How to get involved the with upcoming IDO for DUB
BSCstarter has been purposely designed as a community-oriented, decentralised launchpad. As a result, we think it is important that all members of the community have access to the potentially profitable world of IDO presales.
If you are new to Binance Smart Chain, IDOs, or crypto in general and want to get involved in the upcoming $DUB IDO — then this guide will walk you through everything you need…
What do I need?
Primarily, you require two tokens to take part in any BSCstarter IDO:
BNB & START.
BNB is the network token of the Binance Smart Chain blockchain (like ETH is to Ethereum). And START is the token of our platform, BSCstarter.
BNB is used by our platform as the currency. So when you buy tokens in an IDO you will need to pay in BNB.
In our next guide (you can find a link at the end of this one), we go into detail on how you can get hold of START. For now, though, let’s begin by focussing on BNB.
Before you buy your BNB you will first need to set up a wallet to receive it and use it to interact with online Apps such as our very own BSCstarter.
Part 1: Setting up an online wallet
At BSCstarter we support a large number of the most popular wallets, including MetaMask, TrustWallet, Ledger, and Trezor.
Most wallets are set up for the most popular network by default (Ethereum), tokens on this network are referred to as ERC-20 tokens. Conversely, on Binance Smart Chain tokens are referred to as BEP-20 tokens.
On a mobile device…
For ease of use, we highly recommend TrustWallet for Android or iOS. Start by hopping over to the TrustWallet website and downloading the wallet: https://trustwallet.com/
Once you have created your TrustWallet, please follow this step-by-step guide to ensure you are ready to receive Binance Smart Chain BNB tokens: https://www.binance.com/en/blog/421499824684901157/How-to-Set-Up-and-Use-Trust-Wallet-for-Binance-Smart-Chain
On a PC or Mac…
If you want to use a wallet on your PC or Mac, then we recommend MetaMask.
Please note, the process of setting up Binance Smart Chain on MetaMask is a little more complicated than TrustWallet, therefore we recommend using TrustWallet on a mobile device in the first instance.
Please visit the official MetaMask website here to download the wallet: https://metamask.io/index.html
Once you have installed MetaMask, please follow this simple step-by-step guide from MetaMask to set up the Binance Smart Chain network on your wallet: https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
The most popular place to buy the BNB token is on a Centralised Exchange via an App or your PC. Coinbase is one such App, however, they do not sell BNB or any Binance Smart Chain token, in fact.
The two best, and easy to use options, are Binance and FTX. Both will allow you to buy the BNB token with credit cards and everyday currencies such as the US Dollar (USD), the Euro (EUR), Great British Pounds (GBP), or Australian Dollars (AUD).
If your understanding is a little more advanced and you decided on the TrustWallet then you can buy BNB directly from PancakeSwap (the main exchange on Binance Smart Chain).
Send BNB to your online wallet
If you have purchased your BNB through an app such as Binance or FTX you will now need to send it to your wallet that you have just set up, such as MetaMask or TrustWallet.
To do this, select your BNB tokens, and then select the ‘withdraw’ option. You will then be presented with a number of fields, such as Wallet Address, Network and Amount.
In the Address field, you can either copy and paste the address of your online wallet or scan a QR code if there is one available. For MetaMask your entire wallet will have one address, so any token you send to it, regardless of network, will always use this same wallet address.
On a PC or Mac, this address can be easily copied by clicking on the name of your wallet (in the example below it is HODL and the start and end of the address are visible e.g. 0xE44b…).
For TrustWallet, you will need to select the specific network to get the correct BNB wallet address (as seen in the image below).
Note, do not select BNB but Smart Chain. Selecting BNB would allow you to receive BNB however it will be wrapped-BNB on the Ethereum network not native-BNB on the Binance Smart Chain network. Binance Smart Chain DApps such as BSCstarter only accept native-BNB.
The next option is to select a network. Some apps such as Binance on the smartphone will automatically select the network based on the wallet address you enter — however, for reference you want to select BEP20 (BSC) — or BEP-20.
The final option is ‘Amount’. In this field enter the exact amount of BNB you want to send to your online wallet. Finally, when everything is entered correctly, hit ‘Withdraw’.
Your BNB is on the way
Your newly purchased or HODLed BNB should now be on its way to your Online Wallet. The Binance Smart Chain network is much faster and more efficient than the Ethereum or Bitcoin networks, as a result, it shouldn’t take longer than a few minutes for your BNB to arrive in your wallet (depending on network congestion).
Once it has arrived, you are now almost ready to take part in your first BSCstarter IDO! All you need now is some $START…
Part 2: How to get the $START token
In Part 2, we address how to get START, the token of BSCstarter that must be staked on the Bscstarter.finance website to take part in an IDO.
Why do I need START
On the BSCstarter App, BNB is used to buy tokens in an IDO, and START is used to stake and prove your eligibility to take part.
Once you have connected your wallet, stake your START by clicking ‘Staking’
The minimum amount of START that can be staked to take part in the $DUB IDO is currently 20 START. This will give you access to IDOs when they enter the first-come-first-served period for buyers.
Although not mandatory, most IDOs start with a timed period where only people who qualify for Guaranteed Allocation can buy. To qualify for Guaranteed Allocation you must stake 500 START or more.
The amount of your Guaranteed Allocation will depend on how much START you have staked, the higher the amount of START staked, the more of a percentage of the pool your Guaranteed Allocation will represent.