Due to the volatility of the marketplace, following a lengthy reflection, Red kite has made a decision to open the IDO cashback facility commencing June 23, 2022.
What is IDO Cashback?
Through the IDO refund mechanism, end users can determine no matter if to get their cash back following observing how the token performs in the marketplace. This characteristic presents a threat-free of charge method to IDO traders.
- Effective date: applies to all IDOs from June 23, 2022 onwards. .
- Scope of: end users and traders join IDO on Red Kite.
Terms and circumstances
- Users and traders who have efficiently bought tokens but have not requested (obtained) tokens will be ready to request a refund.
- Refund requests ought to be submitted inside the specified time.
The complete time for the refund request is thirty minutes.
Refund open: 15 minutes ahead of the TGE.
Close Refund: 15 minutes following TGE.
- The cashback characteristic is only obtainable for pools requesting tokens by way of Red Kite. Pools of the “Airdrop” form or claimed by one more venture site will be excluded.
- The refund request is utilized only to pools with the similar exchange (exchange) and obtaining (declare) network. For instance: BSC – BSC, ETH – ETH …
How to request a refund?
To be eligible for a Red Kite cashback, comprehensive the following actions:
Step one: Submit a refund request
- Visit the project’s IDO web page at Red kite launch pad and decide on the tab “Complaint”.
- Link the wallets that have joined the IDO.
- Click the “Refund request” and verify the request.
- Sign the wallet to verify.
Step two: Get the cash back
- Click the “Request a refund”And signal the wallet to acquire the cash.
- Funds will be returned to wallet following consumer confirmation.
Detailed guidelines: https://redkite-faq.polkafoundry.com/swap-and-claim-and-refund/how-to-refund-tokens
- Users will not be eligible for a refund if a portion of the token has been claimed.
- Refund requests ought to be submitted inside the specified time. If the consumer does not request a refund, the user’s standing will be converted to “Do not request a refund“.
- The reimbursement course of action will get location by way of good contract. If the consumer encounters this error “Insufficient smart contract deposit “, please consider once again later on. when you press the button “Request a refund“, Please wait and consider once again later on.
The IDO refund characteristic will be officially utilized from June 23, 2022 for all IDOs on Red Kite. However, the time to request a refund is only thirty minutes. Therefore, end users should really periodically update facts concerning TGE / Token List Time and Refund Time by way of Red Kite official channels to make the greatest choice.
About red kite
Red Kite is a launchpad produced by PolkaFoundry as element of the Polkadot ecosystem. Projects on the Red Kite platform are meticulously picked by a rigorous overview course of action, which will take into account the following criteria for the origin of venture teams to legitimacy and functionality. Fundraising tasks by the Red Kite platform will be supported by a network of major advertising and marketing partners in the cryptocurrency marketplace.
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