[4th August 2021] We want to make it clear that this article is still being updated when more information becomes available. This lays out the steps you will have to take in order to participate in the IDO when it is available.
At the present moment, the Kryptomon IDO is not live on Red Kite and you won’t be able to complete the steps listed in the article.
Hello trainers, welcome back to the wonderful world of Kryptomon. In our last update we touched upon how you’d be able to get your hands on some $KMON in our upcoming IDO with Poolz.
The exact dates for the IDO are being confirmed as we speak and we expect to have a final update for you very soon! However, we’re happy to announce today that we’ve partnered with the amazing team over at Red Kite who will also be hosting a second $KMON IDO!
As with the Poolz article, details are still being worked out so we will update this article as more information becomes available. Make sure you check back often!
To make sure the IDO goes off without a hitch and for investors to have a second platform to participate in our IDO, we’ve partnered with Red Kite, a cutting-edge launchpad powered by PolkaFoundry as part of the growing $PKF ecosystem.
Another reason for our partnership with Red Kite was also in part due to our co-creation promise to you. It was quickly noted in the various Kryptomon social media channels that the requirements for participating in the KMON IDO hosted on Poolz was too expensive. 250 Poolz at today’s prices ($3.20 each) would set a user back $800.
Meanwhile, only 500 PKF (as we’ll cover below in the How To Guide) is needed to participate in the Red Kite IDO. This would cost the user roughly $185 as each PKF is only $0.37 at the time of writing this article.
Either way, should you choose to participate in the $KMON IDO via Red Kite, know that there are some pre-requisite tasks that need to be completed before the day of the IDO, so make sure you don’t leave these till the last minute!
How to Participate in the IDO
1️⃣ Register for an account and complete your KYC
Red Kite has an extremely well documented guide that guides you through this process step by step, complete with pictures. You will need either one of the following documents
- National ID
- Driving License
Along with the following pieces of information in order to complete the KYC process.
- Family Name
- Given/Other Name(s)
- Date of birth
- Ethereum address
2️⃣ Qualify for the IDO
To qualify for the IDO, you must at least hold the “Dove” tier within Red Kite. This is achieved by having at least 500 Red Kite points. You can find more information about the different tiers, requirements and benefits for each of them and how to earn Red Kite points here in this article.
Once again, the Red Kite team have documented in detail how to go about staking either PKF, PKF-ETH LP tokens or KSM in order to earn Red Kite points and achieve the minimum tier to participate in the IDO.
What it doesn’t cover however, is how you can get your hands on some PKF. Luckily, you can easily exchange for some PKF either here on Uniswap, or head on over to Gate.IO where you’ll be able to trade USDT or ETH for PKF.
Note that throughout the entire IDO process, you must maintain sufficient amounts of Red Kite points to stay at the tier you participated in the IDO with or increase in tiers. Dropping below the tier that you were in when the snapshot was taken (covered below) will disqualify you from the IDO.
3️⃣ Apply for the whitelist
The easiest step so far, simply pop on over to to the Pool Dashboard on Red Kite and look for the Kryptomon pool. Assuming you’ve completed all the steps listed above correctly and the whitelist period has opened, you should then be able to see an “Apply Whitelist” button.
You’ll then be presented with a list of tasks to complete, which might range between retweeting a specific Kryptomon tweet on Twitter to joining our Discord. Once you’ve completed all of them, hit the “Submit” button and you’re done!
This is the step where your Red Kite tier becomes important. Ticket sizes for the IDO will be announced soon but they determine what allocation of $KMON you’ll be entitled to purchase. This is probably easier explained with an example so:
Example: Let’s assume the ticket size is $50 and each ticket is 500 Red Kite points
User A has 500 Red Kite points while User B has 4999 Red Kite points, which would make both of them Dove tier. Despite being in the same tier, User A would get 1 ticket (500/500) and User B would get 9 tickets (4999/500).
A lottery system is then used in order to then pick tickets at random. So it’s very possible that both User A and User B are winners, but User A can only buy $50 worth of $KMON (because 1 ticket is $50) , while User B won 5 of his 9 tickets, so can buy up to $250 in $KMON ($50 x 5).
For more information on the whitelisting process, including what to do if you fail, have a read through of this document.
✅ We’ll update this section once the exact list of tasks and ticket sizes have been decided and agreed upon. You’ll also be able to see the list while on the Red Kite website.
4️⃣ Swap for KMON!
A day or two before the IDO, the Kryptomon Pool should be updated to show the winners of the lottery. All wallets that are eligible to participate in the IDO can be found under the “Winners” tab, as shown by the number 2 in this article.
If you were one of the winners, congratulations! Simply check your maximum allocation and confirm that you have the required amount of BNB to swap for KMON. It’s then a simple process to follow the instructions outlined here to complete the swap.
5️⃣ Claim your KMON
Don’t forget to actually claim your KMON tokens! Once the pool is over, you’ll need one final step to claim your KMON from the Kryptomon Pool on Red Kite. You can find out how to do so here.
If you aren’t available to claim the tokens when the pool closes, don’t fret! There is no deadline to claiming your KMON so you should be able to do it any time after the pool closes.
That wasn’t too bad was it? Congratulations once again for being one of the lucky few to purchase $KMON at the IDO price. If you weren’t selected, don’t fret! We’ll be listing $KMON on PancakeSwap very soon at the same price of $0.0066 each.
You’ll have to be quick though since once $KMON is listed, the fluctuations in price will be out of our hands and completely based on the market forces of demand and supply.
Signing off for now, see you in game fellow trainer!