Palmyra IDO Details on ErgoPad
Hey ErgoPad family! This article serves as an introduction, outlining the allocation distribution and IDO process for the upcoming Palmyra IDO, along with the specific requirements and steps needed to qualify for participation.
Introduction:
Perhaps you’ve already caught wind of the latest updates: the Palmyra IDO is set to be the next IDO on ErgoPad. This IDO will feature a dual-token launch, on both the Ergo and Cardano blockchain. The Ergo-based IDO will be exclusively hosted and launched on ErgoPad, in which Palmyra will secure funding through the use of smart contracts that lock tokens within ErgoPad vesting contracts.
The Palmyra IDO will be fully hosted on ErgoPad using our whitelisting and contribution forms, in addition to those the Palmyra IDO will integrate a KYC process due to regulations.
KYC-Process:
The company assisting and initiating the Palmyra PALM IDO follows strict rules for digital assets in their home country. They have to follow these rules or they might face penalties. Their legal team strongly suggests doing a token sale with KYC to avoid problems. The Palmyra team in the spirit of Ergo and the principles of fair distribution, does not take this decision lightly. However, for the longevity of the Palmyra project, they believe this is the best path forward.
In strict compliance with regulations and legal requirements, the Palmyra IDO will conduct a KYC procedure before granting access to the whitelisting. This is a mandatory step for all interested participants. The KYC process will be hosted and managed by SumSub Labs, a highly reputable KYC service utilized by hundreds of platforms.
They have done their best to communicate this in advance to the community and stakeholders — with a few opportunities to sign up and register interest. Part of this form asked whether or not you would still participate with KYC, the majority of our responses understood the difficult decision to have KYC requirements.
Now, as we move forward for those that are concerned about KYC but eligible to participate in the IDO, our main focus now is to transparently outline the process in which data is collected and stored.
We need to inform you that due to strict regulations, the following countries will be prohibited from participation in the IDO:
Afghanistan, Albania, Algeria, Australia, Bangladesh, Barbados, Belarus, Bolivia, Burkina Faso, Cambodia, Canada, Cayman Islands, Congo (Democratic Republic), Democratic People’s Republic of Korea (DPRK), Ecuador, Egypt, Eritrea, Haiti, Iran, Iraq, Japan, Jordan, Lebanon, Mali, Morocco, Myanmar, Nepal, Nigeria, Panama, Philippines, Qatar, Russian Federation, Senegal, Somalia, Sudan, Syria, Tunisia, Ukraine, United States of America (USA), Yemen, Zimbabwe.
Countries in the following list will be subject to an Advanced KYC requirement if you want to participate in the IDO:
Benin, Bhutan, Cameroon, Cape Verde, Croatia, Eswatini, Ethiopia, Gibraltar, Guinea-Bissau, Jamaica, Macao (China), Madagascar, Mauritania, Mozambique, Nicaragua, Niger, Pakistan, Saint Kitts and Nevis, Sierra Leone, Solomon Islands, South Africa, South Sudan, Sri Lanka, Tanzania, Tonga, Türkiye, Uganda, United Arab Emirates, Vietnam.
All other countries will be subject to minimum KYC requirements.
Additionally, all investors whether natural persons or companies from Australia or Canada must prove that they hold accredited investor status. Please reach out to our team to clarify this.
How do I qualify for the Whitelisting?
ErgoPad has set a fresh strategy for the Palmyra IDO. Initially, there won’t be a public round; it will only be initiated if there are remaining allocations post ErgoPad stakers’ contribution. PALM tokens will be exclusive to ErgoPad stakers unless there is unallocated allocation left. To ensure a fully funding and avoid waste of whitelist tokens, pool weight will be determined through following three rounds:
Round 1: The first round lasts three days, and will be specifically reserved for the top two tiers. That means that Sigma and Phi will be the only tiers that are actually guaranteed an allocation. Don’t worry if you’re in one of the other tiers, we’ll explain the process in a moment.
So, of the total number of tokens available for the seed round, the pool weight will be added up for Sigma and Phi stakers, and enough whitelist tokens will be distributed to them to fully sell out the round. They will have three days to contribute to Palmyra and secure their tokens, and after those three days, Ergopad will do a second pool weight calculation.
Round 2: This round will be for the next two tiers, Gamma and Omega. Their pool weight will be calculated for the entirety of the remaining tokens that haven’t been picked up by Sigma and Phi. So, for example, with 10,000,000 tokens available at the beginning, if Sigma and Phi reserved 5,000,000 of them, then the remaining 5,000,000 will be split between all Gamma and Omega stakers based on their pool weights. The whitelist tokens will be distributed, and these individuals have an additional three days to reserve the remaining tokens.
Round 3: The observant among you may have already come to the conclusion that this means there will now be 15,000,000 whitelist tokens out there, 5,000,000 more than the available Palm tokens. This is correct, so at this point the lowest three tiers will be operating on a bit of a first come first served basis.
Like the second round, Ergopad will tally up how many tokens are remaining, but now split them amongst Mini, Alpha, and Beta stakers based on their respective pool weights. Following the previous example, if round two reserved 2,500,000 of the remaining 5,000,000, that leaves 2,500,000 tokens remaining for round three. Ergopad will distribute that many whitelist tokens to the last three tiers, and there will be a four day window for contributions. The previous two rounds’ whitelist tokens will still be out there, so it is important for these stakers to act quickly.
Public round:
As mentioned previously, a public round will only be initiated if there are unused allocations remaining after the three rounds involving ErgoPad stakers. In the case of leftover allocations, whitelist tokens will be distributed through an airdrop to individuals who signed up for the public round on a first-come, first-served basis.
Important Dates:
- Palmyra IDO Whitelisting ErgoPad Staker: October 31st- November 7th
- Palmyra IDO Whitelisting Public Round: October 31st — November 7th
- Staker & Public Round Snapshot: November 7th at 10:00 UTC
- Sigma & Phi Contribution period: November 8th at 15:00 UTC
- Gamma & Omega Contribution period: November 10th at 15:00 UTC
- Mini, Alpha and Beta Contribution period: November 13th at 15:00 UTC
- Public Round Contribution period: November 17th at 15:00 UTC
IMPORTANT: Please note the contribution period lasts until November 23rd at 22:00 UTC.
More Information
In the upcoming days, we will be releasing two whitelisting forms: one specifically for ErgoPad stakers and the other for the public. For details and more information on the overall IDO Roadmap and dates, as well as all details regarding the Palymra IDO, please visit the Palmyra project page.
Please note that this article is just one of a series of informative articles ensuring everyone is well-informed in the IDO process. We’ll be offering detailed, step-by-step guides and instructions on qualifying, whitelisting, completing KYC, contributing, and more, in both video and written formats.
Check out both ErgoPad and Palmyra 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 Palmyra Team
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