Yesterday we had the chance to participate in an IDO on the popular site BSCstarter. The IDO in question was called WSB and it set a record performance, yielding an impressive 17 BNB on an investment of just 0.46 BNB. That is why we are very interested in BSCstarter and we will try today to explain how it works, so maybe in the future you too will be able to access their IDOs and make easy money. First of all it should be clarified that BSCstarter is a decentralized project, so anyone can submit requests for an IDO but the token holders will decide whether the IDO can be made official or cancelled.
BSCstarter – The decentralized IDO platform on BSC
As you can guess from the name, this launchpad is designed for projects that will then run on the Binance Smart Chain. Everything revolves around the START token which is the governance token of the platform. When someone decides to do an IDO on the BSCstarter protocol, the various token holders can analyze the request and vote YES or NO for that IDO. Usually the ones that look like scams or have little information are rejected, while the others are accepted (like WSB’s IDO yesterday). Keep in mind though that if an IDO is approved it will not mean that the IDO is 100% safe, as anyone can buy a lot of START tokens and vote YES for any proposal (so it is possible to skew the results if you have a lot of START tokens at your disposal). That said, let’s see how BSCstarter works for investors.
In order to participate in an IDO on BSCstarter you will have to stake some START tokens first. These are the various TIERS:
- 50 Start Tokens to participate in any IDO
- 100 Start Tokens to participate in IDOs and also vote for upcoming IDOs
- 500 Start tokens for guaranteed allocation on IDOs
- 1250 tokens to earn a safe place in the IDOs
- 2500 or more to get other privileges
In short, we will only need 50 START tokens as there are not many users with 500 or more tokens, so there will almost always be room for us mere mortals. Please note that tokens that are put into staking cannot be claimed back before 4 days.
To find the upcoming projects just log on to BscStarter.finance with a MetaMask wallet and click on Pools. Here you can see both completed and upcoming pools, with the exact date of their launch. If you want to vote, just go to the voting section and from there you can express your opinion on all the upcoming projects.
The BSC Starter project seems safe as the team and advisors are well-known people, so the risk of scams should be minimal. Let’s take a look at the tokeneconomy and all the information you will need to understand if the START token is of interest to you.
The BSCStarter START token
The maximum supply of the START token is 1 million units, while the current price is only $28. These numbers give it a fully diluted market cap of only $28 million, making it a low cap launchpad. The numbers are sure to rise with the arrival of successful IDOs like the one we saw yesterday, WSB. The lowest price ever seen on CoinGecko was $7, while the highest price was just 1 week ago and is over $50. These projects seem to be doing very well lately, so having 50 START set aside might be a good idea (maybe you land 1 successful IDO and it pays back the whole investment).