After announcing CoreStarter will now be running Flash Sales, we have successfully completed our first which was the Drive to Earn project DriveZ! The first Flash Sale was a huge success selling out of both Seed and Public rounds of $20,000 each.
We offered our Tier 6 members the opportunity to purchase the Seed round at $0.015, and our wider staking community the public round at $0.028. This was followed by a listing shortly after on ByBit where the price reached as high as $0.45, with many of our community members able to sell their 20% unlock from the Public round and get their initial investment back straight away! Those in our Tier 6 were able to sell as high as a 15x on their initial 3.5% unlock on their Seed Investment. We were thrilled to see those who invested able to get such a great result in the current market. With such great success you can expect to see more flash sales coming soon on CoreStarter
This article will explain the structure of our Flash Sales, with some slight modifications from the first and also explain the buyer protection we have in place for these.
Round Structure
Flash Sales will run in 2 rounds with no guaranteed allocations or registration required. All wallets qualifying in each tier will be automatically whitelisted, each Tier will have a set allocation amount they are able to purchase with both rounds being FCFS. Example below from DriveZ Flash Sale – Please note this will not be a standard allocation per sale, it is on a sale by sale basis.
Round 1 — Tier Round (Tiers 1–6, 24 hours) FCFS
Round 1 will be only for users in Tiers 1–6. Each tier will have a set allocation they are able to purchase. Round will run for 24 hours and is FCFS, if the Sale is completely sold out in Round 1 there will be no additional allocation for Round 2.
Round 2 — Community Round (Tiers 0–6, 24 hours) FCFS
If there is allocation left from Round 1, Round 2 will run the same as our current model. All users who have been staking at least 500 $CSTR for 5 days or more will qualify even if they don’t reach a Tier. Tiers 1–6 will receive the same allocations as Round 1, with Tier 0 receiving 0.5x the allocation our Tier 1 members receive. Sale will run for 24 hours or until sold out.
Projects conducting FLASH SALES on CoreStarter will still be required to go through our KYC process before listing, however you must conduct your own due diligence to ensure it is an investment that fits your risk profile.
Buyer Protection
For our Flash Sales we have implemented a window of buyer protection to avoid any malicious activity from projects and give you peace of mind when looking to receive/claim tokens at TGE and sell down any of your initial vesting that you wish. Below is a list of additional requirements projects conducting flash sales must follow. It is worth noting for a standard IDO with our original raise model there are additional terms and protection that we will explain in another article shortly.
Projects launching on CoreStarter need to comply with the following requirements:
CoreStarter will require mandatory lock-ups for “Team Tokens” such as team, advisory, development and marketing tokens according to their vesting schedule with Proof of lock before launch.
CoreStarter will require all the tokens sold in a sale (Public, Private or Seed) through CoreStarter to be sent to CoreStarter before the launch to make sure our community will get their tokens in time, without any delays, with no exceptions. If a claim portal is to be used no funds will be sent until confirmation of token withdrawal from our community.
Unless agreed otherwise there will be no longer than 14 days from the Sale date to TGE. Private and seed rounds are an exception and will be determined at the date of signing the contract.
CoreStarter requires projects listing to have their smart contracts audited by a reputable source.
CoreStarter will require projects to stay above their Flash Sale price for 72 hours after listing. If trading drops below Flash Sale price and is not rectified within seven (7) days for longer than 24 hours CoreStarter will offer a refund to our community for all unvested tokens.
Any changes to Tokenomics or vesting periods need to be confirmed with CoreStarter before taking effect, if this does not happen CoreStarter has the right to cancel the Token Sale and/or refund all Token Purchasers. No funds will be transferred until this criteria is met.
Additional Updates
We have more Flash Sales lined up for our community, but also a traditional IDO coming soon which will be announced shortly. When announcing we will also share our new buyer protection terms that will help you invest with more peace of mind.
We are creating a blog which will be used to give updates on the wider crypto market, deep dives into projects and additional value for those wanting to learn about blockchain in more detail.
We will soon be adding an additional Tier above Tier 6. Exact criteria to reach this Tier and the name are still in discussion, however you can expect to see an announcement on this during August! We are excited to give our longest and most loyal community members additional benefits.
Make sure you are following us on all of our socials and chatting to our admins and team in our Telegram group to keep up with our developments, sales and ask any questions you might have.
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