SoroStarter Technical Details
Overview
SoroStarter is a decentralized fundraising platform that empowers Web3 projects and companies built on Soroban and the Stellar Lumen ecosystem. It enables these projects to launch and raise funds through its token pool IDO, token sale, and incubation protocol. Additionally, SoroStarter helps significantly grow their communities and expand project's reach through incentivized community engagement.
SoroStarter enables its users, investors, and the Stellar Lumen community as a whole to secure early access to quality, well-vetted IDOs and token sales of projects on Soroban, the Stellar Lumen smart contract platform.
SoroStarter aims to position itself as the leading decentralized fundraising platform, allowing users to make well-informed decisions and participate in, well-vetted, high-potential IDOs and NFT sales on Soroban, while providing quality support for projects and companies to successfully launch their tokens, real-world assets, or NFTs.
How can projects use SoroStarter?
SoroStarter provides projects and companies with a platform to set up token sale via a token sale pool. This pool is configured to have a fixed sales price throughout the token sale or IDO, ensuring that all participants purchase tokens at the same rate and thus guaranteeing the fairness of the sale. This approach benefits early participants by providing the same price entry point, leading to a stable price on listing and offering equal profitability potential for all participants.
Projects can also set up similar sale pools for NFTs. In this case, NFTs with the same rarity would have the same sales rate, while those with different rarity can be set to have a different sales rates.
The platform supports the launch of tokens, real-world assets wrapped as tokens, and NFTs for GameFi projects or any other use case.
SoroStarter also provides projects with additional launch assistance features, including:
Decentralized Incubation Protocol: Projects at the conceptualization or ideation stage can receive funding support, development/technical assistance, and advisory support from SoroStarter and its governance body.
Community Building Platform: This allows projects to ramp up community interest and engagement while they build their features and technology or launch their assets. It provides an incentivization mechanism for community members to participate in the project.
How can users use SoroStarter?
Users and the Stellar Lumen community can gain early access to Soroban projects through SoroStarter. The platform enables well-informed decisions and participation in the IDOs of well-vetted and thoroughly screened projects on Soroban.
Users can also become governance members by holding a minimum amount of XLM for a given period or by staking XLM. As governance members, they can participate in the selection process by voting on which projects' IDOs should be launched on SoroStarter.
Additionally, users can engage with the incubator protocol in the following ways:
Contribute funds to the protocol and vote on ideas to be supported.
Become an incubator developer, providing technical support for supported ideas.
Lastly, users can participate in SoroStarter's community-building platform. Here, they can engage in testing project features during development, participate in technical and social media quests, and more, and get rewarded for their engagement and contributions.
Features and Technical Details
The SoroStarter platform has two main features:
The IDO Selection and Onboarding Feature
The Token Sale/IDO Protocol
These feature and their technical details are discussed below:
IDO Selection and Onboarding Feature
SoroStarter's IDO selection and onboarding feature is a robust screening, vetting, and selection mechanism that facilitates the selection of the best and most impactful projects for the Soroban/Stellar Lumen community and ecosystem.
This feature enables projects and companies building on Soroban to apply for fundraising or token sales on the SoroStarter decentralized token sale/IDO platform. It handles all processes, from project application, screening and vetting by team and council members, on-chain voting on submitted projects by governance members, to onboarding the project and configuring the project's token sale/IDO parameters and slot. A technical architecture of these features, showing the main processes, is detailed below:
From the above technical architecture schematic, we can see that the IDO selection and project onboarding process involves several important stages, each vital to selecting the most impactful projects for the ecosystem. The details of the steps are as follows:
Application Stage
This is the first stage, where a project's team or company applies for a launch or token sale on SoroStarter. In this step, the team submits all the vital information about the project by completing the SoroStarter IDO application, which includes details on the project goals and mission, timeline/roadmap, stage of development, any developed feature or MVP, business model, target audience, team experience, and more. This information facilitates the screening and vetting of projects by the SoroStarter team and council members.
Screening and Vetting Stage
In this stage, the submitted projects are screened and vetted by the SoroStarter team and council members. The information provided in the previous stage is used to evaluate the projects. As SoroStarter aims to facilitate the success of these projects, this stage also involves meetings with the project's team, providing feedback, and making suggestions for improvement. The screening and vetting are performed by both the team and several council members—who are notable figures/entities in the Soroban and Stellar Lumen ecosystem with a vested interest in its success, serving as advisors or business/technical collaborators with SoroStarter.
On-chain Voting by Governance Members
In this stage, projects that have successfully passed through the vetting and screening stage are voted on by the governance members of SoroStarter. The voting mechanism is an on-chain voting/DAO mechanism developed and deployed on the Soroban blockchain. Governance members are users in the ecosystem who have demonstrated commitment and interest in the success of the Stellar Lumen ecosystem. They fall into two categories: users who hold a minimum amount of XLM tokens and users who are staking XLM in SoroStarter's governance mechanism. The governance mechanism prevents manipulation of the voting system by implementing the following:
Holder members need to hold a certain minimum amount of XLM for a given duration, preventing multiple voting by transferring XLM to multiple wallets, as the duration requirement resets on any transfer.
XLM staked by staker members have an initial lockup period, and once a member casts their vote, the withdrawal of staked XLM is locked for the remaining duration of the voting for a specific project.
Quorum is reached only when a minimum number of votes has been cast and a required percentage of 'yes' votes is received.
Onboarding and Sale/IDO Configuration
Projects that pass the voting stage are then onboarded, and the token sale/IDO details are configured on the SoroStarter on-chain token sale/IDO protocol.
Token Sale Participation Feature
After a project has been successfully screened, voted on, and has met all the requirements for the token sale/IDO to be launched, it is then onboarded, and the IDO parameters are configured on SoroStarter's Fundraise/IDO protocol deployed on Soroban. Upon configuration of the sale, the tokens to be sold are deposited into the token sale pool.
The above schematic provides a high-level overview of the fundraise/IDO protocol, illustrating the sales flow and the different periods of the sale.
Participation in Sale/IDO
When users participate in a sale, the following processes occur:
The funds contributed by participants are transferred to the token sale pool, and the amount contributed by each participant is updated and stored.
The amount of tokens bought is also updated and stored. For each contribution transaction, the amount bought is calculated as the product of the amount contributed (in XLM or any other supported payment) and the sales rate for that payment token.
The sales pool keeps track of the total contributions. If the hardcap of the sale is reached, the sale ends and is considered successful.
If the hardcap is not reached, the sale continues for the entire duration set for the sale. After the sale ends, if the softcap is reached, the sale is still considered successful; however, if the softcap is not reached, the sale is unsuccessful.
If the sale is successful, the token is listed on a DEX, and the remaining funds raised are released to the project's team. The tokens purchased by participants are also released to them.
If the sale is unsuccessful, contributions are refunded to the participants, and the project can withdraw the tokens deposited for the sale.
The architecture also shows that there are there are two important periods within the IDO:
Pre IDO/Sale Period
This is the period before the IDO starts. During this stage, community members (holder members) and stakers can apply to get whitelisted for the sale. Users who are interested in participating in the sale can choose not to apply for whitelisting, but whitelisted participants get the first access slot when the sale/IDO commences.
IDO/Sale Period
This is the period when the sale is live and is divided into three phases:
Exclusive Period: Only whitelisted participants are granted access.
Member Period: Both whitelisted members and non-whitelisted members are granted access.
Public Access Period: All users are granted access.
It should be noted that a given sale may not go through all these periods. If the sale reaches its hardcap funding target during the exclusive period, then there will be no other periods as the target has been reached.
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