Instructions for participating in IDO investment on Skyward Finance

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2021-08-17 13:25:11

On June 24, 2021, Skyward Finance officially went live on the NEAR mainnet after the successful end of the test sale. Expectations for Skyward Finance were so high that NEAR daily transactions hit an all-time high while Skyward was live on the testnet.

So what is Skyward? How is joining IDO on Skyward different from other Launchpads? Let’s find out together!

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What is Skyward Finance?

Skyward Finance is a Launchpad built on top of the NEAR platform by leveraging the existing DeFi components of the NEAR Ecosystem. Skyward is the best place to launch your tokens even if you don’t have any liquidity. The Skyward platform allows you to participate in online auction mechanics and defend against bot attacks and Sybil Attacks.

What makes Skyward different from other Launchpads?

  1. Anti-bot mechanism buy first, bot has no advantage due to time-based sales. In addition, this semi-model is also resistant to sybil Attack.
  2. Skyward’s auction mechanism prevents price manipulation schemes (“pumping and dumping”) because Skyward does not allow you to instantly resell tokens within the same pool and the price is determined dynamically according to demand .
  3. Skyward Launchpad does not require you to own any tokens to participate in the auction as a seller or a buyer. You only need to have the tokens required by the project to exchange when participating in the auction ($NEAR, $DAI, $USDT…).
  4. There is no need to provide liquidity before making an auction. Tokens will be distributed after successful auction.

Skyward Finance’s online auction mechanism

For ease of understanding, I will use the $SKYWARD token sale as an example as a buyer. This structure will apply to all other sales on Skyward Launchpad:

  • You are someone who wants to buy $ SKYWARD. For example, you deposit $100 NEAR into the contract for the sale before the auction starts.
  • Depending on demand, you will see the expected swap rate for the $NEAR : $SKYWARD pair change. On June 28, 118,197 $NEAR tokens were sent for the first sale on July 1. This makes the expected rate 1 $ SKYWARD = 0.472767 $ NEAR. As of June 29, an additional 256,205.7 $NEAR tokens have been deposited, making the expected rate 1 $ SKYWARD = 1.024822 $ NEAR.

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  • Once the auction starts, your deposited $NEAR will automatically change to $SKYWARD and you can immediately claim the $SKYWARD you received by clicking “Withdraw”. However, you will not receive the total amount of $SKYWARD at once, you will accumulate $SKYWARD during the entire sale period. This is because $SKYWARD auctions take place in blocks, about 1 second. On the screen, you will see the amount of $ SKYWARD received continuously increasing. You will receive the final amount corresponding to your total NEAR$ deposit at the end of the sale.
  • As the sale continues, new entrants can join, while existing participants can modify the $NEAR amount they pledged or withdraw from the sale altogether. This is called an “online auction”.
  • Since the aggregate demand and residual supply of $SKYWARD are constantly changing, the price of $SKYWARD may also change during the sale. As your $NEAR is gradually converted to $SKYWARD, the rate will be determined by demand at auction time.
  • After 7 days, the sale ends.

Instructions to create a wallet Near

You can access the following link for instructions on how to create a Near wallet: https://cryptoviet.com/near-wallet-la-gi

Epilogue

Skyward is a type of Launchpad with a rather novel auction mechanism by protecting users from problems that have so far been encountered by other Launchpads such as front-run or rug-pull. In my opinion, this is a token distribution model that is completely suitable for the community and provides equal participation opportunities through a public sale.

WARNING: Investing in financial products carries a lot of risk that may not be suitable for some investors. Therefore, please consider carefully and control yourself before making any decisions made up of the contents of this website.

#Instructions #participating #IDO #investment #Skyward #Finance

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