Polygon was known to be fully established in India in 2017 and was originally called the Matic Network. It was the brainchild of experienced Ethereum developers—Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, as well as Mihailo Bjelic. The Matic Network went live in 2020 and has attracted some of the top names in the world of decentralized finance, also known as DeFi, including Decentraland and MakerDAO. The Matic Network was rebranded to Polygon in February 2021.
However, in April 2019 initial offering, the Polygon team raised the equivalent of $5.6 million in ETH with the sale of 1.9 billion MATIC tokens over a brisk 20-day period. So you can describe it as a scaling solution that aims to provide multiple tools to improve the speed and reduce the cost and complexities of transactions on blockchain networks. At the center of Polygon’s vision is Ethereum, a platform that is home to a range of decentralized applications, ones where you can join virtual worlds, play games, buy art, and participate in a range of financial services.
However, this much activity on its blockchain has rendered Ethereum almost unusable, as the cost of transmission is rising and traffic is becoming clogged. So In a nutshell, Polygon bills itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer. Like its geometric namesake, Polygon has many sides, shapes, and uses and promises a simpler framework for building interconnected networks. As such, Polygon wants to help Ethereum expand in size, security, efficiency, and usefulness and seeks to spur developers to bring enticing products to market all the quicker.
Now, to begin with, what's IDO (Initial Dex offering] is a fundraising approach that pools investment capital fom retail investors. The initial Dex offering was created to suffice for the defect of the traditional ICO works with DEX as opposed to a centralized exchanges. Dex can be thought of as centralized liquidity exchanges.
Going forward, this articles talks about how to participate in starter IDO. The first requirements is by holding $MATIC, Polygon token, $QUICK of Quickswap, and $START of Starter. These three tokens are needed to enable an investor’s take part in Starter.xyz IDO. There are two methods to partaking in Starter.xyz IDO but one rule cut across them all: having $START and $QUICK as liquidity provision while using $Matic as on-chain transaction fee.
So, In qualifying for an IDO on Starter.xyz starts with providing liquidity on Quickswap exchange with an equal amount of $Start and $Quick provided in the liquidity pool. Liquidity pool tokens are given as a reward for LP, this LP token can be converted back into $MATIC, $QUICK and $START at any time.
The amount of LP token earned from $QUICK/$START LP is proportional to the amount of token that can be bought from Starter.xyz. however, it goes step by step, that is, for qualification for an IDO, there would be Eligibility to take part in IDOs on Starter which will not work in the same way as it does on Binance Smart Chain.
To be eligible for Polygon IDOs on Starter.XYZ, you will also need to stake QUICK/START LP (Liquidity Pool Tokens) on the QuickSwap Liquidity Mining section of the website, liquidity mining as it were, Liquidity mining is a process in which crypto holders lend assets to a decentralized exchange in return for rewards.
These rewards commonly stem from trading fees that are accrued from traders swapping tokens. Fees average at 0.3% per swap and the total reward differs based on one’s proportional share in a liquidity pool.
So, To obtain QUICK/START LP tokens you must visit Quickswap.Exchange and add equal amounts of START and QUICK token to the liquidity pool — in return for adding these two tokens you will be given QUICK/START LP tokens. You can exchange your QUICK/START LP tokens for your QUICK and START tokens on the QuickSwap DEX at any time (dependent on current values).
The second is, Gas Fee, in the same way that BNB is used to pay for the gas fees of transactions on Binance Smart Chain, MATIC token is needed for payment of gas fees on Polygon. Therefore, you will always need a little MATIC in your wallet to pay for the gas fees of a transaction to buy or claim tokens in a Starter IDO.
If you are buying QUICK on Polygon for the first time, you will probably also need MATIC to buy it. We go into detail on how to get MATIC on Polygon below.
The third is Currency to Buy in IDOs on Starter. Starter however, often allows the IDO creator to choose the token they want to raise their funds in. The token they choose will be the token that Starters are required to use to buy IDO tokens (and therefore have in their wallet) — on Polygon, these are currently limited to QUICK, MATIC, and USDC.
So literally, in summary, The journey to having $QUICK, $START and $MATIC in your wallet. You can buy $Start from QuickSwap or any of the centralized Exchange where it is Trading and transferring it to your wallet through the a multi-chain bridge. Also, just have some $MATIC in the wallet for transaction fee, and buying $QUICK token which must be paired with $START to earn LP token.
This LP token is the ticket to partaking on Starter.xyz.
There are different tiers on Starter.xyz when providing liquidity, it ranges from
Starter at 3.5 $QUICK/$START,
Guaranteed at 35 $QUICK/$START,
Platinum at 87.5 $QUICK/$START,
Diamond 175 $QUICK/$START.
In summary, to be eligible for Starter.xyz IDO, explorers must provide liquidity on Quickswap exchange for $QUICK/$START, LP token will be given through this which can be staked on Starter.xyz or use to buy into polygon token IDO. Pre-sale investors, IDO experts must know that Starter reserve the right to dictate tokens that can be used to partake on IDO on its platform, therefore $QUICK is the acceptable to partake in Starter.xyz on Polygon.