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Top 3 Main IDO Platforms on Solana

Place/Date: - June 9th, 2021 at 8:19 am UTC · 6 min read
Source: Solana

The main hurdles many of the current blockchain solutions stumble on have to do in some way with the scalability aspect. In short, scalability allows for unimpeded expansion of the network that doesn’t inhibit its ability to function according to the original intent. This invisible but rather crucial wall is one of the most muddling aspects of cryptocurrency adoption. This is one of the main reasons for an array of forks that happen with Bitcoin and Ethereum blockchains – dislodge the load from Bitcoin. The approach however doesn’t heal the malady but instead only treats the symptoms.

Why is scalability important? Let’s take the most hackneyed example of using cryptocurrency as the main financial means. Because of the limitations in the ability of the network to scale, there is a tight and confined throughput that the blockchain is capable of. What it means in basic terms is that blockchain that doesn’t scale well with the exponential growth of use becomes very slow and inefficient which entails all sorts of issues including low TPS (transactions per second). TPS is a crucial link in the current cryptocurrency market climate. Not only as a marketing gimmick that many start to exorbitantly utilize without a rightful warrant for that but also as a viability facet of cryptocurrency becoming a global financial baseline for financial dealings.

In modern realities, however, many projects have set out to propose their visions and methods of battling the scalability issue headfirst. We can already see some groundbreaking solutions being propounded including the ones that profess even toppling the very Blockchain structure itself with introductions of completely new conceptual ideas like IOTA’s tangle or Hedera’s Hashgraph.

Creating a completely new and norm-shattering Blockchain alternative from the ground up takes not only a valiant amount of effort but also an unimaginable amount of time. This is why the above-mentioned projects are still in the active but not yet finished development stage.

Today, however, we will look at one of the most promising Blockchains on the market that has already spawned widespread attention – Solana. Solana-based projects have only begun their rise and flourish as crypto enthusiasts and developers started to notice irrefutable benefits of Solana Blockchain compared to the current set of choices.

So what are the most palpable advantages of Solana?

  • Trustless and completely decentralized.
  • Ditches obsolete PoW consensus in favor of more secure and less exploitable PoS.
  • One-of-a-kind Proof of History (PoH) system that enables the coveted scalability to be attained. It is achieved by hashing transactions using the SHA256 hash function. Solana takes the output of a transaction and uses it as the input for the next hash. The order of the transactions is now inbuilt into the hashed output.
  • Pipelining. Streamlining transaction processing which allows for faster validation.
  • Distributed ledger storage called Archivers.

With Solana becoming a formidable player on the cryptocurrency scene, there is a growing demand for Solana-based projects being launched in a safe and secure environment that ensures for both retail investors and fundraising projects a proper Launchpad platform.

Let’s look at some of the most popular and upcoming choices available on Solana.

Boca Chica

Boca Chica is a project of the HAPI team integrated on Solana to create an IDO platform on the Solana blockchain. Offering a unique structure that aims to reward every participant in a fair and homogenous way, Boca Chica sets new heights in terms of Launchpads.

The core development and marketing team of HAPI will be involved in developing and planning Boca Chica. Boca Chica strives to create a secure and safe environment for future Solana-based projects to thrive, following already established ideals.

The most defining feature of Boca Chica is the utilization of Boca Chica “token”. In its essence, Boca Chica doesn’t act as a token in the traditional sense of the word. Instead, it acts as a ticket that gives you access to the IDO platform. The token can’t be traded or exchanged. Because of the tight involvement with Solana, Boca Chica token can be acquired only via Solana Staking Reward system. Every time you are getting Solana, you will also get Boca Chica token with the 1:1 ratio.

HAPI token will also play a key role in the Launchpad. There is an exclusive HAPI round reserved for HAPI holders which will be the very first round to be conducted.

There will be 4 different rounds held on the Boca Chica Ecosystem:

  • HAPI Round. The First and Exclusive Round for HAPI holders
  • Private Round. Reserved mainly for large investors and Venture Capitals.
  • Lottery. The Lottery Round will be explained in greater detail in the next article. It will function more as a community round that will allow everyone to join via whitelisting.
  • IDO (Public) Round. Listing on Solana DEX platform (Serum)

Key Points of Boca Chica:

  • The uniquely structured Round system that allocates opportunities heterogeneously.
  • Tight integration within Solana and Direct involvement with Solana’s DPoS consensus mechanism.
  • Projects from Solana Hackathon will be on Boca Chica
  • Secured, decentralized, and trustless. Backed up by the leading cybersecurity protocol HAPI.

Solstarter

Solstarter is one of the very first IDO platforms that specifically targets projects on Solana. Solstarter lends its ideas from similar Launchpads on Ethereum and Binance Smart Chain while infusing a solid community involvement in its core structure.

The crucial aspect of Solstarter is presenting a low-entry barrier for retail investors with limited funds to participate in the Launch and fundraising of the Solana-based projects.

Solstarter sets out to provide users with a fair distribution model that is fully decentralized and democracy-driven.

Key Points of Solstarter:

  • Fair Distribution
  • One of the very first IDO platforms that target exclusively Solana ecosystem projects
  • Guaranteed Allocations
  • Fully decentralized and democratized Launchpad platform

Solanium

Solanium is yet another Launchpad platform on Solana. Being relatively new on the scene, Solanium promises a slew of useful functionalities to be included on the platform. In essence, Solanium is very much similar to the orthodox IDO platforms: decentralized fundraising, time-weighted token staking, and governance voting.

Solanium puts a fair bit of importance on delivering an easy-to-understand, and user-friendly UI/UX to simplify the overall interaction within the platform and lower the entry point for retail investors to get involved in fundraising projects.

One of the main outstanding features of Solanium is being an all-in-one solution for everything Solana-related including wallet integration, DEX, and transaction management.

Key Points of Solanium:

  • Great UI/UX and user-friendliness being the focal point
  • Time-weighted token staking and governance voting
  • Full integration within Solana (allegedly)
  • Fully decentralized Platform
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