Intersola Development Update — September 19th
Letter from our CEO
Hi Intersola community!
What an incredible few weeks for the growth of our platform and userbase. We are humbled every day by the activity, the support and the engagement shown from the community.
Intersola exists to serve you, the users, and we acknowledge that our journey hasn’t been perfect. As a new team in the space building on a relatively new chain with a limited ecosystem, we have encountered challenges that stem from both the chain as well as the decisions we’ve made. However — we are proud of the progress we’ve made so far, and intend on constantly improving and making adjustments in the best interests of the community and the long-term sustainability of our platform.
In this development update, we’d like to firstly walk-through some of the feedback and challenges we’ve experienced recently and how we plan to address them, as well as some highlights. The following changes discussed below will be implemented as part of the upcoming roadmap (more details to come this week):
- Addition of 40 minute FCFS round for IS stakers only
- Tier 1 minimum staking requirement from 400 -> 1,000
- Lowering the Guaranteed Allocation in the FCFS round
Intersola is committed to transparency and will continue to be as candid as possible with both our wins and our losses. The future of Intersola is bright and we hope you’re as excited for the upcoming changes as we are!
The recent SolDate and Solbank sales have been an enormous success for both our users and the projects themselves. We have delivered full completion of available rounds and provided the necessary support to both projects. This did however throw up some challenges with regard to how we run our sales as well as some technical issues we’ve experienced.
In the pursuit of transparency, we would like to provide a frank discussion on what has occurred, our thinking behind the original decisions, and how we plan on addressing each of these issues.
Usability of the Platform
Whilst we have completed extensive testing and are comforted by the fact that the majority of our users are able to purchase as normal, we acknowledge that the ‘error while join pool’ bug has impacted a small portion of our users, often on a consistent basis. We have fixed this bug, and users will no longer be impacted.
Launch Process: Tiers
One thing is true with regard to launchpads: project allocations are scarce, however demand can be uncapped. This balance forms the basis of how we need to manage allocating what can be a small or larger amount for sale, balanced against the number of users.
We started Intersola with the purpose of empowering users, by ensuring that we please as many people as possible. To do this, we ensure that all users who stake at least a minimum amount of ISOLA are provided with a guaranteed opportunity to purchase an allocation — no matter the size. This desire to please everyone and make the platform as accessible as possible to a wider audience has had two unintended consequences:
- Tiny allocations during small raises
In the recent SolDate Public Sale and the Solbank IDO Sale, we acknowledge that many tier 1 users have been unhappy with their very small allocation. This is generally an unavoidable part of having experienced such explosive growth in our users alongside a much smaller round ($50k, $75k etc.). We now have around 1.4k users. Pleasing everyone with a small public round is an impossible task. We do however acknowledge that this is not ideal for anyone on Tier 1 in particular.
The simplest change we could make in this situation is to remove Tier 1 stakers from smaller raises altogether — which is not ideal and goes against our initial intention of providing accessible access for even small users.
What we can confirm however is that we are now preferring larger single sales, over smaller partial sales, or otherwise be looking into alternate ways to conduct small IDO rounds. Similarly, we will be making changes to the tier system (see next point).
2. Tier structure does not incentivise users correctly
Our tier structure was initially set prior to the unexpected success that we have encountered. The intention was to provide a widely accessible entry level, with higher levels available for those with more means who would like to guarantee a larger purchase.
In doing so, we implemented a less than proportional increase in weighting from Tier 1 -> Tier 2. This has meant that users have commented that setting up 10x Tier 1 wallets would provide the same allocation as staking 20x as much ISOLA for Tier 2. Whilst we have not identified a larger number of users exploiting this, we acknowledge that this does not adequately provide enough incentives for users to increase their holdings, particularly in the crowded Tier 1. This also has a negative impact on higher-tier users who see their allocation crowded out by Tier 1 users who hold a greater proportion of allocation versus their ISOLA holding.
We will be increasing Tier 1 minimum staking requirement from 400 to 1,000.
This will no doubt upset some Tier 1 users but we believe that this will be in the best interest of all users and the long-term sustainability of the platform. If we continue to grow at this pace, the large influx of Tier 1 users (at the 400 minimum) would mean infinitely smaller allocations for existing Tier 1 users, leaving no-one happy. This is a change that will remove the ability to game the system, as well as provide more overall utility to the token.
Launch Process: Timing & FCFS
We have also taken in feedback regarding the time available for the 20 minute Exclusive Round and the transition to FCFS. Our latest few IDO’s have been reaching 70% sale completion within the Exclusive Round followed by an almost instant sell-out once the FCFS opens up.
Importantly, as we tested doubling the 20 minute Exclusive Round period to 40 minutes, we note that this did NOT increase that 70% sale completion rate. What this tells us, is that extending the Exclusive Round to an hour or longer would not have a positive impact on the project sale — in fact it would require users to sit and wait for longer as they await further allocation in the FCFS round.
Where we do see benefit in making changes is with regard to how the FCFS round is handled. We will be providing an additional phase of the sale:
- Exclusive Round (20 min) — IS stakers may buy up to their Guaranteed Allocation
- FCFS Round (40 min) — IS stakers may buy up to their Total Allocation
- Public Round (Remaining time) — The public may buy up to their Total Allocation
In addition, we will be lowering the Total Allocation limits per user. We haven’t yet settled on how this will be changed, but we will provide an update as we work through the details.
SolDate Public Sale Issues
In the 24 hours prior to the SolDate Public Sale, the Solana network experienced a major outage. In the run-up to the sale, we discussed with the SolDate team whether we should postpone it, however jointly made the decision to proceed after the Solana network came up.
The Intersola platform has been built entirely on-chain, this means that once we lock-in pool details, with the exception of timing, there is very little we can change once deployed.
As the sale began, we discovered that the time settings we implemented in the pool were not aligning correctly and this resulted in users not being able to make purchases. This issue was due to the Solana cluster clock being out of sync, which meant that the timing details in the pool were not aligning with the Solana network.
We made a decision to push through with the sale as the pool was already deployed, which required users to change their clock settings in order to re-align with the Solana network. This resulted in issues with some users being able to make purchases as we acknowledge this was not a straight forward change. In retrospect, the pool should have been delayed by 24 hours and we apologise for the inconvenience.
SolDate Listing Delay
In an unfortunate turn of events, the following day we made the decision to delay the token claim process. This actually stemmed to an issue with setting up a permissionless pool with Raydium. We were receiving support from the Raydium dev team directly who stated that Raydium was not currently allowing permissionless pools due to an issue between the RPC and the validators. According to the team, this was due to lingering issues from the prior outage. We apologize for the inconvenience in delaying the token claim by 24 hours, however ultimately we were impacted by forces out of our control.
Intersola Performance Update
We’re also excited to share a quick update as to some of the statistics regarding the use of the Intersola platform and the ISOLA token.
Over 5m ISOLA is currently staked within our platform. This means that at our current circulating supply of 6m ISOLA, there is an 83% staking rate! This is an amazing achievement and credit to the success of our launchpad projects, validating our hypothesis that we have some of the most active users out there. ISOLA is being used for the specific purpose of participating in our platform and supporting projects that launch with us.
With this said, we understand the desire for some users to withdraw their initially staked tokens, resulting in a penalty which we then burn. As of time of writing, we have burnt 109,864 ISOLA, which means we have burnt 0.55% of the total supply. This is an exciting development as we drive scarcity in our token over time.
Guarantee Your Allocation
Guarantee your spot in the action for upcoming IDO’s by securing ISOLA and increase your Tier to increase your pool weighting!
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.