Hello Solstarter community! We’re back with another design journal update, giving you our insights, philosophy, and general thought process when it comes to our particular launchpad approach. Today’s article we will be unveiling some highly in-demand information, as well as officially opening up a public forum of discussion.
When we decided to build on Solana, one of our initial tasks was to go beyond creating a simple dapp for their ecosystem; after all, realizing an antifragile platform is more than just obtaining novel code and developer mindshare. No, the objective in question was much more intriguing for us as social investors and participants in the space — Solana needed a community. The task was quite simple in scope, but broad in application, and it also gave us a key insight into the good company we were getting involved with. After all, anyone can fork code — but two things you certainly cannot fork in crypto is liquidity, and the hardcore communities that back it.
We had a long discussion about ways we could properly build out a community not only for the project we would eventually come to create, but also for Solana as a whole. We had run through several iterations of what we could possibly build before we ultimately settled on Solstarter. We think launchpads categorically are a design space that can be improved beyond simple code differences, and that’s why part of the innovation at Solstarter is also into the process. How projects really function, what makes them tick, what really drives the narrative.
The answer is always the community.
From this fundamental truth then, we set out to envision Solstarter itself — though always keeping in line with our goals to empower the community and usher in a new wave of engaged investors, traders, and participants to Solana as a whole.
So then, how do we empower a community?
We start first with our raise. We think the VC space in crypto is rife with overinflated budgets, ridiculous founder bonuses, and valuations that would make any legacy investor balk at the brazen greed of the multitude of zeroes. That’s why we are only going to be raising a grand total of 3 Million USD across all rounds. Most of this will be spent on the basics; legals, community support (mods don’t pay for themselves!) and operational costs.
We won’t go into the sausage making of what makes a crypto project tick — but we are more than confident that we can run a tier one project with a nominal raise. In truth, we think the raise is more than enough — but we’d like to put other projects on notice that raise large sums of money and very often provide little value per dollar.
We plan to properly align ourselves not by raising a large amount of capital and cashing in before day one, but with a long term vision and team token vesting that ensures that follow-through.
We’ve also been strict negotiators, even with our esteemed members of the Solstarter Alliance. There are no large jumps in valuation between the seed round and the public IDO, and we made this commitment both to ourselves and our seed partners that we would do this in a fair and equitable way. It simply wouldn’t be fair for VC’s to get insane multiples on their rounds while the public gets the short end of the stick. That’s why there is only a 50% price increase from the seed round to the public IDO. Seed round tokens will also be on heavy vesting schedules, and we plan to fully utilize our seed partners as part of our novel Due Diligence process (article on that coming soon!). We fully expect all of our seed investors to be active partners in Solstarter and really earn their keep.
The final matter of import will be ownership. Who is really owning these tokens, who gets to be involved in the protocol, and who gets the chance to be really involved? Again, we look toward the community as the answer. From a circulating supply, the public will own nearly eighty percent of all tokens on day one of the public sale. More will be released to the community through our ecosystem funds as well as staking incentives.
In addition, we understand there are those individuals who may lack the capital required to get in on the very best tiers that Solstarter will have to offer — that’s why we’ve devised clever mechanics that will reward even those at the lowest level of investing. Because when the community wins, we all win. More details on this will be released along with our official whitepaper in the near future.
We want this to be the fairest launchpad for all — whether it comes to seed round valuations, token ownership, or access to opportunity, we have built Solstarter from the ground up to serve the next wave of users to Solana and create a rock-solid community of participants.
As a final surprise, the Solstarter Telegram has now opened its doors! Feel free to join the discussion about the latest news by clicking the link here, or by visiting: http://www.t.me/solstarter