How to participate in IDO on Redkite / Polkafoundry?

The hype around cryptocurrencies is real and it is the most talked concept all around the world. Therefore it’s an opportune moment for startups to do their contribution to the crypto space. New projects are being launched every month and startups are raising funds for their projects. 

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To offer these enthusiastic startups a capable and functional platform, Polkafoundry has introduced their RedKite launchpad. In this tutorial, we are going to see how you can participate to RedKite in a few easy steps. But first, let’s take a look at the RedKite launchpad. 

Introduction To Red Kite Launchpad 

We have talked about a variety of launchpads on our website and Red Kite is another launchpad worth talking about. Red Kite is a launchpad that is powered by the PolkaFoundry blockchain. PolkaFoundry is doing some great work regarding the UX of decentralized apps(dApps). 

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Red Kite is the Defi platform and a launchpad from PolkaFoundry. This platform offers a flexible multi-chain experience that supports Ethereum, Binance Smart Chain(BSC), and Polygon (MATIC) blockchains. 

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This platform focuses on improving the experience for both investors and projects. For investors, the platform has incorporated reputation points that impact the investor's tier and ability to participate in the next project launch. 

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Whereas, for projects, this platform utilizes a distribution portal that makes sure that the tokens are vested in a scheduled manner. Projects can make use of this feature either in pre-sell offerings or during post-sell offerings. 

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There are many additional features offered by the platform like refund policy, re-sells of allocation, and many more. Also, there are some exciting projects lined up on the timeline of the Red Kite launchpad like Quoth IDO. 

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If you also want to join the Red Kite community to get benefits in investing in all their upcoming projects on the platform, follow this article till the end and you will get to know how you can participate in the Red Kite launchpad. 

How To Participate To Red Kite / PolkaFoundry 

If users want to participate in the Red Kite / Polkafoundry, they have to go through 4 different phases and mentioned below are outlined steps for registration. 

Phase 1:Registration Process 

Red Kite, as of now, is one of those launchpads which supports both Coinbase wallet and BSC wallet. In Phase 1, you will be introduced to the primary process of registration. You can find these registration processes mostly in many fields, including banking. 

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The KYC process is followed only once, users do not need to go through it again if they have passed the process in their last IDO. Red Kite has integrated Blockpass for a more secure and faster KYC process. Let’s begin with the registration process without further ado.

Register on Red Kite

The first step is to go through the website and view all the projects available at present. 

1. Go to the website https://redkite.polkafoundry.com/
2. A dialogue box of View all projects will appear, select the box or you can go for Pool Button on the top left side of the site. 

To Register On Red Kite, Connect Your Wallet

To register on the red kite, you have a couple of network options to choose from. Even for a wallet, you have Four different types of options. Red Kite has a really good base and becomes a platform where users have options to hold their money. 

1. You will see a button on the top right corner saying “Connect Wallet”. Select the button to connect your wallet.
2. As Red Kite is integrated with both BSC and Coinbase Network, you have two options for the network to connect your wallet i.e. Ethereum Network and BSC Network. 
3. An essential thing to remember is that if you change the network and use the same wallet address (verified), there’s no need to go through the registration process again, you can continue with the same email address.
4. If you want to use a new wallet address (not verified), then you’ll need a new email address and you have to register again. 

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• Ethereum Network 

1. If you choose Ethereum Network, you will have four different wallets to choose from, i.e. Metamask, Walletconnect, BSC wallet, and Coinbase Wallet. 
2. You can install a metamask extension or the QR code to connect your wallet.

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• BSC Network

1. For the BSC network, you’ll get a couple of wallets to choose from, i.e. Metamask and BSC wallet. 
2. You can follow the same step 2 shown in the Ethereum network to connect your metamask wallet.

Verify Email

1. To verify your email, you have to go to the “My Account” menu, the page will pop once you enter your address. 
2. You can see a “Verify Email” box as the first option, click on the button. 
3. Later you have to fill in your information to verify your email. Without the verification, you cannot go further for KYC, staking, and more.

KYC

1. We have mentioned above, Red Kite has integrated Blockpass. So this feature is available for KYC verification too. 
2. From the “My Account” option, you can see the last option of KYC for Red Kite, the dialogue box next to it says “Unverified”. Further, you can see a box of “KYC NOW”, select the button and you will be redirected to Red Kite KYC on Blockpass. 
3. On that page, fill in the information and complete the process. 
4. As you are done with the process, the status will be changed to “Verified”. 

Phase 2: Staking of tokens

Phase 2 is all about staking tokens for participating in the Red Kite. So far, only $PKF, Uniswap LP, and sPKF tokens are available to stake on the platform. Thus you need to participate in one of these tokens in order to participate. 

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Note that, for staking any of these tokens on Red Kite, you need to be on the Ethereum network of your wallet. No other network is supported at this moment. However, if you are currently using any other network such as a BSC network or some testnet for that matter, you can follow the steps given below to connect to the Ethereum network.

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1. First, open your existing (non-Ethereum) wallet. 
2. Look for the option “Export Private Key”. 
3. Now go to your Ethereum wallet, Metamask if you are using that, and create a new account using the private key you just exported.
4. Once you add the wallet to your Ethereum network you are all set to stake tokens on Red Kite. 

Approve Tokens 

1. Go to the official website of Red Kite: Red Kite (polkafoundry.com)
2. Before staking, you first need to approve tokens. 
3. Go to the “Stake” Menu on the website and connect your wallet on the page. 
4. Accept the transaction which would reflect upon connecting your wallet. 
5. Now, click on the drop-down list and choose the token you wish to approve. Currently you can stake $PKF, Uniswap LP, and sPKF on the Red Kite. 
6. Choose the amount of tokens you want to approve. You can either enter the desired amount or click on “Max” to approve the maximum possible tokens depending upon your wallet balance. 
7. Now approve the tokens you selected. 
8. Click on “Approve” and complete the transaction. 

Stake Tokens 

1. Once you have approved the tokens, go to the ”Wallet Balance” section. There you will see an option to “Stake” your coins. 
2. In the drop-down list, choose the token you approved in the above steps to stake.
3. Enter a specific amount or click on “Max” if you wish to stake all the approved tokens.
4. Then click on the “Stake” button.
5. Upon successful processing, your wallet, in this case, metamask wallet will ask you to confirm the initiated transaction. 
6. Confirm the transaction and later check the status and details of the transaction by clicking on “Etherscan”. 
7. Once the transaction is completed, you can check your wallet balance to cross-check the transaction. 
8. Upon successful staking, your Red Kite tier will be updated depending on your Red Kite points. 

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Note: If you wish to unstake the token, go to your “Wallet Balance” and simply click on “Unstake”. However, unstaking soon after sell might affect your reputation multiplier and tier, in turn affecting the overall Red Kite points.  

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Phase 3: Join Pool And Apply For Whitelist

Join Pool

Phase 3 is the shortest part of the whole process where you have to go to the Pool Dashboard. After that, you have to browse through the Pools and select a Pool that you want to join. When you are done with that, you just open the details of the Pool and go over it.

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Apply Whitelist

After selecting the Pool, you just have to click on the ‘Apply Whitelist’ button on the Pool Page. Proceed to fill out the Whitelist form to participate in it. Keep in mind that you can only activate the ‘Apply Whitelist’ button when you have the minimum pool level and have passed the KYC verification.

Phase 4: IDO Launch Day

Once you have successfully applied for the whitelist of the pool you selected, you will have to wait till the allocations are announced. On the IDO day, you will see all your allocation details on the project main page. 

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Once you have won an allocation, you will be able to contribute to the pool. Depending on your tier, a specific allocation will be given to you. You can then swap your existing tokens with the project token. 

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On the project main page, you will see a “Swap tokens” tab. Under which approve the transaction and simply click on the “Swap” button to swap your existing tokens with the project token. You will also have to confirm the transaction on your metamask wallet if you are using one. After the transaction is confirmed, the distributed tokens will be Airdropped into the users' registered wallet according to the vesting schedule.

Conclusion

To sum it up, if you want to participate in Redkite, you just have to follow a few steps like registering on Redkite, connecting your wallet, then completing your KYC verification, doing the staking of tokens, and then finally contributing to the pool.

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All the above steps are pretty easy to follow and you should have no issue with participating in Redkite but if you still have any issues, let us know, and do read our other articles on topics related to Cryptocurrency.

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