A review of the ImpulseVen pre-sale and a community-driven FAQ
In the name of transparency and trust, the ethos of YFDAI, we have reflected on and wish to report what we have learned from our first ever token pre-sale. We also have come up with remedies to issues some community members have experienced.
Furthermore, we’ve collected the most frequently asked questions that have been asked by our community and have constructed a FAQ to be armed with an even better understanding of the LaunchPad token sale process and the ImpulseVen project.
Pre-Sale Review & Remedies
After thoughtful reflection on the VEN pre-sale and taking into account the feedback our community has given, we decided it was best to provide insight into our review process and remedies that we have developed to ensure that YFDAI runs the smoothest, and most transparent, token launches across DeFi and the greater blockchain industry.
Private Sale Round #1 Review: We managed to resolve the issues users experienced in the first round of the ImpulseVen pre-sale. Some of the common issues included duplicate allocations purchased, not being able to purchase less than the maximum allocation, and false amounts confirmed after completing the purchase. Those issues are resolved.
Private Sale Round #2 Review: The first-come-first-served private round sold out in a matter of minutes. However, we noticed that some people used the private round link a few minutes before the 5 pm UTC start. That link should not have been active until exactly 5 pm, however due to technical issues on our end, it was online just before and a few users were able to buy before the official start time. In future, we will not release the link until the official start time.
Pre-Sale Remedies and Future LaunchPad Launches:
The following pre-sale issues have been addressed and should not occur again:
- Clear cache issue: This occurred after the devs worked on fixing other issues that came up in the first round. Users had to clear their cache in order to load the updated dApp. We have resolved this issue so it will not happen during future LaunchPad sales.
- Maximum-only purchase issue: Some users were not able to purchase a reduced amount from the max allocation they were allotted. This issue is resolved.
- Multiple failed transactions issue: Because the “CONFIRM” button pop up window did not drop off once pressed, but remained, many users continued to press the button creating multiple transactions some of which went through so they got double allocations, while others didn’t go through at all costing wasted gas fees. The pop-up window will not remain on the screen once the CONFIRM button is clicked in future LaunchPad sales.
- Failure to display the purchased tokens: This happened when users cleared their cache to load the updated dApp. We are working on a fix to this issue so that the dApp will display all tokens purchased when the wallet is connected.
- Oversubscribe error: Some users when they clicked “MAX” got a very small oversubscription that resulted in failed transactions. This has been resolved by limiting the decimal precision in the dApp.
- Purchase window display confusion: Some users were confused by the display window red warning message. This will be replaced with a successful purchase message similar to the pop up window with the green check mark that followed the CONFIRM button window.
- Double subscription error: In few cases a double subscription was possible due to a UI malfunction. This issue has been resolved.
New Option for replacing ‘Fastest Fingers’ (first-come, first-served) private round: We recognize that gas was wasted on the private sale round 2 for ImpulseVen in the case that someone tried to secure allocation but was unsuccessful, so we propose the following instead for future first-come, first-served private rounds:
- When it comes time to start a private sale round #2, make an announcement that includes the round 2 raise details and the # of people that we are enabling to participate in the private sale round #2 (final round) at a specific max allocation ($USDT) per wallet.
- This announcement includes a link to a private pre-sale whitelist Google Form that willing participants fill out in a ‘fastest fingers’ capacity (no gas fees wasted).
- Example: The private sale round 2 intends to raise $150,000 for Project X for a certain number of tokens. Project X decides that the maximum allocation per wallet should be $1,000 per wallet. Therefore, Project X will specify that the first 150 people to fill out the ‘indication of interest’ Google form will be invited to participate in the private sale round 2.
- Once we close the Google Form, we audit the whitelist form for any discrepancies and then we give the qualifying users access to secure their max allocation through the LaunchPad Dapp. Only YFDAI stakers/farmers are eligible for any pre-sale round, others that complete the Google Form are automatically disqualified.
- Users will have 24 hours to complete their purchase through the LaunchPad Dapp.
- Anyone who registers with the Google Form but does not complete the purchase if they are chosen will be excluded from the next LaunchPad pre-sale.
- If the pre-sale private round #2 is not filled with the first set of selected, qualified user, we then will select more qualified users from the whitelist in order of how fast they filled out the initial Google form and run another 24 hour period to complete the pre-sale.
We are committed to always reviewing our products, services, and processes to continually making improvements across the entire YFDAI DeFi ecosystem. This includes constantly evaluating how we run launchpad token offerings on the LaunchPad, and making changes as necessary to ensure success for our projects as much as possible, while also turning our community into long-term advocates for YFDAI and our supported projects. As such, we may choose to announce a better ‘fastest fingers’ solution ahead of the next LaunchPad pre-sale.
At YFDAI, we are fortunate to have an engaged and growing community. The comprehensive FAQ below is gathered from your questions thus far regarding ImpulseVen and their token issuance.
There’s a good chance that if you have any questions, you’ll find an answer below.
- What is the initial price of ImpulseVen?
The pre-sale consisted of a strategic and private sale round that occurred simultaneously with a combined price per VEN token of $0.4667 (Appx: 2.1426 VEN per USDT). The VEN public sale price is $0.75 per token.
- What are the whitelisting requirements for the Public Sale of ImpulseVen?
The whitelisting requirements for the public sale can be found here: https://yfdaifinance.medium.com/impulseven-public-sale-details-21e3c130a759
- What is the claim delivery mechanism for ImpulseVen?
Claims will take place via the LaunchPad dApp over the vesting period beginning with listing on Uniswap and SafeSwap. To claim your tokens you connect your wallet (that you used to subscribe) to the dApp, when YFDAI announce it is live.
- Are there restrictions on selling tokens purchased during a Pre-sale and a Public sale.
You are free to sell tokens purchased during the presale as soon as they are vested, as per the distribution schedule (20% unlocked and provided at TGE and 16% per month thereafter, distributed daily). You are free to sell tokens purchased in the public sale (on uniswap and safeswap) any time after you receive them, as 100% of the tokens will be unlocked at exchange listing.
- What are the benefits of ImpulseVen?
The benefits are listed in the ImpulseVen whitepaper and on their website.
- Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secure is ImpulseVen’s smart contract, and was it audited externally?
ImpulseVen’s smart contracts have been audited by Blockchain Consulium. In addition, ImpulseVen was vetted by YFDAI, in our own internal technical audit as part of our due diligence. That said, all smart contracts remain vulnerable to exploits so while this risk is reduced, it can never be fully eliminated.
- How many tokens will be launched and circulating?
After the VEN token launch, 1.78 million tokens will be in circulation.
- What are the features of the ImpulseVen’s AI bot that you can share?
The AI bot will find the market price discrepancies and take the correct ‘take’ (price) for our users to balance the market. The AI bot has the capability to make a smart contract pool inside the bot itself, where users can send their funds and it will take the trade for the users while the profit will be distributed to everyone in a fast and smart way.
- Is there an impulseVEN TG channel?
Yes, ImpulseVen’s Telegram Announcement Channel is: https://t.me/impulsevendefi
And their Telegram Community Channel is: https://t.me/ImpulseVen
- What is on ImpulseVen’s near-term roadmap?
This quarter (Q1 2021), ImpulseVen launched their staking and farming platforms and will also be listed on Uniswap, SafeSwap, and on to be announced CEXs. Next quarter, ImpulseVen will have their DAO launched, as well as their wallet and lending/borrowing platform fully operational. The highly anticipated AI trading bot will launch in Q3 along with more exchange listings along the way.
- What are some of the features of the ImpulseVen DEX that make it stand out in a crowded field?
Beyond an easy-to-use interface with standard trade spot swaps and futures trading, users will be able to add new derivative pairs for crypto assets and based on the demand for such a pair among the community, and it could become a permanent offering. In addition, the DEX offers 20X leverage on-chain perpetual contracts with transparent fees and 24/7 guaranteed liquidity. There will be zero fees for the first 3 months after launch.
The ImpulseVen Public Sale is on 23rd March. Please continue to voice your questions and feedback in our main Telegram community channel. As we release more details on ImpulseVen’s TGE and exchange listing, we will be sure to make more announcements so you are always in the know.
Governance — https://governance.yfdai.finance
Telegram Governance — https://t.me/joinchat/TjNNP9ipD9ObYLUU
Farming — https://farm.yfdai.finance
Staking — https://stake.yfdai.finance
Website — https://yfdai.finance
Telegram Community — https://t.me/yfdaifinance
Telegram Announcements — https://t.me/yfdai
Discord — https://discord.gg/S3GRXRC
Bitcointalk — https://bitcointalk.org/index.php?topic=5295276.new#new
Reddit — https://www.reddit.com/r/YFDAI