Frequently Asked Questions about Aurora IDO

Answering your most frequent questions about Aurora IDO and more.

Posted by Aliaksei Papou

General IDO Questions

Do you have any instructions how to join Aurora IDO (Smartpad, Bocachica and Skyward)?

There are no specific requirements for joining SmartPad IDO, it’s open to everyone. The only thing that you need to do is to transfer some ETH to Aurora through Rainbow Bridge. The sale would happen on Aurora network.

BocaChica and Skyward sale will happen on NEAR mainnet, and in order to participate in these rounds you would need to have a NEAR wallet and appropriate amount of $NEAR tokens. BocaChica is launched on NEAR (Mars Edition), while Skyward is natively built for NEAR blockchain. Additional info for both of these sales to follow.

You do not have to have tokens of launchpads in order to be able to participate in the IDO.

Can the same user participate in the sale on all platforms?

Yes.

KYC — Know Your Customer — Questions

Where do I pass KYC?

You can find the KYC link at https://aurora.dev/ido. You will be able to log in with your wallet(s) and do KYC for all of them. NEAR wallet, MetaMask wallet, etc.

How do I pass KYC?

KYC for SmartPad: must be finished by 13.00 UTC, Nov 18. Users who participated in the lottery but did not pass KYC will be able to withdraw funds. Only users who have passed KYC will be eligible for the raffle. If you have not passed KYC by Nov 18, you will not be eligible for the raffle, all tokens will be already distributed.

KYC for BocaChica: the staking mechanism helps us prevent scripted sales. Must be finished by 13.00 UTC, Nov 18. There will be a grace period of up to 3 days (until ~Nov 21) to pass KYC if you still want to claim tokens. These cases will be treated on a case by case basis, so we encourage you to do it by Nov 18.

KYC for Skyward: must be completed BEFORE you start depositing tokens. As mentioned above, you can start depositing funds on Nov 10. During the deposit process the system will check if the wallet has passed KYC. If KYC hasn’t been initiated, the transaction will fail, and you will be redirected to the KYC page.

Which document do you require for KYC?

Any government-issued ID, e.g. passport, driving license etc.

Can one KYC be verified in several wallets?

Yes.

Why do you need KYC?

We have to be compliant with the rules of the UN, Interpol, EU, FATF and other organizations. The list was advised by the lawyers of Aurora Labs. KYC also prevents bots. Besides, KYC is for everyone's own safety. Financial Action Task Force Guidelines have to be complied by everyone to make this world a safer place. FATF is an international body that is established to keep a safeguard against illicit trade and illegal activities.

Can I participate from two different accounts?

You can participate in the sale from two different accounts, you’ll just need to do identity verification twice. We are not limiting the number of accounts from a single user who would like to participate in the sale.

I don’t have time to do KYC before the BocaChica sale. How do I go about it?

Make sure your country is not in the blacklist. You need to pass KYC until Nov 18, you don't have to do it before the sale.

Why did you suddenly change the rules?

First of all, we apologize for the inconvenience. This change was implemented after considering the legal details of the issue.

Are you going to store users’ data?

We will not have access to users’ data, we won’t even know the names of account holders. Only the company that handles the KYC process has access to this information, all data is stored on their servers. It’s a well-known company that is compliant with GDPR and any relevant privacy protection regulations. Skyward functionality also allows creating a sale in which all profiles remain anonymous.

Will we be able to do KYC if we are from Vietnam?

Everybody from Vietnam will be able to participate. Vietnam is not blocked for KYC.

Where can I find the list of restricted countries?

On the official IDO page at https://aurora.dev/ido.

Don’t you think that there can be a middleman that I can ask to help with KYC for my accounts?

If we were in your shoes, we would never give personal account details to other people. We will check with all the tools we have to confirm that it’s the account owner who has logged into the account.

SmartPad Sale

IMPORTANT: Due to high interest in the IDO, we decided to make the SmartPad sale fair and accessible to everyone. Because of this we’re changing the approach from ‘First come - first served’ into the lottery. During the sale everyone will be able to purchase an lAURORA token for 0.0125 ETH (around 50$). There’s no limit on how many lAURORA tokens you can buy. Only 1000 winners of the lottery will be able to exchange lAURORA into 50 AURORA tokens on the TGE (18th of November). All the rest will get their 0.0125 ETH back for each lAURORA token.

In order to work with the Aurora network, you can use the same tools that you use for Ethereum, including MetaMask.

Is there a Whitelist?

There’s a KYC requirement for the IDO. On the day of sale you just need to come to SmartPad and buy the lottery ticket. If you’re lucky then you’ll get 50 AURORA; if not, you’ll get 0.0125 ETH back. If you fail to pass KYC, you will not participate in the lottery and will be refunded for the SmartPad round.

For the SmartPad sale, you need to have an Ethereum wallet connected to the Aurora network. You also need to bridge at least 0.0125 ETH to Aurora through the Rainbow Bridge at https://rainbowbridge.app/

Is there a cap limit per user on SmartPad sale? Is there any limit of lottery tickets?

No, there is no limit.

How are you avoiding robots in the Aurora IDO?

We are not avoiding them. The IDO on a SmartPad is done as a lottery.

Will there be more distribution in SmartPad? The distribution of other platforms is several times that of SmartPad. Bocachica is $300,000, Skyward is $650,000, but SmartPad is only $50,000.

The logic is the following: the Aurora ecosystem is just starting to bootstrap and there might be glitches in how everything works.

Hence doing an IDO on AURORA is a double risk: project risk + Aurora risk. That’s why SmartPad IDO has a small allocation.

BocaChica is a new project but it is on NEAR Runtime, so just a single risk.

And Skyward is an established project with multiple multimillion sales that already works on NEAR.

And how are we the winners drawn on SmartPad?

Randomly on the smart contract level.

BocaChica Sale

If I stake Near in my wallet, how does Boca Chica recognize it given that their wallet is Solana's phantom wallet for the IDO? Don't want to stake $500 worth of tokens unnecessarily.

Please use https://mars.bocachica.io/, this BocaChica deployment works on NEAR blockchain.

When do I need to start stacking NEAR in order to participate in the IDO at BocaChica Sale?

You may want to do it one epoch (~12 hours) before the sale to be 100% sure that you have some NEAR staked. The process of staking may be a bit complicated, so make sure you have enough time to do all the proper moves and not lose the opportunity. Note that this is not financial advice.

We do recommend contacting BocaChica for more information on this.

How can I stake NEAR?

You can do the staking through CLI, NEAR wallet and any front-end you are using.

What validator should I choose for staking to participate in BocaChica sale?

You may stake it to ANY validator. Staking to Aurora validator is not required for BocaChica sale.

If I stake more than 50 NEAR, will I automatically be eligible for a bigger check of $250?

No. You can buy any number of tokens regardless of how many NEAR you staked. Your allocation at BocaChica IDO round does not depend on staking, you can choose your allocation yourself within the determined range of 5-25 NEAR.

How many NEAR do I need to buy Aurora tokens?

5 to 25 NEAR. 1 NEAR = 10 USD. 1 AURORA = 1 USD. E.g. you want to buy 50 AURORA, hence you will need to spend 50 USD, i.e. 5 NEAR.

Will staking guarantee Aurora tokens during the sale on BocaChica?

No. Staking is a prerequisite for the sale but it does not mean that you will get tokens. You will need to spend additional NEAR if you want to buy tokens.

How will the sale be arranged on BocaChica? Can only whitelisted users buy tokens?

Everybody can buy tokens, but if you don't pass KYC you will lose funds.

Can I unstake my tokens after the BocaChica sale?

Yes. Please note that unstaking is a complicated process with several stages, it may take several days to unstake.

What will happen to tokens of those who do not do KYC after BocaChica?

The tokens will be burnt.

"The sale is open to the users who are staking at least 50 $NEAR. The size of the check for a single user ranges from $50 to $250." What's the criteria for this range?

The range here is used to make sure that there won’t be a single person who will capture all the tokens. So there’s an upper limit. $50 is probably OK for everyone, while not more than $250. Obviously users can create multiple accounts but the condition of having 50 staked NEAR will make it quite hard to game, since you would need to create many accounts, get additional NEAR, do the staking, then after the sale unstake (which takes 48h)… Too much hassle. You can do it with 2-5 accounts, but you won’t run a bot for this.

Skyward Sale

How do I participate in the Skyward sale?

Skyward allows depositing funds 1 week in advance, i.e. you’ll be able to start depositing your funds (in NEAR tokens) on November 10. The token that will be distributed is called fAurora (future Aurora). It’s going to be swapped to the actual Aurora token on Nov 18.

The price will be decided based on the number of NEAR brought to the platform. E.g. 1M NEAR is deposited. The total amount of fAurora is 650,000, hence they will be traded into 1M NEAR tokens.

There is no max purchase amount. The amount of tokens that you bring to the platform has no direct correlation to the amount of tokens that you will get. What matters is the overall interest in the sale, i.e. how many NEAR ALL users will deposit.

Other Token Sale Questions

Any idea when it will be listed on big exchanges like Binance?

We’re working with the exchanges on listing, trying to support their will to integrate. AURORA is an ERC-20 token, so for many exchanges listing will be quite straightforward. It’s the decision of an exchange to list AURORA tokens and we cannot comment on when this would happen.

On how many exchanges can I buy Aurora token?

There are no liquid coins until 18th of November, so no exchanges have listed AURORA yet.

Could you explain to me how I can buy your digital coins before your launch? That is, before the 4th of November.

Unfortunately, there’s no option to do it.

How can I buy or pre-order some $AURORA? There are many telegram groups and many twitter accounts with your name and all redirect us to different websites.

There’s no pre-order of $AURORA. The correct Aurora website is https://aurora.dev/, Twitter account: https://twitter.com/auroraisnear. Please beware of scams. We see that the community treats Aurora as an interesting project, so many scammers are trying to impersonate Aurora Labs team members and do many different misleading things to the users with the goal of getting access to their funds. All common methods for personal protection should be applied: always check URLs, never send anyone your seed phrase or your tokens in case you’re not 100% sure where you’re sending them.

Is there a private sale we can participate in?

There’s no private sale that you can participate in.

Am I right in understanding that 1%/10mln $AURORA will be offered for the upcoming IDO? Or is it just 300.000?

There are a total of 1 billion AURORA tokens. Only a total amount of 1 million of AURORA will be offered for the IDO on all of the three platforms. The rest of 1% of AURORA tokens allocated by AuroraDAO for early ecosystem bootstrapping will be used for early grants, incentive programs and making a comfortable medium for traders to work with the token.

After the launch where will Aurora be tokens listed for sale?

At least on AMMs on Ethereum, NEAR (ref.finance) and Aurora.

Are you planning other IDOs?

Maybe, this is for the DAO to decide.

Aurora Infrastructure

Aurora bridge has no fees but it still has ETH fees on swapping, right?

Correct. It’s just Ethereum miners' gas fees. Ethereum -> Aurora will cost around 70k gas, Aurora -> Ethereum — 330k gas.

Aurora pool charges a 9% fee, other validators only charge 1.5% fee. Why such a big difference in the validator fees? Are there risks by choosing the validator with only a 1.5% fee? What makes one validator better than the other?

Fees collected by Aurora pool are spent on keeping Rainbow Bridge working (it constantly consumes around $30k-$40k per month). There are other validators that spend fees on some initiatives.

There are different validators in NEAR blockchain and the actual difference is how validator admins work with their nodes uptime wise. Only the uptime + the validator fee means what amount of tokens users will generate. It’s up to the user to choose a pool. It’s just the specifics of the Aurora pool that we use to fund the bridge.

Many hacker attacks (flash loans) have happened in some famous projects lately. How does Aurora anticipate this and what solutions will be applied if it happens?

Flash loan attacks mostly happen on chains where the oracle is not that good. We’re working with the top oracle project right now that is audited regularly. The details will be announced soon.

When will the Rainbow Bridge support the Matic network?

Probably the next network that we would connect to will be BSC, Polygon is likely to be the next. Timeframe — Q1 2022.

Which centralized exchanges will support the Aurora network?

It’s a complicated question that is not that simple for exchanges. Much simpler to make them list a token 🙂 But we’re working on it. With your support and traction of the project we can be a strong player, appealing enough for the exchanges to list Aurora native tokens.

Does your project support staking? If yes, how does the system work and what are the requirements?

Yes, there’s an intention to implement AURORA token staking. Please read here. Still to be decided by the DAO.

When will we see SushiSwap and 1inch on Aurora?

SushiSwap is coming soon. 1inch is also working on integration. Follow their and Aurora's social media for announcements.

Tokenomics

Why is the valuation so high — 1$ would mean top 100 Mktcap. What has been the Private Round offer price wise and what has been the rationale to offer 9x the amount compared to public IDO?

The price of the token ($1) was established according to the tech analysis of similar projects and taking into account the recent developments of Aurora, including major partnerships and projects launching on Aurora. The most fair market price of AURORA will be settled during the Skyward sale, since this product is less of an IDO platform, but more of the place to determine the price. You can wait for the Skyward sale and see how the market will react to $AURORA sale (might either be higher or lower than $1) and make a decision at that point.

Where can I see the 9% unlock scheme?

2-year linear unlock with 6-month cliff and payouts every 3 months. In other words, at 6m once TGE 25% is unlocked, 12.5% will be unlocked every 3 months.

Please also note that the private round had 100+ investors. All of them together will get 9%. So the first liquid tokens for them will be in 6 months from TGE. Note that there are lots of people there.

1M circulating supply is very tiny, apart from the 9% from previous investment rounds, will there be Liquidity Mining? Or will most of it go to Staking Rewards?

We are planning to help the market to form the pools on AMMs on three networks provided DAO will decide on this. In this case there would be more ‘officially’ liquid tokens, but these tokens won’t move from AMMs. DAO plans to deploy the rest of the tokens through grants, staking rewards and liquidity mining incentives.

Are you planning to do airdrop?

DAO is to decide on this.

Where are you going to spend NEAR tokens that Aurora DAO will get after the sale?

Aurora Labs’ proposal is to put all the funds into decentralized exchanges so that users can have a good and convenient trading ecosystem.

Why are you selling only 1% of the tokens?

There is no need for Aurora DAO to sell all tokens right now because the company has finished a fund-raising campaign and does not need more money at the moment.

DAO will decide additionally what techniques to use — besides sale — to distribute other tokens in the community.

This is too complicated for me. Is there an easier way to get Aurora tokens?

Yes, you may want to wait for Aurora tokens to become available on centralized/decentralized exchanges.