SuperStarter, the curated token launchpad recently inaugurated by SuperFarm, announced the first project to hold an Initial DEX Offering (IDO), which will be ColdStack, an up-and-coming decentralized storage project that promises to drastically lower storage costs compared to even centralized competitors.
Registration for the IDO whitelist opened on May 4th, at 8 PM UTC, and closed on May 6th at the same time. The token distribution event will occur on May 10 at [time]. To join the CLS token IDO, prospective buyers must register to the whitelist through a dedicated form.
The CLS token is the native token for ColdStack, used for paying platform fees when storing data. The fees are paid by users who store and retrieve their data, and can be awarded to miners who run ColdStack Nodes and store the data. In addition to storage requests, CLS will be required to sign and authorize transactions on ColdStack, as well as pay for NFT issuance and other related operations. The CLS token will also entitle holders to participate in the DAO, letting them participate in platform governance, including admitting new nodes to the network and handling disputes.
The CLS token will be launched with an initial market capitalization of $737,500 with 1,475,000 CLS circulating supply. Private and Strategic investors receive a further 10% allocation each, with a one month cliff and a nine months linear vesting. Team tokens are locked for 12 months and subject to a linear release schedule in the next 12 months. Tokens in the public sale are fully unlocked, while the remainder of the 50 million CLS supply will be distributed to the community through liquidity mining and to the DAO ecosystem fund.
“We are excited to be bringing the first project to SuperStarter, our new platform for listing tier-one IDOs,” said Elliot Wainmann, Founder of SuperFarm. “Just as we promised, we focused on quality over quantity and expect ColdStack to become the aggregator for all decentralized storage platforms, with enormous potential to surpass all existing solutions on the market.”
SuperFarm published an in-depth research into ColdStack, which served as the basis for making the decision to list the project. ColdStack is an aggregator of all existing decentralized storage networks under one dApp, enabling seamless access to the storage potential of Web3. Live on Polkadot’s ChaChaCha parachain testnet, ColdStack is poised to go live on mainnet together with the rest of the Polkadot parachain network. A number of prominent investors backed ColdStack in its bid to aggregate Web3 storage, including GBV, Spark Capital, Black Edge Capital, AU21 and many more.
