In the beginning, the Launchpad feature on Mito testnet will open to all users who have participated in Mito Missions in the past.
Here is a simple guide on how to participate in the Mito Launchpad.
Step 1: Go to the Launchpad tab
Select Launchpad on the left panel, you will see new projects that are live and ready to launch with the number of tokens offered, sale price and a countdown timer for when the subscription period will end.
Step 2: Stake INJ to Increase Your Allocation
The total amount you can subscribe into a launchpad project is directly tied to the amount of INJ you stake. More INJ staked will unlock a larger allocation size for you into launchpad projects.
Click the “Subscribe Now” button on the right side, it will pop up a subscription detail window.
You can stake more INJ to increase your max subscription amount. Click “Learn More” which will take you to the Staking page on the testnet version of the Injective Hub.
Pick a validator from the list and click “Delegate Now”. Now you are all set to increase your subscription amount!
Step 3: Subscribe
Visit the launchpad subscription page and click “Subscribe Now” to enter the subscription amount, review and confirm.
Once you have successfully subscribed, your INJ will be temporarily locked for the sale. You can redeem tokens when the subscription period ends.
Step 4: Review your subscription
To review your subscription and project subscribers, simply click the tabs at the top for more information.
Step 5: Allocate and claim tokens
There are three scenarios that will happen when the subscription ends: perfectly subscribed, oversubscribed or unsubscribed.
Perfectly subscribed
If the total INJ committed by the community meets the amount the project is seeking, the launchpad will proceed to the next phase to claim tokens. In this case you can claim two types of tokens, namely PROJX tokens and the LP tokens of the vault for the PROJX/INJ market that earns yield.
Oversubscribed
If the INJ committed exceeds what the project is seeking, this is considered as an oversubscription and users will be able to claim the unused INJ as well.
Undersubscribed
Conversely, if it’s undersubscribed, meaning the INJ committed falls below the target raise amount, the launchpad ends and all users can claim the INJ back.
The Future of Mito
Mito represents a paradigm shift in the world of Web3. Mito is democratizing the way both users and projects interact with DeFi. Users will now gain access to strategies inaccessible for a general audience while developers will find the leading platform for launching new tokens.
Your feedback for the Mito Launchpad will be invaluable in shaping Mito for the larger community. We’re excited to have you join the Mito testnet and play a crucial role in the path to mainnet!