The Tier System Explained
What is IotexPad?
Iotexpad is the first native launchpad, and Incubator to be built on top of the Iotex (XRC20) network. With Iotexpad, projects developing on Iotex will now have a platform medium to host their projects on. As such, we act as a medium for both the investors and projects to not only invest, but our method encourages investors to research in projects as well as project their opinions.
How it works?
Iotexpad follows a tiered structure. What this means is that the holder of our $TEX token (not released yet) are the only ones able to invest in projects launching with us. The amount allocated to you depends on the amount of $TEX tokens you stake. Their are currently 5 tiers for the Iotexpad, Bronze, Silver, Gold, VIP, and Whales. Each consists of Staking requirements from Bronze to Whales. The minimum staking period begins 4 hours before we open allocation rounds. This give ample time for investors to accumulate our $TEX token prior to opening the allocation round.
Pool Weight Explained!
Let’s take an example of projectX launching on IotexPad and they are selling 1,000,000 tokens in the public pool. There are 100 Bronze Members, 25 Silver Members, 10 Gold Members and 5 VIP Members.
Bronze Members have a weight of 2, Silvers have a weight of 5, Golds have a weight of 15, and the VIP tier have a weight of 35.
The combined weight of all the qualifying buyers in this example is taken as the SumOfTiers[(no. of participants*Pool weight)].
Therefore (100*2) + (25*5) + (10*15) + (5*35) = 650
The amount of tokens allocated to each “share” is 1,000,000 / 650= 1,538
The formula for the number of tokens allocated to a tier is given by, (no. of users in tier* shared amount * Pool weight of teir)
Lets use only the bronze example —
The amount of tokens allocated for bronze is 100 * 1,538* 2= 307,600. Since their are 100 users staked in bronze tier therefore it is 307,600/100 = 3,076. Therefore the amount of tokens each user can purchase would be 3,076 ProjectX