The PALM Initial Distribution Offering (IDO) is the process that allows early supporters to participate in the project’s journey from the ground up. If you’re new to the world of IDOs, don’t worry. We’ll break down each step of the PALM IDO process to ensure you understand how to participate, what to expect, and how each phase works.
Step 1: Whitelisting
What is Whitelisting? Whitelisting is the first step in participating in the PALM IDO. It’s essentially a pre-registration process where interested participants sign up to express their intent to buy PALM tokens during the IDO. Whitelisting is crucial because it often comes with benefits such as guaranteed access to the token sale, which might be limited due to high demand.
How the Whitelisting Process Works To get whitelisted, you’ll typically need to provide some basic information such as your email address and possibly complete specific tasks like joining the project’s social media channels. The whitelisting process ensures that the project adheres to regulatory requirements and helps in preparing for the next crucial step: KYC.
Step 2: KYC (Know Your Customer)
What is KYC? KYC stands for “Know Your Customer.” It’s a standard compliance process used in the financial industry to verify the identity of clients. In the context of an IDO, KYC helps prevent fraud, money laundering, and other illicit activities by ensuring that only verified users can participate in the token sale.
How the KYC Process Works During the KYC process, you’ll be asked to submit personal identification documents, which may include a passport, driver’s license, or national ID card. You might also need to provide proof of address. The KYC process is handled by third-party services specializing in identity verification, ensuring privacy and security for your personal information.
Step 3: Buy PALM Token and Receive a Vesting Key
Buying PALM Tokens Once you’ve been whitelisted and passed the KYC process, you’re eligible to buy PALM tokens. However, since the PALM token hasn’t officially launched yet (with the Token Generation Event scheduled for Q3 2024), participants will receive a vesting key instead of the tokens directly.
What is a Vesting Key? A vesting key is a digital asset that represents your future claim to PALM tokens. It’s a way to ensure early supporters can participate in the project’s growth even before the token becomes publicly available. The vesting key is tied to a specific vesting schedule, detailing when and how you can claim your PALM tokens.
Step 4: Redeeming Vesting Keys at TGE
Token Generation Event (TGE) The TGE is when the PALM tokens are officially minted and distributed to holders. It marks the moment when the project transitions from the fundraising stage to operational, with the token becoming an active part of the ecosystem.
Redeeming Your Vesting Keys When the TGE occurs, you can redeem your vesting keys according to the predetermined vesting schedule. This process will be clearly outlined by the PALM team, ensuring all participants know how to exchange their vesting keys for PALM tokens. It’s important to note that vesting keys are not tradeable. This measure is in place to comply with regulatory standards and to maintain the integrity of the token distribution process.
