What Is Polkastarter (POLS)?

Polkastarter (POLS) is a decentralized fundraising platform built for cross-chain token pools and auctions. The network aims to allow projects to raise capital on a decentralized and interoperable environment based on Ethereum, Binance Smart Chain (BSC), Matic Network, and several other blockchains.

Additionally, the platform allows cryptocurrency projects to raise funds by setting up a swap pool defined by a fixed purchase rate for tokens (fixed swap pool). With the use of Polkastarter, the platform aims to facilitate decentralized projects to exchange and raise capital economically and efficiently.

According to the Polkastarter documents, in 2019, during the first initial decentralized exchange offering (IDO) on Binance DEX, DEXs had yet to gain much traction in the market. Fast forward to 2020, with DEX’s increased popularity, IDOs became an inexpensive way to get around the centralized initial exchange offering model and thus decreased the initial expense for a project’s token listing on Uniswap. With this, a substantial amount of liquidity was provided to a Uniswap pool. As a result, many investors influenced the crypto price by buying the entire pool in one swap. They increased the gas (cost to perform a transaction on Ethereum) on their wallet to purchase the entire newly created token pools at lower prices. 

The entire process led to wild volatility, and the AMMs (automated market makers) would dynamically adjust the asset’s price based on demand and supply. An automated market maker (AMM) is a decentralized exchange (DEX) protocol on which assets are priced according to a pricing algorithm. Additionally, increasing usage and popularity of platforms reinforced scalability issues. There is an increase in the fees for the Ethereum network followed by slow platform performance, leaving end users frustrated. 

As a solution to the aforementioned problem, Polkastarter was developed with the possibility of making both cross-chain swaps and fixed swap pools (powered by the Polkadot ecosystem). Furthermore, this feature aims to provide higher throughput for efficient transactions while staying connected to the Ethereum Network and other blockchains for liquidity. This has eliminated the scenario of decentralized finance being tied to one chain. With this feature, the platform caters to consumers' demand for cheap transactions, fast and secured swaps, user-friendly design, and ease of buying and moving assets between blockchains. Additionally, Polkastarter has the following use cases:

• Closed over-the-counter deals with password protection

• Discounted sales with whitelisted addresses. Whitelisted refers to a list of identified and allowed cryptocurrency addresses, computer programs, individuals, or institutions.

• Token pools, including Dutch and sealed-bid auctions

• Crowdfunding

Lastly, POLS token is the native token of Polkastarter. Within the network, the token aims to offer the following utility:

1. Governance: Token holders can vote on product features, types of auctions, token utility, and which projects get featured by Polkastarter.

2. Fees: Transaction fees to be paid in POLS

3. Staking for pool rewards and pool access

4. Liquidity mining

History of Polkastarter (POLS)

Daniel Stockhaus, Tiago Martins, and Miguel Leite are the founders of the Polkastarter. Stockhaus is the CEO and a serial tech Entrepreneur. Martins is the CTO and a passionate product builder. Miguel Leite is a blockchain enthusiast and an Ethereum maximalist.

How Are Polkastarter (POLS) Tokens Staked? 

Instead of keeping POLS tokens in the wallet, staking enables POLS token holders to stake their tokens on-chain.

• Staking for Pool Access

In the case of high-demand pools, there can be limited access to the network and liquidity contributors. Whitelisting and password protection could provide additional limits. Nevertheless, POLS tokens can be used as a coordinating mechanism to align the interests of the entire Polkastarter community. Therefore, the community members must stake POLS tokens to access certain token pools.

• Liquidity Mining

To incentivize participation in daily token pools, the platform envisions launching a liquidity mining program concurrent with MVP launch on Ethereum. The platform aims to give out a fixed amount of POLS tokens daily through this program. All liquidity providers will receive the token on a pro-rata basis. 

Additionally, liquidity providers can claim their token rewards after 24 hours and have seven days to claim their reward tokens on the platform dashboard. Unclaimed POLS will be sent back to the rewards pool for later distribution.

How Many Polkastarter (POLS) Are There?

The total supply of the POLS token is 100 million.

How to Buy Polkastarter (POLS)

The POLS token can be purchased through centralized exchanges, including Coinbase.