White Paper

May 2021

The premier IDO platform for Solana.

Solstarter empowers launchpad projects to raise liquidity in a fair &
decentralized manner.

Contact Information

Email: [email protected] © 2021 Solstarter

Website: solstarter.org
All Rights Reserved

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Disclaimer
This document is created by Solstarter Ltd, a company based in Tortola, British Virgin
Islands. This document is for educational and informational purposes only. The
contents of this document are not a financial promotion. None of the information or
analyses presented are intended to form the basis for any investment decision and
no specific recommendations are intended. Therefore, none of the contents of this
document serve as an invitation or inducement to engage in any sort of investment
activity. This document is not intended to be a prospectus, solicitation, inducement
or offering for investment or the sale or issuance of securities or any interests or
assets.

The information in this document is given in good faith, but no warranties,

guarantees or representations are made by Solstarter with regard to the accuracy,
completeness or suitability of the information presented. Solstarter expressly
disclaims any and all responsibility, and Recipients expressly waive any claim,
for any direct or consequential loss or damages of any kind whatsoever (whether
foreseeable or not) arising directly or indirectly from: (i) reliance on any information
contained in this document or any information which is made available in
connection with any further inquiries, (ii) any error, omission, or inaccuracy in any
such information, (iii) any action resulting therefrom or (iv) usage or acquisition of
products. This disclaimer applies notwithstanding any negligence, default or lack of
Care.

The Company may update, modify or correct this document in its sole discretion,
without notice or incurring any obligation or liability to any recipient hereof. This
document is strictly confidential and intended to be viewed exclusively by those
recipients (“Recipient(s)”) specifically authorized by the Company. This document
shall not bind, convey any rights, obligations, terms, performance, covenants,
representations or warranties on behalf of the Company to Recipient, or create any
relationship between the Company and any Recipient or any other party.

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Table of Contents

Disclaimer 2

Table Of Contents 3

Why Solstarter? 5
Background 5
The Solstarter Vision 6
The Solana Market 7
Partnerships 8

The Capital Allocation Problem 9

Solving for Unfairness 9
Current Solana Project Launches 10

The Solstarter Solution 11

Solstarter Goals 11
Solstarter Solution 11
Solstarter User Flow 13
Solstarter Tiers 14
Solstarter Ecosystem Longevity 15
Solstarter Tiers Future Roadmap 15
Allocation Mathematics 17

The Solstarter Ecosystem 19

Adoption of Solana 19

Tokenomics 20
Token Utility 20
Token Allocation 21
SOL-ETH Bridge 22
Liquidity Incentives 22

Competitive Ecosystem 23
Competitive Overview 23

Solstarter IDO Application Process 24

Types of projects we consider 24

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 The Application process 24
Due Diligence Flow 26
Benefits of launching on Solstarter 27

Roadmap 28
Development Roadmap 28
Development Timeline 29

Team 30

Advisors 31

Conclusion 32

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Why Solstarter?
Solstarter is the first decentralized fundraising and Initial Distribution Offering (IDO)
platform on the Solana blockchain. With the goal to make investing in the future of
decentralized finance easy and accessible to everyone, Solstarter empowers
Solana-based projects with the ability to raise liquidity in a fair manner while also
developing dedicated communities behind them. Solstarter brings the capabilities of
traditional venture capital to anyone through fair launches and democratized
allocations.

Background
Over the last year, decentralized finance (DeFi) solutions have democratized access
to various financial instruments for millions of users around the world. Not only have
experienced crypto traders been leaving centralized exchanges (CEXs) as a result,
but decentralized exchanges (DEXs) have made it possible for a new market of retail
investors to enter the cryptocurrency world. These events have been the driving force
behind the total value locked (TVL) in DeFi increasing by a magnitude of over 5x in
the last six months.

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It’s easy to see why this space is seeing rapid growth. To start, DEXs are quick to use,
as there’s no sign up or Know Your Customer (KYC) process involved. In addition, the
user interface on a DEX like Uniswap is simple, intuitive and most transactions or
swaps consist of clicking a few buttons. Lastly, fees on DEXs are minimal, with most
charging a flat fee of around 0.3%, versus CEXs which can charge up to 0.5%!
However, as volumes on DEXs increase exponentially with the adoption of DeFi, there
arises an issue that many developers are currently trying to solve for: scalability.

Today, most DeFi transactions are handled on the Ethereum network. This has led to
an increased congestion in the network, which has made transactions on Ethereum
slow and expensive. Investors and traders across the world have found themselves
having to pay upwards of $50 in gas fees (or more) just to make a transaction.
Whether a user is trying to make a $10 trade or a $10,000 trade on Uniswap, costs
reach upwards of $50+, depending on the network congestion at the time of the
transaction. This has made Ethereum transactions cost-prohibitive for most retail
traders to participate in. Sidechains, layer 2 (L2) solutions, and even different
blockchains such as the Binance Smart Chain (BSC) have emerged as a result of this
market need. Some of these solutions have seen an increase in volume and have
even gained some traction. Yet they each come with qualms of inaccessibility, lack
of adoption, and centralization.

The Solstarter Vision

At Solstarter, our mission is to make DeFi accessible and fair for everyone. To do this
we have decided to build on the Solana Network as it is capable of lightning fast and
low cost transactions. The Solana network can process transactions quickly, and at a
cost that is one million times cheaper compared to Ethereum. Yes - 1,000,000 times
cheaper than Ethereum. In addition, Solana is a futureproof chain. While Ethereum
2.0 allows for between 2000 to 3000 transactions per second (TPS), the Solana
network can operate at a peak of 60,000 TPS. No matter how much congestion is on

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the Solana network - no trader will ever be prohibited or priced out from
participating in the future of decentralized finance.

The Solana Market

Critics of the Solana ecosystem have argued that Solana will never take off or Solana
projects will never gain traction. These remarks are not unfounded, as Ethereum is
currently the premier blockchain in DeFi, processing the most transactions and
receiving the largest amount of media attention. However, while the mainstream
narrative focuses on Ethereum, behind the scenes the Solana ecosystem is
experiencing rapid growth, and projects launched on it are becoming some of the
highest market cap projects in DeFi. Being an early participant in the Solana
ecosystem has been quite lucrative, and forward-looking, savvy investors are
reaping the returns. This is evidenced by the high market caps of top Solana based
projects below:

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Partnerships
Solstarter was founded to combat the high barrier of entry for everyday investors to
get involved in early stage DeFi projects. In order to achieve this goal, we have
partnered with two organizations which will incubate Solstarter: The Solana
Foundation and LINKPAD VC.

The Solana Foundation has provided Solstarter a Solana Grant, a competitive grant
which is awarded to Solana projects based on the quality of a project’s team, vision,
execution, and community involvement. The Solana Grants Program helps launch
new infrastructure projects, end-user applications, and everything in between in
order to democratize the Internet and global financial system.

LINKPAD VC is a unique venture capital fund that aims to maximize the value
provided to their portfolio companies. Unlike many traditional VC funds, they take an
active approach to investments, utilizing their connections, social platforms, and
access to funding to help take projects, companies, and protocols to the next level.

Through both of these partnerships, Solstarter will have the capital and connections
to not only source new, high-quality projects, but also grow to become the premier
fundraising platform on Solana.

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The Capital Allocation Problem

Solving for Unfairness

In the current ecosystem, early investing in blockchain projects is not available to the
average retail investor. Here are some reasons why:

- Large Venture Capitalist (VC) Funds still dominate the pre-seed rounds of top
DeFi projects and suck up initial token supply before the public even knows
about these projects.
- Early fundraising rounds for projects which don’t take VC money are often
filled instead by friends of the founders and influencers.
- Projects which do whitelist based allocations are a game of luck, given out to
those who are online when the whitelist form is made available, people with
the fastest internet connection, or even bots who are able to fill out a form
instantly.
- Projects which go down the route of “fair launches” and mining based
distributions disproportionately favor rich investors who can stake large
amounts of capital. Those with the most capital are able to earn most of the
supply.
- Projects which launch completely on Uniswap are not fair anymore in the
current market. Bots are able to buy token launches the moment liquidity is
added by the founding team - often driving up the price and making everyone
else buy the token at a large premium. The bots then proceed to sell into the
ordinary investors, who are simply a few seconds too slow to compete.

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Current Solana Project Launches
Project launches on Solana are currently no different than those on the other popular
blockchains such as Ethereum and Binance Smart Chain. Across all three
blockchains, a lack of fairness and decentralization is currently present when it
comes to the fundraising of projects.

Over the last six months, many projects launched on Solana have grown to immense
valuations in a short period of time. While much of this growth validates the demand
for Solana based projects - one aspect surrounding these projects is that all of these
projects were launched through FTX Initial Exchange Offerings (IEO’s).
FTX is a top centralized exchange (CEX) backed by Alameda Research (a top
quantitative hedge fund) that has been one of the main proponents of adoption of
the Solana blockchain.

Solstarter offers an alternative route for projects which may want to offer fundraising
allocations in a decentralized manner, to an audience outside of FTX. While it is a
great idea for one of the world’s top exchanges to support the development of future
Solana projects, launching IDOs on Solstarter ameliorates some of the problems
below:

- Users must have an FTX exchange account with KYC level 2 enabled
- Users are not guaranteed allocations when applying to invest in these
projects. To gain access - a user must win the FTX IEO lottery to invest in these
projects at all.

Solstarter addresses these points by offering an alternative route for projects which
may want to distribute fundraising allocations in a decentralized manner, to an
audience outside of FTX.

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The Solstarter Solution

Solstarter Goals
At Solstarter our mission is to democratize investing in DeFi and bring widespread
adoption to the Solana ecosystem. Ultimately, investing should be open to anyone,
easy to join, and completely decentralized.

Solstarter Solution
Unlike traditional launchpads based on who clicks a button first, in Solstarter we are
building a platform which is equitable and fair for everyone while still rewarding
token holders. No more whitelist spots based on who fills a form out first and no more
high financial barriers to entry. Solstarter creates fair, decentralized liquidity raises
through a tri-round system that makes a tier based guarantee to interested
participants based on the quantity of Solstarter tokens they own.

Round I
In the first round, any holder who has the minimum requirement of staked Solstarter
tokens can participate in the raise for a given initial distribution offering (IDO) for a
project. Through a pooled system, anyone can participate in a raise over an eight
hour period and the proportion of allocation given to a participant depends on the
pool weight of their tier which is solely dependent on the number of Solstarter tokens
they have staked.

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Round II
In the second round, any tokens not sold in the first round are put up for sale again.
This second round is a first come - first serve, also known as FCFS, model in which
each tier is given a period of eight hours to purchase an uncapped amount of tokens
for the given IDO project, with priority given starting from the highest tier to the lowest
tier. Please check out our flow on the next page for a detailed description of the
process to participate in an IDO.

Round III

In the final round of the swap, anyone on the Solstarter platform will be able to
acquire remaining tokens from the sale with an uncapped limit. There will be no
staked SOS requirements for the third round of the sale.

Note: The requirements for a sale in terms of KYC are determined by the IDO project, not Solstarter, in
order to comply with international regulations.

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Solstarter Tiers
Solstarter aims to be a predictable and fair platform that incentivizes holders of SOS
tokens to capitalize upon and support new IDO projects on the platform. Through our
four tier system shown below, Solstarter participants are given allocations based on
the quantity of SOS tokens they own.

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Solstarter Ecosystem Longevity
At Solstarter we want to make sure that participants in the ecosystem are long term
participants in the platform and not simply short term traders who wish to come in
and out of pools. To satisfy this, we will implement a time-locked period to make a
user eligible for entering into an IDO round and a similar time-locked period to
unstake.

In addition, the moment a user unstakes their SOS tokens they will no longer be
eligible for future sales on the platform until they stake their SOS tokens again.

Solstarter Tiers Future Roadmap

Soon after launch - Solstarter will aim to improve upon the current tiered model by
offering more incentives to those who support Solstarter long term. Solstarter will
implement a tiered based system which is not based on the discrete number of
tokens a participant has staked but rather a vested aggregate of the number of
tokens a user has staked.

The system ultimately rewards longer term holders, while not overly punishing new
entrants to the system. To elaborate further, Solstarter will implement a vesting
system where users who stake SOS on the platform will receive a representative
token (xSOS) that streams to the wallet in question over 30 days. At the end of the 30
day period, xSOS will be equivalent to SOS staked 1:1, thereby representing the full
allocation available to an individual staking on the Solstarter platform. To decide
allocations, Solstarter will check the total amount of xSOS in a users wallet, which
represents the total stake in the system. With a linear vesting feature, users can truly
become the VC’s, with incentives in place for longer holding periods.

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In addition, Solstarter recognizes that one of the evident problems in many
launchpad ecosystems is that the barrier of entry can be too high for smaller players
to participate in IDO launches. With a purely tiered model, it could potentially take a
significant amount of capital to acquire SOS tokens to be placed in a tier depending
upon the market price of the SOS token. Solstarter plans to further innovate on the
tiered launchpad model by creating a micro staking tier called Satellite. To join the
Satellite tier, an individual will have to stake a minimal amount of tokens and be
entered into a lottery for every IDO project. If they win that lottery, that individual will
be given access to the Moon level allocation for that raise. We plan to start with a
fixed number of lottery winners for every raise and iterate upon this concept to
accommodate more players over time.

Once again, changes like these will be added soon after the initial launch and once
we see how the market dynamics play out with a fixed tiered model for raises. We
have planned these changes as we want to make sure Solstarter is open to as many
participants as possible, tailored towards long term believers, and is as fair as
possible.

Allocation Mathematics

The pool weight metric describes the proportion of the entire raise for a given IDO
that all members of a given tier equally share.

Example:
There are 100 Moon tier stakers
50 Planet stakers
25 Red Giant stakers
and 10 Supernova stakers.
The total raise: 1,000,000 tokens.

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Shares of raise which is based off of Pool Weights (7% is base weight):

Moon: (1)X(100 Moon stakers) = 100

Planet: (2.15x)X(50 Planet stakers) = 107.5
Red Giant: (4x)X(25 Red Giant stakers) = 100
Supernova: (7.1x)X(10 Supernova stakers) = 71

Total shares = 100+107.5+100+71 = 378.5

Total tokens = 1,000,000
Each pool share = 1,000,000/378.5 = 2642

Number of tokens each member of a tier is allocated:

Moon: (1)X(2642/share) = 2642

Planet: (2.15x)X(2642/share) = 5680.3
Red Giant: (4x)X(2642/share) = 10568
Supernova: (7.1x)X(2642/share) = 18758.2

We can describe this mathematically by defining the variables for the total raise in
the number of tokens of an IDO project on Solstarter, S, and a given individual
represented by the variable i.

We then can let the function W represent the pool weight given to the tier an
individual belongs to and the total set of individuals represented by n.

W(i) = pool weight multiplier of tier individual i belongs to

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Taking these two functions we can come up with the amount of contribution an
individual is given in tokens(represented by the function A).

𝑆
𝐴(𝑖) = 𝑛 * 𝑤(𝑖)
∑ 𝑤(𝑖)
𝑖=0

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The Solstarter Ecosystem

Adoption of Solana
One of the goals of Solstarter is to accelerate the adoption of the Solana blockchain
by making it accessible for everyone to invest in up and coming Solana projects.

However, Solstarter will not only be an IDO platform meant to bootstrap liquidity for
future DeFi projects - but also an incubating platform - making it easy for teams to
fully realize their technical vision on the Solana network. Through the Solstarter
mentorship program, projects and teams looking to launch on Solstarter will receive
premium support, connections, and advisory services from the world’s leading VC
funds and companies.

Currently, Solana is only available to be purchased on CEXs and this is one of the
main roadblocks for new users to get onboarded into the ecosystem. In addition, the
process to create and use a Solana wallet is non trivial at the moment and definitely
needs improvement.

Solstarter aims to help bridge the gap between these two aspects by first making it
easy to purchase Solana tokens directly on Solstarter, without the need for CEXs.

Finally, we plan to integrate in the future with top Solana wallets like Phantom
(https://phantom.app) which are currently in development, and make it easy for a
user to learn how to obtain a Solana wallet and fund it. Through these efforts,
Solstarter aims to make it easy for anyone to experience the fastest and most
efficient blockchain ecosystem in the world.

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Tokenomics

Token Utility
At launch, Solstarter tokens represented by the ticker SOS, will have multiple uses.

First, the main utility of the SOS token is to be able to participate in new IDO sales on
the Solstarter platform by staking tokens. Through this utility, participants who are
eager to fund the up and coming Solana projects can gain access by accumulating
and staking the SOS token.

The secondary utility of the SOS token is the ability to participate in the Solana DAO.
One of the founding principles of Solstarter is to be decentralized as possible. The
Solana Decentralized Autonomous Organization (DAO) will allow members to control
the future of the platform by iterating upon key aspects of Solstarter such as pool
weight proportions for given tiers, additional utility given out to higher tiered
members, the minimum staking period required to participate in new IDO’s, and any
other aspect that is voted upon.

DAOs are a fundamental aspect to any utility token and through decentralized
governance, anyone and everyone with SOS tokens can control the future of
Solstarter by creating governance proposals and having them voted upon.

Token Allocation
One of the most important parts to any project is the token distribution, as this
creates incentive structures for the long term growth of the platform. In creating
Solstarter, we wanted to embrace the idea of community involvement by allocating
nearly half of the total token supply to the community through the Public IDO, Initial

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Market Fund, Staking Rewards, and the Ecosystem Fund. Fifteen percent of the tokens
will be sold through vested seed & private sales which will be done with strategic
partners to help fund the development and growth of Solstarter and connect the
platform with high quality projects for future IDOs. The last tranche of tokens will be
used for marketing, development, and advisor + team allocations. The detailed
tokenomics for SOS can be found below:

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SOL-ETH Bridge
Solstarter will launch on the Solana network and will be traded on Serum DEX and
Raydium. However, to facilitate the adoption of Solstarter initially, we will also launch
a wrapped version of SOS on the Ethereum network that can be traded on Uniswap
and Sushiswap. Through the Solana Wormhole, participants will be able to move SOS
tokens freely between both networks. This process will ensure that there is liquidity on
both blockchains, however, only staked SOS on the Solana platform will be eligible for
IDO pools.

Liquidity Incentives
In order to create robust liquidity on trading platforms and to ensure a fair
distribution over time, SOS will offer incentives for liquidity providers on both the
Solana and Ethereum networks for a period of five years. A participant can stake the
liquidity pair of SOS/SOL on Raydium/Serum DEX if on Solana, or SOS/ETH on Geyser if
on the Ethereum network and get continuous rewards distributed over time. After
launch we also plan to make it possible for liquidity providers to become eligible for
IDO pools, however, this feature will not be live at the time of launch.

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Competitive Ecosystem

Competitive Overview
Launchpad projects over the last few months have come to light as feasible
alternatives to traditional Venture Capital seed rounds as they offer projects the
ability to reach a larger audience and raise liquidity and in a fair manner. The current
players on the Ethereum network are TrustSwap and Polkastarter, while BSCPad is
the main player on the Binance Smart Chain network. All three of these projects have
blossomed to large valuations due to the demand and quality of projects launched
on their respective platforms.

Solstarter is the first player on the Solana network and aims to capture all of the
market share for projects that intend to have decentralized offerings on Solana.
Solstarter aims to bring high quality and professionally vetted projects to the Solana
Ecosystem. Through our mentorship, marketing, and due diligence process, Solstarter
aims to have the top future blockchain projects list on our platform.

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Solstarter IDO Application Process

Types of Projects We Consider

Solstarter aims for projects which demonstrate novel utility in the Solana Ecosystem.
We want projects which are not in the idea stage but have made substantial
progress either in terms of finalizing the concept (whitepaper), have a development
team, have public code repositories, and are close to either a test-net or main-net
implementation. We unfortunately cannot accept projects with a simple idea and
website as we are aiming Solstarter to launch quality projects that can actually be
used by the general public.

The Application Process

Solstarter’s mission is to bring high quality projects to individuals across the world in
a fair and decentralized manner. As we have learned from numerous scams and
rug-pulls on both the Ethereum and Binance Smart Chains, even the best of projects
are susceptible to having bad actors who try to sabotage projects and deceive
investors.

To help mitigate these adverse events, Solstarter will only allow projects to list on the
platform if they undergo an intense vetting process. Solstarter’s vetting process will
consist of an initial application process, an internal review, a kickoff call, a due
diligence check by a partner VC firm, and a final security check by the Solstarter
team in which we review the project’s smart contract code. Due to this in depth
process, Solstarter will only allow public teams to list projects on Solana. Solstarter
aims to list the best projects possible and help make Solana a safer chain than
Ethereum and BSC in terms of scam mitigation. Solstarter already has a handful of

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high quality projects prepared for launch and interested projects can apply on our
online form at https://solstarter.org/apply.html.

Please check out our due diligence flow on the next page. In order to help assist the
projects as described below, the Solstarter foundation will take a percentage of IDO
project raises for mentorship, launch operations, and related services.

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Benefits of launching on Solstarter
If we analyze the top projects that have skyrocketed to success over the last few
years, the main indicators of future success come down to a combination of both
novel technological innovation and also dedicated communities that have
spearheaded the adoption of these projects.

Solstarter assists projects in both of these aspects by first helping projects on the
technical side through advisory services. These services include helping projects
develop tokenomics and rollout strategies, connecting projects to the top auditors
and security researchers, and introducing projects to top blockchain developers and
graphic designers. On the awareness side, Solstarter will introduce projects to top
exchanges for potential listings, assist with community building strategies, and
provide expertise that will allow projects to forgo expensive marketing budgets. By
having a strong reputation for only listing the top projects on our platform, projects
can expect to have dedicated and engaged communities spearheading the organic
adoption of their mission from the beginning. Lastly, Solstarter helps projects connect
to the top marketers in the space if needed and can also directly set up projects with
larger fundraising rounds from some of the top venture capitalists in the space which
are partnered with Solstarter.

Simply put - Solstarter allows developers and teams to focus completely on project
development and their technical roadmap. Through the initial launchpad boost -
projects can expect to have a lot of the hard work that comes with any crypto project
offloaded from their plate by having Solstarter as an advisor that is always by their
side.

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Roadmap

Development Roadmap
Solstarter not only aims to be the premier launchpad ecosystem on Solana, but will
provide additional features soon after launch to provide utility to the space.

First, Solstarter aims to establish a DAO which will be used for any governance
decisions regarding token mechanisms and treasury spending.

Second, Solstarter plans to add OTC Trusted Swaps functionality which will allow
institutions and individuals to make trusted escrowed transactions on the Solana
network.

Thirdly, Solstarter will develop liquidity locking tools on the Solana chain which will
allow users to have peace of mind, verify how much of a project's liquidity is locked
for, and the time period for which it is locked, all from an easy to read, intuitive
interface.

Fourthly, Solstarter plans to expand to other blockchains which need legitimacy and
high quality projects, after establishing Solstarter as the premier launchpad
ecosystem built on Solana.

Lastly, Solstarter will explore the addition of creating different types of sales from fair
LBP pool launches and NFT auctions on chain.

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Development Timeline

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Team

30
Advisors

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Conclusion
Solstarter is a platform which will disrupt the way that everyday investors enter and
participate in the DeFi ecosystem. While the Solstarter team is focused on
decentralized fundraising and IDOs for now, our future plans are much broader and
will involve developing additional features for the next generation of Solana projects .

The future of DeFi is Solstarter and Solana. We are making DeFi truly accessible and
fair to anyone, regardless of how much money or what connections they have.

We are excited to have you on this journey!

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 The premier IDO platform for Solana.
Solstarter empowers launchpad projects to raise liquidity in a fair & decentralized
manner.

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