Announcing the first Intersola Incubator Project — SolBank (16th Sept at 12:00 UTC)
Hi Intersola community!
We are excited to announce the formal unveiling of the Intersola Incubator Program and the first member of Class of ’21: Solana privacy solution: SolBank!
SolBank has been working with the team through the earliest stages of its development and we are providing support along all aspects to ensure they have a smooth path to launching their product and to market. Intersola will be running a dual-sale process for SolBank:
- Incubator Sale — 16th of September at 12:00 UTC
- Public Sale — TBD
But first, allow us to explain why this is so much more exciting for us than just another IDO. Intersola is revolutionising decentralised project launches!
The Intersola Incubator Program
Today we bring you the next important piece of the Intersola journey. Launchpads are often focused on the final piece of the project launch journey — the last chance for private individuals to secure off-market allocation before the project hits the market. This is in contrast to the ample opportunities that VC funds are presented with, and the cheaper prices they are offered; an unmatched combination of access & opportunity.
Democratising Access & Opportunity
We at Intersola believe that the ground-up, decentralised movement that crypto embodies, demands a different approach to project funding and access by early-adopters. Launchpads should not only simply provide the final springboard funding to the public, but also democratise earlier access, at rates similar if not the same to that with which VC’s and funds are able to secure.
This does not mean we do not believe in the value of large partners and VC’s — after all, we owe a lot to the support provided to us by our initial backers and partners. Where we see the issue is that it’s often an unlevel playing field. Large institutional backers are required for a number of reasons: the ability to make riskier bets and earlier on, access to key partners and service providers, as well as the industry-specific knowledge gained from viewing projects across the ecosystem.
This model of allowing private individuals access to the private sale or other non-public rounds is something we have trialled with SolDate and believe this is a successful model that shakes up the overall crypto IDO model.
In the end, all parties win — and this is aligned with our long-term vision outlined in our earliest publications. For users the benefit is simple: more access & opportunities at fairer rates. For projects, similarly the benefits are many: more real users, decentralisation of wallets, lower risk from large dumping & a community ready-to-go.
Support at the earliest stages in a products development is crucial to the long-term success of promising projects. With the advent of SaaS platforms and more user-friendly development tools over the past two decades, it’s never been easier to start a company. With this in mind, as crypto explodes in hype and awareness in the past 3 years, this too has created an almost wild-west environment of services providers.
This has resulted in a mine-field of decisions that projects must now navigate at the most crucial stages of a projects development. Starting a crypto project requires many pieces to come together almost simultaneously, however the most important aspect is the hardest to get right — executing and releasing a working product.
The Intersola approach is to take on board and handle as many aspects of a project’s earliest stages while allowing them to focus on what matters — releasing disruptive, game-changing crypto products.
This includes guiding the project through the process of the administration behind setting up a project, ensuring their marketing is set up and ready to go, referring and guiding decisions around choice of service vendors, helping craft the narrative and assisting with sourcing development partners where needed.
And of course, not to be forgotten, the fundraising process itself. Intersola is proud and appreciative to have one of the most dedicated communities not only within Solana, but crypto. This decentralised funding solution is a key benefit to projects, ensuring that concentration risk by large VC’s who may not have an interest in the long-term sustainability of the project is minimised. Similarly, having certainty over the projects ability to fund and achieve the roadmap they set out on is crucial to project incubation. Incubator projects will be provided with a fast-track to listing, to ensure projects have one focus — building and launching game-changing crypto products.
Intersola Incubator Project #1 — SolBank
What is SolBank
SolBank is building the first and only Solana privacy solution — think Tornado Cash meets Metamask. Privacy by default, built-in to your wallet.
The problem they’re solving is simple, a complete and utter lack of privacy on the blockchain. A forgotten but important part of the traditional financial system that crypto maximalists often gloss over when describing the benefits of crypto is that your real-world bank will not publish your transaction history in public for all to see. However this is how the blockchain works. You may argue that only those who have something to hide are affected, but as we move closer and closer to a crypto-first future, this will increasingly become an unacceptable reality for many. Privacy is a human-right and is something that we believe should be applied to your financial history.
SolBank empowers users by offering a Tornado Cash-style privacy solution on Solana, the first to do so. Over time this will morph into the SolBank Privacy Wallet, offering all the services you have grown to accept out of existing browser-plugin based crypto wallets except this time, with privacy on by default. The SolBank wallet will anonymise transactions as they enter and leave, by incorporating the mixing solution behind the scenes.
How does it work — SolBank protects your privacy by utilizing a ‘collective piggy bank’ where users deposit equal amounts of SOL into a given piggy bank. When a user is ready to spend their money, they can withdraw any one of the equal deposits from other users. This way, the output transactions cannot be linked to any specific input transaction. By using smart contracts and zkSnark technology, we confidently ensure the links between transactions are effectively broken.
What is the revenue model — Being the first to market in the Solana privacy space, the team is confident that the product will provide enough value to entice customers while charging a 0.1% withdrawal fee for all transactions made through the SolBank privacy pool. This number may change over time based on user feedback and governance voting. A small price to pay for peice of mind. Over time, there are numerous more opportunities for further product monetisation, for example with in-built dex swaps similar to Metamask.
SBNK token utility — SolBank is releasing and integrating their own SPL token $SBNK. At it’s core, this is a governance token which will form the backbone of the SolBank DAO. Initial utility will come in the form of fee reductions for SBNK holders as well as receiving a split of the product fees and buy-back-and-burn impacts.
Roadmap — SolBank is initially focused on pushing the base privacy dApp which includes privacy pool functionality. Following this, the focus will shift to the more extensive SolBank Privacy Wallet solution. As security of funds is a crucial necessity, we will be ensuring they are provided with the right audit support to safeguard users.
Find our more about what SolBank is building here by reading their whitepaper!
Why did we select SolBank for the Intersola Incubator?
The decision to select SolBank as the inaugural Solana project for our incubator efforts was simple — we believe in privacy and security, and see this as a crucial missing piece in the Solana ecosystem.
We have been working with their CEO, Thum Chee Hang, and the team for the past few weeks as they ramped up development and fundraising for their project. We are not alone in our support however, and they have acquired third-party backing to have funded this early development.
Importantly, as SolBank is creating a privacy solution that requires the upmost security, they understand that concentrating too much risk within their team alone is a major risk. SolBank will be developing a DAO over time, spreading more decision-making and oversight onto the community. By doing so, they will ensure that the software remains secure yet transparent. Privacy projects should lead from the front on matters of decentralization, and this is something we support and believe in.
And what better way to kick-start the decentralization and path to DAO, than by allowing early adopters to support and drive the decision-making process, from the very beginning.
SolBank has acquired some institutional funding, however they share with us the view that the benefits should ultimately flow to the most dedicated supporters. To this end, we have decided to open up the fund-raising process in the form of an Incubator Sale!
SolBank Incubator Sale — 16th of September at 12:00 UTC
Intersola will be holding an inaugural Incubator Sale for SolBank on the 16th of September and a Public Sale in the near future, right here at Intersola!
Both sales (Incubator & Public) will run as per our standard process over a 24 hour period, with two rounds:
- Exclusive Round — When the sale begins, there will be a 20 minute period where ISOLA stakers may buy up to their Guaranteed Allocation amount
- Public Round — If there is any unsold allocation after the 20 minutes, the FCFS round will begin and be open to the public on a first-come-first-serve (FCFS) basis until the allocation is exhausted.
For more information on how to stake your $ISOLA, please see our knowledge base for more info on how this works.
To purchase $ISOLA, please visit Raydium, and don’t forget to add to add the ISOLA contract address to your wallet: 333iHoRM2Awhf9uVZtSyTfU8AekdGrgQePZsKMFPgKmS
How to Participate — Incubator Sale
The Incubator Sale will occur on the 16th of September at 12:00 UTC. A total of 22m tokens will be available at a price of $0.022 USD (pegged to SOL 24 hours prior to the sale date), with 1% unlocked on TGE every day for the first 10 days (10% in total) then 10% monthly thereafter.
- To gain access to the exclusive round — please stake (or have already staked) your $ISOLA by at least 24 hours prior to the start of the sale here
- For more info on how to stake your $ISOLA please see this guide
- You should not unstake your $ISOLA before the sale finishes
How to Participate — Public Sale
The Public Sale date has not yet been confirmed, please wait for more information. A total of 3m tokens will be available at a price of $0.025 USD (pegged to SOL 24 hours prior to the sale date), with 10% unlocked on TGE every day for the first 10 days (100% in total).
Full Sale Process
- Stake your ISOLA before the 15th of September at 12:00 UTC — See above for more details. This will ensure you are allocated a Guaranteed Allocation, with the allocations to be confirmed on the 15th of September at 12:00 UTC.
- Guaranteed Allocation limits to be set 24 hours prior to sale — All ISOLA stakers will be provided with a guaranteed allocation amount. Increase your ISOLA staking amount to go up a tier level to get more allocation!
- Conversion rate from SOL:USD will be set 24 hours prior to sale — A final SOL per SBNK price will be set (SBNK is currently priced at $0.022 USD per token)
- Exclusive Round — When the sale begins, there will be a 20 minute period where ISOLA stakers may buy up to their Guaranteed Allocation Amount
- FCFS Round — If there is any unsold allocation after the 20 minutes, the FCFS round will begin and be open to the public on a first-come-first-serve (FCFS) basis until the allocation is exhausted or the 24 hour sale period has finished
- Claiming Tokens — Please await further details as to how these tokens will be distributed. This will occur following the Public Sale.
Full Sale Details
- Date and time — Incubator Sale: 16th of September, 12pm (noon) UTC time / Public Sale: TBD
- ISOLA Staking deadline — Incubator Sale: 15th of September, 12pm (noon) UTC time / Public Sale: TBD
- Location — Our website
- SBNK available for sale — Incubator: 22,000,000 / Public: 3,000,000
- Price per token — Incubator: $0.022 USD / Public: $0.025 USD
- Raise currency — SOL, pegged 24 hours prior to each sale
Guarantee Your Allocation
Guarantee your spot in the action by securing ISOLA and increase your Tier to increase your pool weighting!
For those who miss out on the ISOLA staking deadline, please be prepared with SOL in your wallet to have a shot at securing SBNK in the FCFS phase of the sale. This round will be open to all participants regardless of ISOLA holding.
ISOLA is Available on Raydium
The Intersola token is required to secure your Guaranteed Allocation into SolBank and future IDO’s. You may purchase this directly on Raydium by following the simple steps here.
Join us for an AMA with the SolBank CEO — 13th Sept at 10:00 UTC!
Please join us on the Intersola Telegram channel on Monday the 13th of Sept at 10:00 UTC.
Find out more about the Intersola incubator and the ground-breaking privacy solution being built on Solana.