Announcing Tenet’s $TEN Polkastarter White List

6 min readJan 4, 2021

In response to 33X oversubscription demand, the Tenet team has put in three days of nonstop work in order to deliver a fair and equitable $TEN White List.

Over the course of the 24 hours of our $TEN White List Campaign, 12,903 submissions were submitted by accounts. In order to exclude robots, bounty hunters and ensure that users who truly support Tenet can buy $TEN tokens successfully, the Tenet team have gone through and filtered each and every one of those applications to come down to a White LIst that we believe is genuinely interested in the future development of the Tenet project. This Medium post will make those results public.

If you find that your Ethereum address is included in the linked Google document below, congratulations! You are eligible to contribute Ethereum to earn $TEN tokens in our Polkastarter event. There is no minimum contribution, however, the maximum contribution per address is set as below.

Polkastarter $TEN IDO Information

Total Raise for TENET on Polkastarter: US$ 300,000
Value of One $TEN token: 1 USDT
TENET IDO minimum contribution per wallet: 0
TENET IDO maximum contribution per wallet: 1 ETH
ETH Peg for Polkastarter IDO: 900 USDT
Time for IDO Contract to Open: Tue, Jan 5 7am UTC+0

White List Results

The whitelisting selection criteria is surely a point of concern for the community. We were in the fortunate position of being 33X oversubscribed for the available slots we have for contribution participants. However, this incredible demand also meant that we had to make some tough decisions in regards to which addresses to put on the White List.

Another complicating factor is the current state of gas prices on the Ethereum network. While we were making the contract for Polkastarter, gas was averaging over 200 gwei. When we announced the Tenet/Polkastarter collaboration on January 2, gas was averaging less than 50 gwei. In order to protect the community from a potentially costly gas war, wherein community members could spend $1,000 in Ethereum gas fees only to net no $TEN, we have significantly reduced our announced safelist addresses from 2,200 across the two pools to 909. The good news for selected addresses is that this significantly improves your chances of getting an allocation if you are safelisted from 15% to 37%, while at the same time hopefully reducing the amount needed to spend on Ethereum gas. Since it does not appear that the ETH gas situation is going to improve before our contribution event, we had to make a decision that protected the interests of the community.

Another decision we had to make was what to peg the value of ether at. For this important consideration, since as you know ETH has been quite volatile in the past few days, we decided to take the 3-day moving average since our Polkastarter announcement on January 2. We used CMC data to calculate this average, which ranged from a low of $718.11 to $1,153.19.

To check if you are whitelisted, simply look for your wallet address in the form below:
https://docs.google.com/spreadsheets/d/1I7MDHej2blnWK8plvWFW1RBfa7qFkCLaJ3ewrkE84PY/edit?usp=sharing

Polkastarter Pool Information

Kindly be reminded that we will have two pools open for ETH contribution, both of which can contribute to earn $TEN tokens.

Public Pool — 200,000 USDT Value — 600 Whitelisted Addresses
POLS Pool — 100,000 USDT Value — 309 Whitelisted Addresses

White List Selection Criteria

The criteria that we’ve followed to whitelist entries into the pool are as follows:

Premise 1: Ensure that the form is filled in properly and each step mentioned were properly followed. Entries with invalid links were removed. Entries with invalid Twitter accounts and Telegram accounts were removed. Invalid wallet addresses were also removed.

Premise 2: Given that an address held a minimum amount of 30,000 $DREP tokens, submissions were filtered according to submission time and the amount of $DREP tokens held. The 300 submissions with addresses that held the most $DREP tokens were chosen to be whitelisted addresses. If there were submissions that held the same amount of $DREP tokens, then it depended on submission time. First come first serve.

Premise 3: In order to decide the remaining 300 whitelisted addresses, submissions were screened according to the following rules:

Amount of ETH held, from more to less.
Twitter followers, from more to less.
Must have a Twitter account with at least 5 followers and older than June 1st 2020.
Ensure that tweet links submitted were valid and not deleted. Using tweet links from other accounts was not allowed.
Must be a member of Tenet’s Telegram group and Telegram announcement channel.

These three premises were how we determined the 600 addresses on the Public White List for the Polkastarter event.

For the POLS Pool for holders of Polkastarter’s $POLS utility tokens, we simply screened for those addresses who held 3,000 or more $POLS tokens that successfully submitted a valid typeform entry. We also added those addresses that participate as LPs in the POLS/ETH Uniswap. The total qualifying addresses were 309.

For a quick recap of this $TEN Polkastarter adventure to start off 2021, take a look here!

A Timeline of Events — Past & Future

January 2 midnight UTC — Whitelisting Portal Opens
January 3 midnight UTC — Whitelisting Portal Closes
January 4 — Whitelist is Published
January 5 7am UTC — Simultaneous IFO/IDO on Pancake/Polkastarter
January 5 8am UTC — Trading Starts on Pancake Swap and Uniswap

We look forward to having you as a part of our community. At Tenet, we hope to unite all the wonderful DeFi platforms into one strong and powerful community of $TEN token holders.

FAQs

1. How do I know if my address is whitelisted or not?
To check the status of your $TEN White List application, find your name here:
https://docs.google.com/spreadsheets/d/1I7MDHej2blnWK8plvWFW1RBfa7qFkCLaJ3ewrkE84PY/edit?usp=sharing

2. What happens if I missed out on the IDO?

If you missed out on getting selected for the White List, don’t worry, $TEN tokens will be available on Uniswap starting at 8am UTC on Tuesday, January 5. You can also participate in our IFO on Pancake Swap to try and earn BSC $TEN tokens.

3. If I get whitelisted, am I assured of a $TEN allocation?

No. If you are whitelisted along with several others, you have the right and opportunity to buy the IDO. That being said, such whitelisting by no means is a guarantee of the allocation. The public sale will be on a FCFS (first come first serve) basis, meaning the buying window is open to all whitelisted participants at a set time & the sale closes as soon as the IDO supply is exhausted.

4. Why is there a max cap per person? What if the maximum cap per address is not enough?

The max cap feature allows us to conduct a fair sale that provides equitable opportunity for all buyers. More so, it distributes TEN tokens into more hands creating a more substantial and diverse token holder base for the Tenet project. If you would like more $TEN for your portfolio, you can always buy TEN tokens on Uniswap later.

5. It shows a really high gas fee when I transact. Why so?

Gas fees are an inevitable requirement of transacting on the Ethereum network. Gas fees are calculated depending on current ETH price and the traffic at a given time.

6. What is Tenet?

Tenet is a white label token geyser solution that all DeFi projects can use to quickly spin up incentivized liquidity pools on various protocols across Binance Smart Chain, Ethereum, and (soon) Polkadot. In short, it is a Layer 2 DeFi AMM Super Connector where farming incentives can potentially include 3 tokens: 1) a project’s own native token, 2) the DeFi platform’s protocol token and 3) Tenet’s native $TEN token.

Conclusion

We have tried our best to ensure a fair and equitable $TEN White List. A 72-hour shift has been put in by the entire Tenet team to ensure that the Whitelisting procedure is fair to all. We hope you appreciate our efforts and look forward to you being a part of our community!