How does Astronaut setup IDO’s?
The simple process you receive on your end, is not quite as simple on our end.
This article is to help you better understand and clear questions that pertain to who we launch, why we launch them, and how we get projects into the IDO launch stage:
Astronaut starts off every IDO with conversations between our team and the project that want to launch. These projects then get scheduled for a live AMA on the Astronaut telegram to introduce their token and idea. Conversations usually end off on a live voice chat between the Astronaut team and potential IDO project.
What makes projects most attractive is their use case and a mix of their marketing plan. Projects are required to have some type of community before launching on Astronaut to ensure a mix of investor interest and the ability for price movement at launch.
We then receive feedback from the community regarding what they thought of the AMA and if to consider them for a launch.
If the community is not impressed: conversations stop there.
If the community has interest in launching them: we go to the next step.
The negotiations then go back to private where we get introduced to the potential IDO team and do further due diligence about them. Some information that is collected is
- The amount of the raise they are looking for
- How funds will be used
- In depth marketing plan
- Team locations and willingness to vest tokens
- Willingness to KYC
- Times and dates they are looking for
If we feel at any point that any of these questions were answered in a shady manner or they have no interest in vesting / allowing us to audit their contracts prior to launch: we automatically reject them. (We have done this with 2 projects already which had high potential launches and it ended up being the right move to reject them)
If we feel that the project seems legitimate: we move to the next step of KYCing them through a third party.
Nonetheless, if the conversation has gotten to this point we schedule a date to host the IDO.
This scheduling consists of the $NAUT tiering schedule (time) and the IDO commencing schedule (time).
This is followed up with banners and back end work. We implement the potential IDO’s logo, and information on our UI. We create graphic art to post onto Medium posts, Twitter posts and the rest of the socials. Furthermore, we help push marketing efforts with influencers, contests and videos about our new IDO partners.
From here, we wait until the date of the IDO gets closer (about 2 days before) and start spam announcing when staking will open and time slots. After the IDO successfully completes we send over the raise to them minus our “IDO launching fee” (which we use for marketing the IDO and developments on the NAUT platform) . It is up to them at this point to decide on the hour and exact time they want to push liquidity into the DEX. (we will make sure to have these times confirmed prior to the commencement of the IDO)
NOTE: delays can happen very often in this process as you see there are two sides to the IDO. The delays are usually from the opposing party as they get all their work together. We have to wait on them for multiple confirmations including, joint marketing, announcements, the tokens, scheduling and communications.
This process might seem like it can be done very fast and simple but it usually requires much negotiation, thought, advice, and execution. Astronaut will go through this long process for every IDO to ensure the community understands what they are investing in, and to protect them.
We will also help support the projects launching on Astronaut’s platform to give them the edge. Astronaut does not have any responsibility regarding projects that do not follow through on building a community prior to a launch. We can reject the IDO at any time during the process if we feel the effort wasn't made on the opposing parties side or new information that was unknown pops up. Our main goal is to give our community the ability to make some hefty returns.
We will say it once again: DYOR on every project, do not just buy into any IDO because it is available.
