Welcome to the Future of Crowdfunding: Dive into the Open Pool with Us
Dear $PAID Community,
Big things are happening, and we’re extremely excited to bring you along for the ride. We’ve been all about pushing the boundaries in the blockchain industry from day one, and now, we’ve just announced a game-changing update in how we do crowdfunding.
We’re not just talking tweaks here; we’re stepping into a whole new era, and you’re an essential part of this journey. In the next few paragraphs, we’ll break down what’s changing, what it means for you, and how you can be a part of this exciting new chapter. So, let’s jump in and see what the future holds!
A Glimpse into the Past: Previous Participation Mechanics
Let’s take a moment to look back at where we started. It’s been a wild ride full of challenges and triumphs, especially when it came to how you, our community, could jump in and grow with us.
We kicked things off with two main pools: Moon and Galaxy
Moon Pool: This was our way of making every token count. For every 1,000 $PAID tokens you staked, you snagged a lottery ticket, a chance to strike gold in our ecosystem.
Galaxy Pool: For the big players staking 75,000 $PAID tokens or more, the Galaxy Pool was your ticket to guaranteed IDO allocations. It was our hat tip to your belief and commitment.
But as the industry evolves, so must we. Recognising the need for a more inclusive and sustainable model, we’ve been hard at work, crafting a new participation paradigm. But before we peek into the future, it’s essential to appreciate our roots, to understand where we began and why change became not just desirable but essential.
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.
Imagine a platform where all barriers to entry are broken, and opportunities are democratised — a 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 a configurable user limit to the number of tokens a user can buy. This user allocation limit will be determined by an automated process that takes into account a number of factors including the projects raise requirements. for example, there will be different individual user limits for a project raising $1million compared to a project raising $10 million.
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.
Participation Fees: Engaging in the Open Pool comes with a fee — 10% for regular sales and 15% for private ones. While this might raise eyebrows, understand that this fee is the lifeblood of a circular token economy, ensuring sustainability and growth.
The Early Pool: For our loyal Early 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 ‘Early Pool’ for users who have at least 75,000 PAID tokens staked.
Explanation of Hybrid Capabilities of Early Pool:
The new ignition system we currently have transcends the limitations of the past, offering a highly flexible and customisable model.
Ignition v2 enables us to tailor each launch on a case-by-case basis, allowing for the modification of a wide range of parameters.
Regarding the Early Pool, we employ a hybrid model capable of operating in both uncapped and capped capacities.
For instance, if a project requires us to configure the Early Pool in an uncapped manner for any reason, we can accommodate this. In the uncapped configuration, over 75,000 $PAID stakers can have unrestricted access.
Conversely, the hybrid model also includes a capped, high-tech option. This approach is based on guaranteed allocations determined by your holdings; for example, staking 75,000 yields 1 Allocation, 150,000 staked yields 2 Allocations, and so on. The cap size for each project launch is calculated based on the number of individuals with stakes exceeding 75000, ensuring efficient allocation distribution among them. This process is fully automated.
Thus, due to the model’s versatility, a launch can be executed either in a capped or uncapped manner. Regardless of the approach, early access to launches remains constant. If you miss the opportunity to participate initially, you will be given prioritised access to the open pool. Additionally, there is also the opportunity to participate in the standard open pool.
We have invested considerable time and energy in ensuring that the model remains adaptable and responsive to both current and future needs.
Summary:
- Capped Raises: Every 75,000 staked equates to 1 Guaranteed Allocation.
- Uncapped Raises: First-Come-First-Serve (FCFS) Early Pool access for those with 75,000 or more staked.
The participation fee for Early Pool is 10% applicable only to your desired allocation amount.
Channelling Revenues: A Circular Token Economy
$PAID v2’s New Circular Economy
The updated $PAID v2 token economics and additional token utility aims to establish a self-sustaining economic cycle, continuously generating value for the protocol as well as its users.
Dissimilar to many other protocols present, $PAID v2’s profits derived from its operations, including transaction fees and investment returns, will be reinvested into the system, providing rewards to its devoted user base.
The sources of value for $PAID are:
- 2% transaction tax on staking and unstaking activities.
- Participation fees collected from crowdfunding activities. They are designed to collect 10% of the total investment amount only from crowdfund participants.
- The use of the collected participation fee will be used for $PAID token buybacks for burning, dual-sided liquidity provisioning, marketing and lastly, to fill the PAID Community Fund for future investments.
Example #1 — The Detailed Example of $PAID’s New Circular Economy
The above diagram (Example #1) depicts the complete circular economy of Ignition v2.
Let’s break it down from the perspective of start-to-end money flow.
$PAID’s Circular Economy Explained: Examining The Money Flow Based On Example #1 Above
Let’s imagine the $PAID team is supporting Project A’s fundraising activities with the intention to raise $1M USD.
Open Pool participants are NOT required to hold any $PAID tokens to participate in the fundraise. Instead, they will just need to pay a percentage-based service fee on their investment amount, similar to how you would when you go to a restaurant or any service-based organisation.
$PAID whales will have guaranteed allocations in the Early Pool and they will also get a head-start in participating FCFS in the Open Pool. The wider community will participate in the Open Pool, on a first-come-first-serve (FCFS) basis.
The participation fee collected from the participants are then split into four activities, aimed at decreasing $PAID’s circulating supply, providing additional utility to the $PAID token and providing value for $PAID token stakers. The four activities are:
- Token Burn: Aimed at decreasing $PAID’s circulating supply and will involve $PAID buybacks on the open market to help facilitate this activity, thereby increasing $PAID’s scarcity.
- Liquidity Provisioning: Having deep liquidity is a strong signal for any project, it allows more trade volume with less slippage and provides a more desirable environment for traders.
- Community Growth & Marketing: To build a marketing treasury to help with $PAID’s business development activities and community building efforts. The larger the community grows, the greater the demand for $PAID will be.
- $PAID Community Fund: The Community Fund will be used to invest in early-stage projects (e.g. Seed / Pre-Seed) that would typically not be available to launchpads at all. The rewards of the Community Fund will be sold and converted to $PAID tokens and provided to $PAID stakers as incentives. The Community Fund is not only filled via the aforementioned participation fees but also the 2% on-chain tax applied to all staking related transactions.
The Early and Open Pool Dynamics: Accessibility and Balance
The introduction of the Early and Open Pool is more than just an addition; it’s a recalibration, ensuring that the scales of accessibility and privilege are balanced to perfection. Here’s how the interplay between the two pools will work:
Allocation Proportions: a portion of the total raise target is allocated to our Early Pool members, with the remaining balance directed towards the Open Pool. This distribution is highly configurable and ensures that both our long-standing supporters and the broader community have ample opportunity to participate.
Rollover Mechanism: In scenarios where allocations in the Early Pool remain unsold, they roll over to the Open Pool. This not only guarantees that our raise targets are met but also offers broader participation avenues for the public.
Priority Access for Early Pool: Early members will always be a step ahead, with the ability to secure their allocations 24 hours prior to the Open Pool’s opening. This early-bird window is exclusive to Early Pool members, ensuring their commitment is met with preferential treatment.
Early Pool’s Fluid Dynamics: The Early Pool will open its gates 24 hours (with configurable timing) before the Open Pool, giving Early Pool members ample time to make their decisions. Any unsold allocations then seamlessly transition to the Open Pool, ensuring maximum participation and optimal fund raises.
Early Pool Members in the Open Pool: If an Early Pool member misses their guaranteed allocation window, they still have 2 chances in the Open Pool. Firstly, on a FCFS basis alongside other Early Pool members before everyone else, then secondly, on a FCFS basis alongside the broader community.
Through these dynamics, we’re ensuring that every member, whether in the Early Pool or the broader public in Open Pool, has a fair, equitable and optimised chance to be part of our crowdfunding opportunities. The future of Ignition participation is about offering more avenues and ensuring every avenue is paved with fairness and opportunity.
Participation in Action: Decoding Scenarios
The essence of a robust system lies not just in its design but also in its execution. To ensure that every member of our community can navigate the new participation mechanics with ease, let’s walk through some common scenarios that bring clarity to the process:
Early Pool Priority: Imagine you’re an Early Pool member with 150,000 $PAID tokens. As the launch approaches, you’re granted a 24 hour window to secure both your allocations in the Early Pool. In this case, you’re eligible for two guaranteed allocations due to your staked amount.
Missed Early Pool Window: If, for any reason, you miss this window, fear not. You can transition to the Open Pool where you still have an opportunity to secure allocations. But remember, this will be alongside the other Early pool members on a FCFS basis. If for any reason you still haven’t secured your entire allocation, you can fill any remaining balance of your guaranteed allocation in the open pool on a FCFS basis alongside the wider community. This ensures you have 3 opportunities to secure your allocations according to your predefined user limit.
Joining the Open Pool: For those new to the $PAID ecosystem, or even our existing members looking to further their participation, the Open Pool offers a straightforward entry. Simply sign up for an Ignition account, connect your wallet and you’re set. If you’re eyeing allocations valued over US$1,000, a completed KYC will be required 25 hours before the scheduled launch.
Allocation Spillover: Let’s say the Early Pool doesn’t fully sell out its allocation. The remaining tokens will seamlessly roll over to the Open Pool, ensuring that our community has a broader chance to participate and our raise targets are being met.
How to Participate in Early Pool
The exclusive Early Pool is meant for the larger $PAID token stakers.
Early Pool offers early access and guaranteed allocations for every 75,000 $PAID tokens you have staked.
The size of your guaranteed allocations will be determined by an automated, highly configurable process as follows:
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.
24 hours before Early pool opens, a snapshot will be taken to determine the number of SPAID(minted to your wallet when staking on our platform) holders with a balance of at least 75000 SPAID in their wallet.
The allocation limit = Early pool raise split / number of SPAID holders with a balance of at least 75000 SPAID. Every multiple of 75000 SPAID held equates to an allocation, ie. 149 999 SPAID = 1 allocation.
Early pool will open 24 hours before Open Pool, giving ample time for you to fund your allocations. 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 remaining balance of your allocation limit. During this phase, you will be competing FCFS 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 until your predetermined user allocation limit has been reached, giving you essentially 3 opportunities to secure your desired allocations.
The participation fee for Early pool is 10% applicable only to your desired allocation amount.
KYC requirements: Any purchase above $1000, however, will require you to be KYC’d at least 25 hours before the opening of the pools. If you have already KYC’d on our platform in the past, you will not need to KYC again.
In order to stay eligible for Early Pool, it’s necessary to have the 75,000 $PAID tokens (plus 2% staking fee = 76500 $PAID) staked at least 25 hours before the Early Pool opens, and those tokens must remain staked until the Project fundraise has concluded.
There will be a 2% staking or unstaking fee in place for staking related transactions.
For example: You have 1000 staked $PAID tokens. When you unstake, 20 $PAID tokens will be deducted. There is no unstaking period, which means the unstaked $PAID tokens will be immediately accessible after the unstaking transaction has completed.
There will be a 10% service fee in place for every fundraise contribution that is made through Early Pool. For example: you choose a contribution amount of $100. When you participate, $10 must be added to your total contribution.
Early Pool allocations that have not been funded within 24 hours will be carried over to Open Pool.
If you have tokens in multiple wallets, it is possible to combine these tokens to qualify for Early Pool. Participants can link as many of their wallets to their account as they want.
Please ensure that the participating wallet has enough balance to pay the 10% participation fee in addition to your desired purchase amount to secure your allocation(s).
How to Participate in Open Pool
Ignition’s public Open Pool is accessible to everyone! There is no requirement of holding a specific amount of $PAID tokens to participate in this pool.
All you need to participate in Open Pool is an account on Ignition.
The KYC process is only mandatory when buying over $1000 worth of tokens. If you choose to opt out of the KYC process, the contribution amount to Open Pool fundraises needs to be below $1000.
There will be a 10% service fee in place for every fundraise contribution that is made through Open Pool. For example: you choose a contribution amount of $100. When you participate, $10 must be added to your total contribution.
Open Pool works on a first-come, first-serve (FCFS) basis with users being limited to highly configurable allocation limits based on a number of factors, including project raise requirements.
We recommend all users to log in to Ignition ahead of time, before pools opens.
Please keep in mind that certain countries are restricted from participation in IDO fundraises on Ignition. You can check the list *here*. The citizens of these countries are not allowed to participate in the Open Pool.
Seamless Onboarding: Simplifying the Entry Point
Using Ignition should be as intuitive as it is exciting. As we usher in the era of the Open Pool, we’re committed to ensuring that every new member can easily find their footing within our ecosystem.
Here’s your quick guide to diving into the Open Pool:
Account Setup: Your gateway to Ignition begins with creating an account on our platform. It’s straightforward, secure, and your first step to exploring a new era of opportunities.
Wallet Integration: To interact with our ecosystem, you’ll need a digital wallet. Simply connect your wallet to your Ignition account, and you’re good to go.
Higher Value Purchases: We’re all for ensuring our community can participate at a level they’re comfortable with. If you’re looking to secure allocations valued over US$1,000, a one-time KYC process needs to have been completed at least 25 hours before the scheduled launch time. It’s a necessary step to ensure compliance and security for all members.
And that’s it! Three simple steps and you’re poised to engage with the Open Pool. We’ve streamlined the process to ensure it’s user-friendly, transparent, and efficient.
Welcome to the New $PAID 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 you’ve 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 you’re due to receive, and the launch prices. Watch your crypto work for you, with all the figures at your fingertips.
One-Click Claims: When it’s 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.
Embracing the Future Together
This is a pivotal moment, it’s vital to recognise that these changes are not just about enhancing the mechanics of participation but about redefining our journey together. The Open Pool is more than a feature; it’s a promise — a promise of inclusion, growth, and shared success.
To our Early Pool veterans, your support has been the bedrock of our progress. As we evolve, your role in our story remains as pivotal as ever. To our newcomers, your fresh perspectives and participation breathe new life into our ecosystem. Together, we’re not just building a platform; we’re cultivating a community that stands resilient in the face of change.
The road ahead is vibrant with possibility, and every step we take is guided by our unwavering commitment to you, our community. Let’s step into this new era with optimism and determination, ready to seize every opportunity and overcome every challenge.
Together, we are unstoppable. Together, we will change the game.
For more info, please read our Gitbook: https://paidnetwork.gitbook.io/paid-network/
Disclaimer: Mention of any specific projects do not constitute any endorsement or recommendation. Any tokens and strategies are not financial advice. Readers should conduct their own due diligence.
About PAID Network and Ignition
Ignition is PAID Network’s IDO Launchpad where our mission is to connect highly vetted founders with brilliant ideas for curated projects and offerings with crowd-sourced funding and best-in-class incubation tools and advisors to bring the vision of founders and creators to fruition for the benefit of all.
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