PolkaIDO launches on the Polkadex Testnet

PolkaIDO becomes the first Polkadex component to finish private beta testing and launch onto the Polkadex testnet

What is PolkaIDO?

PolkaIDO is Polkadex’s answer to the broken IDO model. Currently, IDOs are exclusive, expensive (for project teams and investors alike), and over-reliant on manual processes.

What can you do right now on the testnet version of PolkaIDO?

You can start to get familiar with the user interface, create an investment round as if you were a project team, and vote for & invest in other testnet users’ rounds as if you were an investor. You can even claim the new IDO test tokens from your investments and see how they are vesting towards your account in real-time.

Important differences between the testnet and the mainnet versions of PolkaIDO

Aside from the fact that the testnet is a simulation environment with worthless test tokens, there is an important difference between the testnet and mainnet versions of PolkaIDO. In order to ‘invest’ in IDOs in the testnet version, investors will need to ‘pay’ a one time fee in test tokens to register their account onto PolkaIDO. In the mainnet version of PolkaIDO, the registration fee for investors will be replaced with the holding/locking of a specific (and to-be-determined) PDEX amount in order to make the protocol more inclusive. Once PolkaIDO launches on the mainnet, project teams will pay a 100 PDEX fee for each IDO they launch.

How to get started with PolkaIDO on the Polkadex testnet

  1. In order to use PolkaIDO on the public testnet you will need a Polkadot.js browser extension, an existing Polkadot.js account, and test tokens.
  2. Please fill this form out to request test tokens. We will be sending out test tokens in batches of 100 accounts every weekday and will ping the #polkaido channel on the Polkadex Discord server whenever a new batch is sent. So make sure to join the Polkadex Discord server and stay tuned! If you’re one of the first ones to receive test tokens, we encourage you to share your test tokens with your friends or with other Polkadex community members who may be waiting for their batch to be sent.

What is next for PolkaIDO and Polkadex?

While this release is a huge milestone in itself, it’s only a small part of the Polkadex puzzle. As mentioned above, PolkaIDO is now only one step away from its Q1 mainnet release. When exactly in Q1 is yet to be announced and depends largely on your feedback.

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