Initial DEX Offering or IDO is the process of swapping or exchanging crypto tokens depending on the liquidity bond. For instance, USTD and ETH are liquidity bonds.
If you are Whitelisted for an IDO, it means that you have early access to the exchange, and you can get your hands on the presale IDO.
Initially, the ICO and IEO offerings were made on centralized exchanges, which meant that the assets being exchanged went through an intermediator. This correlates to the fact that the assets were a public source of information.
The introduction of IDO through the medium of a decentralized exchange promises the anonymity of an exchange.
There will be no involvement of an intermediate, and the participants will be able to swap their tokens and coins using their decentralized wallet addresses.
IDO Whitelist Meaning
Whitelist for IDO implies that you are allowed to get early access to the exchange, and also, you can get the presale IDO. IDO exchange is one of the newly devised methods for fundraising in the crypto space.
You can participate in these exchanges only if you are whitelisted for the fundraising event. Only the selected participants who are whitelisted for a particular IDO exchange will be eligible for participation.
If you are new to the space, start out by selecting an IDO event of your choice and click on the pool link for further details regarding the project or the event.
Here you will be able to spot the purpose, the estimated pool amount, and the potential activities you have to perform in order to get whitelisted for the project.
You can get the information related to the whitelist and the IDO pool event on the social media platforms of the websites such as – Telegram, Twitter, or Discord.
These are three of the main channels utilized by the coordinators of the IDO event to impart information. You can also find the Google form link to apply for the whitelist on the websites or the Telegram channels.
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How To Join An IDO Whitelist?
Let us take the example of Verve which conducted a pool back in January of 2022. We will go through the procedure and the check-list that was required to participate in the whitelist to gather a basic idea:
Step 1: Head Over To The Telegram Channel Of The Website
As we have cleared earlier, a Telegram channel link is always mentioned on the website. So for the sake of this example, enter the Verve website and click on the link for their Telegram channel.
Step 2: Scroll Down To The Whitelist Link
Now usually, the organizer mentions the requirements for joining the whitelist in the description itself, but if it is not mentioned in the Telegram message, go ahead and click on the whitelist link. Hit the Open option in the pop-up dialogue box to confirm.
Step 3: Go Through The List Of Tasks
As you click on the link, you will find the list of tasks that you have to complete in order to get whitelisted for the IDO pool.
Step 4: Enter Your Email And Wallet Address
Next up, you will find the option to enter your email and wallet address in the series of columns in the same link on the website. Make sure to copy the correct address to be safe.
Step 5: Hit The Enter Option
Suppose you have gone through all the columns and pasted the wallet address for the crypto that you will be staking correctly. Click on the Enter option at the bottom of your screen to move forward.
Step 6: Complete The Tasks
Now you will finally land on the page where you will find a bunch of check-listed activities that you have to complete.
After completing the tasks, you will be eligible to participate in the IDO exchange and, therefore, the fundraising event. There are times when people feel a bit sceptical about mentioning their wallet address on the platforms for fear of getting scammed.
Due to this reason, it is highly suggested to do your research and follow the previous fundraising events of the websites to note their success rate, the number of funds they have previously raised and the returns you will be received by participating in the event.
Also Read: How to Promote NFT for Free?
Conclusion
IDO is a new-generation exchange process which is a subjectively new concept devised after the introduction of the DeFi system.
This decentralized exchange promises to change the forefront of crypto exchanges, but the crypto blockchains are still testing the waters for this one.
Being whitelisted is the minimum criterion for participating in the IDO exchange or fundraising event since it is only available to selective participants who complete the tasks mentioned on the website.
Make sure to go through all the details mentioned on the website and their social channels before participating in any exchange.
