Howdy, Ergo people! In today’s blog post, we’ll go through the basics and guides for taking part in the upcoming Spectrum Finance IDO in a systematic, step-by-step format.
Let’s start by going into detail about the IDO as a whole and about each IDO round in particular.
Spectrum Finance IDO details:
Spectrum Finance will IDO through Ergopad with two early contribution rounds. The DAO will raise funds using smart contracts, which lock tokens in vesting contracts. To participate in the community round, your wallet address must have engaged with the Spectrum Finance DEX or, you have to stake Ergopad tokens in the tier system. The second round of the IDO will be open to the general public.
Spectrum Finance will host the IDO using their platform, which is powered by and backed by the APIs and smart contracts of ErgoPad.
The Spectrum Finance platform will be used for everything, including whitelisting, submitting a contribution form, and getting your tokens.
How do I qualify for the pre-IDO rounds?
・Community round: The community round on the Spectrum Finance IDO will only be open to individuals who have engaged with the Spectrum Finance DEX, for example by executing a swap.
Also, 20% of the total allocation will be reserved and distributed with the tier system to the ErgoPad staker community based on each member’s allocation weight.
On the day of the snapshot, you will get Spectrum Finance Whitelist tokens sent to your wallet address if you have qualified through one of the above points.
・Public round: The public round will be open to everyone, and it will be on a first-come, first-served basis. The only thing you’ll have to do is visit the whitelisting form when it’s available and enter your wallet address and the amount you’d like to reserve. Once you have sent in the form, you will get Spectrum Finance Whitelist tokens for the public round.
Step by step Guide:
- Visit the IDO page on the Spectrum Finance platform.
- Connect your ERG wallet, which you used to interact with the Spectrum Finance DEX or where you hold your ErgoPad staking keys.
By either taking part in the Spectrum Finance DEX or holding ErgoPad staking keys, the form and algorithm will choose the correct address that meets shaped conditions.
Please remember that users won’t be able to pick a certain address.
3. Once you have connected your ERG wallet to the IDO page and the whitelisting form for a specific round, you will be able to enter the number of tokens you want to contribute and submit the form.
4. In the next step, the form will send you to a KYC provider, where you will need to verify your identity by showing your ID card and completing some simple tasks.
5. Once you’re done with the KYC process, you’ll be directed to the IDO page, where you’ll find out if you passed or failed the KYC process. If you have passed the KYC process, you can send in the whitelisting form.
Congratulations, you are now registered for the snapshot.
Please keep in mind that each round will have its own whitelisting form. This means that if you want to participate in both the community and public rounds of IDO, you will need to whitelist your wallet through two different forms.
6. Once the sign-up period for a certain round is over, everyone who signed up and is eligible will get the same number of whitelist tokens as SPF tokens they can get.
If you are eligible to obtain 100 SPF tokens, you will get 100 SPF Whitelist tokens, that you will be able to exchange for SPF tokens.
7. Now that you have whitelist tokens sent to your wallet address, you can claim your Spectrum Finance IDO tokens or vesting keys by making your contribution.
To make your contribution, you’ll need to go to the contribution page on the Spectrum Finance IDO page and connect the wallet that holds your whitelist tokens.
8. After you’ve connected your wallet to the contribution form, you’ll need to enter the number of tokens you wish to obtain. Keep in mind that you can only get as many tokens as you have in your wallet’s whitelist.
On the contribution window, you can also choose which currency, ERG or SigUSD, you want to use to claim your SPF tokens/vesting keys.
9. Once you’ve filled out all of the fields above on the contribution window, you can submit the form. Then, a window will pop up through your wallet provider, asking you to sign the contribution transaction so you can get your SPF tokens.
10. Once you’ve signed the transaction and the explorer has confirmed it, your Spectrum Finance vesting keys will be sent to your wallet automatically.
Now that I have received my Spectrum Finance vesting keys, how can I can claim my SPF tokens through these?
11. To claim your SPF tokens using the vesting keys, you will need to go to the SPF claimer page on Spectrum Finance or the dashboard on ErgoPad.io
12. Again, you will have to connect the platform to the wallet address where your vesting keys are stored.
13. Once you’ve connected your wallet, the platform will show you all of your vesting keys, the next time you’ll be able to unlock them, and how many tokens you can claim.
Please keep in mind that each IDO round has it’s own vesting period and frequency in terms of token distribution.
Check out both ErgoPad and Spectrum Finance socials and chat groups for further assistance and support, if you have any additional questions or problems with understanding the IDO process in particular.
Thanks for reading, and see you next time.
The ErgoPad and Spectrum Finance Team