As part of our adaptation to the changing market and growing community, we are prioritizing our Community Safeguard Initiatives implementation. As the IDO space evolves, these changes to our process are put in place in an effort to protect both the Thorstarter community and our project partners. The main goals of the Community Safeguards are:
- Protect community capital
- Reduce community liquidity lock up time
- Prevent bad actors and missed deliverables from projects
- Streamline launch transparency for participants and projects
- Help our Partner projects succeed with a community user base
- Build trust between community, Thorstarter, and Partners
1) Project Tokens — The entirety of the project tokens allocated for the IDO must be sent to Thorstarter prior to IDO date
This is to ensure the community has access to the project tokens on the agreed upon schedule
2) Project Team Token Lockup — Tokens vested for the project team, advisors, operational budget, etc must be locked according to the project vesting schedule timeframe or longer. If tokens go into circulation beyond the stated amount per vesting schedule, Thorstarter has the right to withhold future funding
This is to ensure tokenomics and vesting schedules are adhered to and the community funds are protected
3) Liquidity — The project must provide a minimum liquidity to a reputable DEX or CEX, based on the raise limit. Liquidity should be a minimum of $200k USD for a specified trading pair. The liquidity should be provided before TGE and locked for the entire vesting period.
4) Thorstarter IDO Price — the price of Project tokens in the Thorstarter IDO should be less than the price of token listing
This is to provide a benefit for users taking risk as early stage participants in the Thorstarter community and reduce the odds of a token price dump
5) Black swan event — Based on the participants deposited funds token price in an IDO, if the deposited token value lose more than 10% of value while in the smart contract waiting for TGE, we will auto refund participants
This is a protection based on lessons learned during the Terra depeg event
IDO and Post IDO
6) Raised funds release — Thorstarter will release the funds raised during IDO to a project based on the project vesting schedule
This ensures the project will keep their timeframes as we can withhold funds until vesting tokens unlocked/provided to the community or in the case of hacks/bad behavior/delays. Community can vote on release based on delays etc.
7) TGE date — The TGE date should be no more than 30 days from IDO. If a listing gets delayed Thorstarter can chose to refund participants funds and have a new sale based on TGE date
This is to prevent extended lockup of user funds and prevent undefined delays
8) Deliverables — If a project is not following their roadmap or project deliverables, Thorstarter will reserve the option to refund any unvested funds. This will be evaluated on a case by case basis
This is to protect participant funds from bad actors and teams who are not meeting obligations & expectations on deliverables with unreasonable delays and inactivity
9) Price Drop policy — if the token price drops by a 70% amount before 30% of token distribution, we reserve the right to refund out community their committed funds, no questions asked.
10) Partnership — we are committed to our community & partners and will work with the partners to ensure a successful launch and ongoing success of the project. By ensuring a fair IDO launch, projects will have the backing of a content and strong community behind their project moving forward
These safeguards are being implemented with all projects moving forward.
Thank you for being part of the Thorstarter community as we strive towards being the leaders in DeFi capital formation and IDO launches. WAGMI together
As always, feel free to continue the conversation in our discord https://discord.gg/2ukJRbSB and bring any questions and feedback.
Thorstarter is a first-of-its-kind model: a hybrid IDO launchpad meets decentralized investment DAO. TS functions as a decentralized VC firm offering an array of services to partner projects. From investing in promising projects, to helping them market and build community, to performing their token launches in the Thorstarter app, Thorstarter is a premium, full suite incubation and launch solution.
Thorstarter community members have the chance to invest alongside the Thorstarter treasury by entering Thorstarter Tiers with the $XRUNE token.
Thorstarter currently launches on THORChain, ETH, Terra, Fantom, and Polygon, with further chain expansions (such as Solana) happening in 2022.
⚡️ Website: https://thorstarter.org
⚡️ Telegram: https://t.me/thorstarter
⚡️ Telegram ANN: https://t.me/thorstarter_ann
⚡️ Twitter: https://twitter.com/thorstarter
⚡️ Medium: https://thorstarter.medium.com/
⚡️ Discord: https://discord.gg/gDB3WNub
️️⚡️ XRUNE ETH address: 0x69fa0fee221ad11012bab0fdb45d444d3d2ce71c
️️⚡️ XRUNE Terra address: terra1td743l5k5cmfy7tqq202g7vkmdvq35q48u2jfm
️️⚡️ XRUNE Fantom address: 0xe1e6b01ae86ad82b1f1b4eb413b219ac32e17bf6