AllBridge IDO on Boca Chica Step to Step Guide

Glossary

1. IDO — Initial DEX (Decentralized Exchange) Offering refers to a pre-sale event that happens prior to public listing. IDO allows a project to fundraise a certain amount of funds by enabling active participation from the side of retail-investors.
2. HAPI — cyber security protocol that aims to uproot the norms of maliciousness being spread across the crypto market in its current state. HAPI also jointly with Solana developed Boca Chica for the purpose of expanding and promoting the Solana ecosystem.
3. AllBridge — the project from ApySwap foundation that strives to unite networks and enable complete interoperability by bridging blockchains.
4. SolPower — is a calculation of staking reward from Solana Staking that gives access to Boca Chica. It’s non-transferable and non-exchangeable and simply displays your current compounding rewards from Solana Staking.
5. Epoch — on Solana means the time between each reward distribution from staking. For SolPower to appear at least one epoch ought to pass.
6. $ABR — native token of AllBridge
7. Oversubscription — proportional distribution after a hard cap is exceeded.
8. Solana Staking Reward system — https://docs.solana.com/staking

Boca Chica — Intro

It’s paramount to set the tone of success from the very outset, in this fashion the whole journey will become much easier to embark on. This is the reason they put so much value and care into meticulously designing and preparing Boca Chica launchpad for the commencement. The clock is ticking and launch is imminent, strap in your seats and observe the turbines brisantly alighting the solemn night.

With Boca Chica, HAPI team aims at trendsetting the new paradigm of IDO and pre-sale conducting by eliminating the most grating element of them all — tokens. Platform-specific tokens are cumbersome, limiting, and exceedingly unilateral. In most cases they present a roadblock that debars retail-investors from being able to participate in the early fundraising stages. This also evidently causes a detriment to a project itself. Firstly, in the way of insufficient exposure and/or funding and secondly, by the lack of credibility afterward.

What makes Boca Chica unique is the interwoven nature of its structure in Solana. Unlike a slew of currently available IDO launchpads on Solana, Boca Chica is not only built on and for Solana, it also actively utilizes Solana’s infrastructure as a medium to better accommodate and simplify the process of IDO admission. Therefore the term “powered by Solana” will be the best suited one.

AllBridge — Intro

AllBridge is the project from ApySwap foundation that strives to unite networks and enable complete interoperability between them, sowing the seeds of convenient, and easy-to-use hubs for seamless transitions between blockchain solutions. AllBridge also tackles bridging networks in different ways. Instead of requiring every validator to monitor all the supported blockchains, each validator will be delegated a right to decide which blockchain to support. To that can be added that AllBridge is operating via an on-chain consensus mechanism that ensures transparency.

AllBridge is uniquely poised to become the go-to bridge infrastructure that will interconnect various networks and gallantly establish itself as a crowning solution for the Solana ecosystem. In so far as the expansion of Solana ecosystem goes, AllBridge institutes frictionless and multi-chain capability to transfer one’s token to Solana Blockchain, allowing for substantial leverage of higher throughput, and impeccable scalability of the latter, bridging the cleft between Solana and other Blockchain infrastructures.

First IDO — Details and Terms

The focal point and the immovable crucial concept of Boca Chica is to facilitate simplicity of access. For that reason we made sure that the only prerequisite needed is connecting a wallet to the platform. No staking, no token holding, the idea of Boca Chica is to promote promptness and brevity of actions required.

Solpower

In order to succinctly explain the general notion of the structure and details of the first IDO, we will need to first harken back to the idea of SolPower. SolPower is NOT a token nor is it a traditional value asset that can be bought or exchanged. Instead, SolPower constitutes the access-giving tool that permits entry to Boca Chica.

SolPower is accounted to the Solana wallet ONLY via the Solana Staking Reward system. By staking Solana on one of the APPROVED validators, stakers also gain SolPower with the ratio 1:1 with their Solana.

Steps Needed to Connect SolPower to Boca Chica

1. Go to bocachica.io

2. Connect your Phantom wallet to Boca Chica

3. Now that your wallet is connected, click “Join”. After you clicked Join, you need to approve it in the wallet window

4. With the wallet approved you should be able to see this window.

How to Participate and Buy on Pre-sale

After the access has been granted, a user can buy a share of tokens the ratio of which depends on a project’s incubated demand. Each entrant can only buy a 100$ worth of tokens regardless of the SolPower (minimum is one Epoch stake time for sufficient SolPower to accrue) in the wallet. This will allow more people to participate and be a witness of the seamless nature of Boca Chica. Their goal is to enable everyone engaged with Solana to partake in expanding and fostering the Solana Ecosystem.

How to Stake Solana in Phantom Wallet

One of the ways to get access to the Boca Chica platform is to stake Solana with approved Validators. Staking is a simple, easy and quick process that requires 3 clicks inside Phantom wallet. You can also stake it manually but staking with Phantom is more preferable.

List of approved Validators can be found here: https://validators.bocachica.io/whitelist

First AllBridge IDO will include TWO round system:

• IDO with SolPower (94% of the total fundraising pool). To be eligible for Platform Access, a user must hold SolPower in their wallet. After the wallet has been approved with Boca Chica, 100$ worth of $ABR tokens can be purchased with sUSDT. Therefore it’s imperative that users have some sUSDT preliminary stored in their wallets.
• HAPI Round (6% of the total fundraising pool). This round is exclusively conducted with and for HAPI holders. For this round each participant will need to send HAPI (Solana Blockhain HAPI) to a given contract address. HAPI round will also include oversubscription and proportional distribution. Oversubscription aims at eliminating FCFS (First Come First Serve) method and instead distributes tokens proportionally amongst participants. There is a hard cap (6k$) that can be exceeded causing subsequent proportional distribution to ALL those who participated.

Key Points

• 2 Round System: Public Round (with SolPower), and HAPI Round with oversubscription to eliminate FCFS.
• SolPower IS NOT a token that can be bought or exchanged. The only way to get SolPower is to participate in the Solana Staking Reward system by staking Solana with approved Validators
• SolPower needed to access AllBridge IDO is one Epoch stake time.
• Fixed rate of Solana to SolPower before the IDO start.
• On HAPI round, $HAPI tokens are used instead of USDT.
• Boca Chica is THE best IDO Platform on Solana.

📰 INFO 

https://medium.com/boca-chica/the-first-ido-on-boca-chica-allbridge-235bf41ef7a2