What is the POLS Token Utility?
Polkastarter's native token currently has two main utilities:
POLS Power determines your chance of participating in an IDO and NFT sale. Think of it as an accelerator, it calculates a user's eligible POLS balance across the platform, both POLS held in their wallet and POLS they are staking.
To gain access to an IDO, users need to get their wallet addresses on the "allowlist". It’s a lottery system that rewards users 1 ticket for every 250 POLS. During an IDO, addresses are chosen at random. More tickets will increase a user's chances of being selected for the allowlist. In addition, the more POLS they either hold or stake, the higher the value of their tickets.
There are 5 tiers of POLS Power, which can increase the value of each ticket by up to 25%. The top tier (30,000+ POLS) will also grant users the “No Cooldown” status, meaning they can participate in as many IDOs as they wish without the 7 day Cooldown, provided they pass KYC.
How to gain POLS Power?
Hold POLS in a wallet: this is the easiest way to accumulate POLS Power. You can buy POLS from crypto exchanges like Binance, Coinbase, Kraken, KuCoin, or on DEXes like Uniswap, to later transfer them to your Metamask wallet. POLS tokens need to be held in your wallet, without moving or selling them, for at least 7 days before counting towards POLS Power.
Stake POLS: if you would rather stake your POLS, you can do so on the Ethereum or BNB chains. This will not only increase your POLS Power, but it will also grant you immediate access to all open and future IDO applications. The staked tokens will be locked on-chain for 7 days before they can be withdrawn.
As mentioned above, POLS staking is a fantastic way to increase your POLS power, not only because you don't need to stake them for a minimum of 7 days, but also because they grant you immediate access to current and future IDO applications. You can do this directly from the Polkastarter website by visiting the dashboard and connecting your wallet.
Please note that pool creators can limit pool access exclusively to POLS holders if they so wish. They can also offer different allocation amounts rewarding larger POLS holders within them.
For instance, if community members want access to certain token pools, they must stake POLS tokens. Token pool creators have full autonomy over this process. For projects that use the Polkastarter platform, our goal is to craft diverse token holder communities loyal to the project and invested in its long-term success.