A Beginner’s Guide to Participating in IDOs on SparkFi

SparkFi
3 min readSep 10, 2023

SparkFi is a pioneering, force-driving innovation in the world of cryptocurrency, and proudly, the very first IDO launchpad on Base Chain. We’re more than just a launchpad; we’re the launching point for exceptional ideas, the catalyst for transformative projects, and the bridge between vision and reality.

What is an IDO?

Before diving into SparkFi, it’s essential to understand what an IDO is. An IDO is a fundraising method used by early-stage blockchain projects to distribute tokens to the public. Unlike Initial Coin Offerings (ICOs), which have faced regulatory challenges, IDOs take place on decentralized platforms, providing more transparency and security for participants.

Getting Started with SparkFi

Set Up a Wallet: The first step to participating in IDOs on SparkFi is to set up a compatible wallet. IDOs on SparkFi are conducted on Base. A L2 EVM-compatible blockchain, so you’ll need an Ethereum-compatible wallet like MetaMask or Trust Wallet. Ensure your wallet is funded with enough ETH on Base chain to cover gas fees.

Bridge ETH to Base ETH on https://bridge.base.org/deposit

Wrap your ETH to WETH on https://beagleswap.xyz/swap?chain=base&outputCurrency=0x4200000000000000000000000000000000000006

Participating in an IDO on SparkFi

Now that your wallet is set up and get your WETH on Base chain, you’re ready to participate in an IDO on SparkFi.

Select an IDO: Navigate to the launchpad page and browse the list of upcoming IDOs or live IDOs. Review the project’s details, including its whitepaper, team, and roadmap.

Deposit WETH: To participate in the IDO when a sale is live, you’ll need to allocate your WETH to the project. Click on the Participate toggle on the sale page and click on Deposit WETH button, a window will appear, allowing you to enter the amount of WETH you want to invest.

Click on the Participate toggle on the sale page
click on Deposit WETH button

Confirm transaction: Double-check all the details of your investment, including the token amount, gas fees, and any vesting periods. When you’re satisfied with your choices, confirm the transaction. Your wallet will prompt you to approve the transaction, and you’ll need to confirm it again.

Post-IDO Actions

Claim Your Tokens: Once the IDO concludes, you’ll need to claim your tokens. Click on the user icon button in the right corner of the launchpad, then scroll down until you find “Claim Your IDO Tokens” Search for the IDOs you participated in, and you’ll see your purchased token allocation along with the claiming dates.

Click on the user icon button in the right corner of the launchpad
Claim Your IDO Tokens

HODL or Trade: You can choose to hold onto your newly acquired tokens or trade them on various cryptocurrency exchanges. Make informed decisions based on your investment goals and market conditions.

Stay Informed: Continue to monitor the progress of the project you invested in by joining their official communities and following their updates. This will help you make informed decisions about holding or selling your tokens.

Conclusion

By following the steps outlined in this guide, you can confidently start your journey into the world of IDOs on SparkFi. Stay informed, stay secure, and happy investing!

About SparkFi

SparkFi is a pioneering, force-driving innovation in the world of cryptocurrency, and proudly, the very first IDO launchpad on Base Chain. We’re more than just a launchpad; we’re the launching point for exceptional ideas, the catalyst for transformative projects, and the bridge between vision and reality.

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Thank You!

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SparkFi

SparkFi is a launchpad platform built on the Base blockchain, designed to support new blockchain projects in a decentralized manner.