members, while the Open Pool introduces a new avenue, your allegiance to the $PAID ecosystem remains invaluable which is why we have created the βEarly Poolβ for users who have at least 75,000 PAID tokens staked. This pool will open 24H before the Open Pool and provide early access for your participation.
The size of your allocations will not be capped by default. User limits may be applied in certain cases as determined by the following processes:
The total project raise will be split between Open Pool and Early pool. The exact split between Open Pool and Early Pool will be configurable depending on the projects raise requirements amongst other factors. Any balances left over after Early Pool closes will automatically be rolled over and added to the Open Pool.
24 hours before Early Pool opens, a snapshot will be taken to determine the number of sPAID holders with a balance of at least 75000 sPAID in their wallet.
If, and only if, user limits are applied, they will be applied as follows:
The allocation size = Early pool raise split / number of sPAID holders with a balance of at least 75000 sPAID.
However, it is important to note that by default, there will be no user limits set.
Early pool will open 24 hours before Open Pool, giving ample time for you to fund your participation. If you miss this window for any reason, you will have the opportunity to join the Open Pool before the wider public to secure any desired participation amounts you have not already secured. During this phase, you will be competing FCFS (first-come, first-serve) against other Early Pool members in the Open Pool.
After this window has closed, you may still join Open Pool to compete for FCFS allocations with the wider public, giving you essentially 3 opportunities to secure your desired participation amounts.
The participation fee for Early Pool is 15%, applicable only to your desired participation amount.
KYC requirements: Any purchase above $1000, however, will require the user to be KYCβd at least 25 hours before the opening of the pools.
Chains is the Only Constant
In our pursuit of maintaining an edge we have extended our support to a myriad of new chains.
For the time being, we are ready to announce two of them, namely:
Arbitrum
This layer-2 represents one of the most promising scaling solutions for Ethereum, addressing concerns around gas fees and transaction speeds. Arbitrum will considerably enhance user experience by providing faster and cheaper transactions.
Avalanche
Avalanche is an open-source platform for building decentralised applications in one interoperable, decentralised, and highly-scalable ecosystem. Powered by a uniquely powerful consensus mechanism, Avalanche is the first ecosystem designed to accommodate the scale of global finance, with near-instant transaction finality.
These integrations herald a new era of inclusivity, broadening our reach by inviting participation in diverse blockchain ecosystems. They will lower the entry barriers for participants, irrespective of portfolio size, promoting a more democratic participation and inclusive growth.
New Vesting Portal
Experience simplicity and control over your digital asset investments with the all-new $PAID Vesting Portal. Our revamped platform offers a seamless interface for you to track and manage your participation in various project pools youβve successfully joined and funded. Here's what you can expect:
Effortless Tracking: Easily view all your pool participations in one place. Our intuitive dashboard shows you the status of each project, from completed to those in progress.
Transparent Vesting Schedules: Stay informed with clear vesting details, including Token Generation Event (TGE) percentages, cliff periods, and linear vesting timelines. No surprises, just complete clarity.
Real-Time Overview: Instantly view your allocation amounts, the tokens youβre due to receive, and the launch prices. Watch your crypto work for you, with all the figures at your fingertips.
One-Click Claims: When itβs time to claim your tokens, do it directly from the portal with a simple click. It's streamlined, straightforward, and secure.
Full Control Over Your Wallet: The portal connects directly to your primary wallet, ensuring that all transactions are as transparent as they are traceable. Rest assured, security is our top priority.
Tailored to Your Preferences: Use our filter tags and sorting options to navigate through your allocations, making your experience as customised as it is user-friendly.
The $PAID Vesting Portal is your gateway to the future of crypto allocations, delivering control, transparency, and ease like never before. Dive in and embrace a new era in crowdfunding.
New User Protection System
In our upgraded version of Ignition, there will be an option for a refund in case of any serious issues surrounding the launch, these can include issues such as liquidity provision issues, unfair treatment of our launchpad participants during launch by projects, rug pulls, or any other situation that is deemed detrimental to Ignition users. There is an adjustable lockup period in place during which a project cannot withdraw raised funds from Ignition, if we deem it necessary, a refund will be initiated and users will be able to get their tokens back from the platform. The standard lockup period on project funds is 3 days from the project's TGE, however this number is configurable.
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