The Polystarter IDO Selection Framework
Paramount: We always welcome innovative and fresh projects which are based on Polygon, if you are a developer and are looking to work and launch your IDO (Initial Dex Offering) with our launchpad, contact us at email@example.com
Our prime goal at Polystarter is to incubate and launch quality, fresh and innovative IDOs (Initial Dex Offerings) that can maximize the value and gains we provide to our investors and community members.
We believe in working and promoting ambitious and technically sound teams which can pride themselves in their work. Value creation for our investors and likewise shareholders is requisite.
Our IDO selection process is community and battle-field tested, nevertheless, we will continue to streamline and cleanse this exercise as we advance. We have explained our selection framework which consists of various criteria requirements and engagement specifics in this step by step detailed article, such that teams looking to launch on our platform can get clarity on our onboarding process. Our (Screening panel) shall follow this skeleton to select and launch projects with enormous potential.
The Polystarter IDO application process is overseen by our Screening Panel, which consists of team and community members, members of our advisory board, and leading industry experts who provide their own touch of decentralization, transparency and legality to the whole selection process. As we are continuously growing and adapting, the selection process is put in a fair and equitable way such that each IDO application is reviewed thoroughly and both organizations can work in synergy and habituate organic growth.
Our Stages of Screening (IEAAV)
- Initiation: Developers can submit all relevant project details on our website or contact us at firstname.lastname@example.org. No other mode of application communication shall be valid before a representative of the panel reaches out to the team. This initial information our panel receives will be termed as your “Opening application”, it would encapsulate basic details like project idea, proposal, team background, and core matter like whitepaper and website.
- Examination: After the initiation, if the Opening Application is considered a “Potential IDO”, further due diligence would be conducted, wherein the panel reviews the team structure, token metrics, future roadmaps and business model in detail. The Potential IDO will be ranked according to the Panel’s POLR score. Upon studying in detail all the 10-pointers, the project (IDO) is given a POLR Score. If the POLR Score is between a certain bracket, the project is promoted to the next step which is, Assessment.
- Assessment: If the “Potential IDO” reaches this step, a panel representative opens a direct communication with the team, in order to get to know the team better. Have a vivid understanding of their product, vet the team (team members may be asked to do an internal KYC) and dive deep into their business model and roadmaps. We shall ask projects to always have a dev and a visionary representative present in these calls.
- Analysis: Upon further analysis, discussion and conference within the panel, a final fair voting is conducted amongst the panel representatives. The POLR score is also taken into consideration as points of reference, and a final vote is conducted. For a project to be validated, there has to be at least a ¾ vote in its favor. The team and our panel representatives may meet several times before the vote.
- Validation: If a project has a ¾ or higher shares of the final panel votes in its favor then the IDO is validated to be launched on our launchpad. We recognize the team’s strengths and delicacies, evaluate the health score and discuss with them on how we can incubate them in their business model, UI-UX, and community building.
The Pointers we touch
During the screening stages, the following pointers are taken up for assessment where the POLR score of the “Potential IDO” is calculated.
- Opening Application (OA): The OA consists of basic details of the project like title, proposal, use case, token metrics, website and whitepaper. If there isn’t enough clarity on the information provided or some core matter is missing in the application, then the project could be rejected due to a low POLR score in this pointer itself.
- Content: We follow up on the content in the project’s social platforms, website, whitepaper/litepaper and blogs to evaluate the efforts put in. The quality of the content available would go a long way in determining the professionalism of the team.
- Marketing: The panel sees the marketing efforts put forth by the team on public platforms, the overall grade of the information put together, how it is put together and marketed. There could be different and unique marketing strategies that can be used to bring passionate users to your product.
- Community engagement: Next, we would really like to see how the team engages with the community of the space, this could include building exercises like AMA sessions, professionalism of admins with new users, community size, and how the team plans to keep their community attached.
- Token metrics: Tokenomics is a broad word used for specifying how the token metrics will work, we’d like to see more details regarding the vesting and lockup periods, fair distribution of tokens both pre and post launch, some measures in place that prevent dumping and promote an organic growth is what we promote, and how the team plans to implement the security of the tokens and the contributions. There should be a proper use case for the token, a mutual relation with the token and the MVP (Minimal Viable Product) the team is trying to build, and if the smart contracts are audited by us that would be a plus.
- Roadmap: What the team holds for the future, how clear is their vision and plans to adapt for the ever-changing ways of crypto space. We need projects that can push the decentralized card forward and innovate the arena. However, there should be a realistic connection to the experience of the team and the roadmap.
- Development: Unique and innovative ideas that haven’t been implemented on the Polygon chain, projects that are not essentially a copy and paste, or/and open new opportunities in the space would give the team a high score in this point.
- Development Progress: The panel accepts all projects with variable development progress, however, there should be a clear cut alignment between the roadmap and the internal development progress.
- Pragmatic approach: Ideation and implementation should be pragmatic and practical. If the approach is too far-fetched, we would be less likely to validate the project.
- Team Direction: When the project is considered a “Potential IDO’’, we get to know the team better, their prior experience, and chat with visionary and development experts. We fancy teams that genuinely want to add value to the crypto space. A strong bond between both groups would result in a healthy synergistic relationship.
The 10-pointers involved in the IEAAV are weighed in accordance with their importance and significance and charted in a comprehensive table. Averaging out these weights and scaling them down to 5 would give us our POLR Score.
Averaging out these weights and scaling them down to 5 would give us our POLR Score.
The individual weights of these pointers (out of 5) is decided by the Screening panel after reviewing them rigorously.
POLR score (/5) divided into sub-categories (brackets):
- Less than 1.5: These projects have a high chance of rejection as they may not provide an overall clarity of purpose, their goals and development criteria may be unrealistic or many pointer requirements may not have been met.
- Between 1.55 and 2.5: These projects pass the preliminary screening, their team is contacted by our representatives, and if the panel gains confidence regarding the project, we can offer assistance in incubation.
- Between 2.55 and 3.5: These projects have a better chance of being accepted and launched by our launchpad, the panel can recommend taking them into the POLR Accelerator program where we provide extensive community and dev support.
- Above 3.5: These projects are deemed to have the highest potential, the panel will be in close talks with the team, and the IDO can be expedited and be conducted by priority status. These projects will have the highest POLR Score.
Example: A project X has been graded according to the following POLR Score table
The average and scale down comes out to be:
(4+3+3+3+3+4+3+2+4+4)/10=3.3 POLR Score
Hence, 3.3 is our POLR Score for Project X, which will come in the third bracket (Between 2.55 and 3.5).
Fitly, development resources and community support will be provided to Project X. The panel will be in close contact with the team and see where the delicacies of the project lies and where we can play our role.
We hope our selection framework is explained in detail in this medium article. We are excited to launch batches of successful IDOs and innovate the crypto space. If you have any questions, you can get in touch with our social community handles at Twitter and Telegram, or contact us at email@example.com.
PolyStarter is a decentralized accelerator and platform, connecting our group of supporters with premature Polygon innovators and ventures. It gives Polygon developers the benefit of earlier support and funds by launching on ERC20.