New IDO Model Alert — Spores Network’s Secured 24-Hour

Spores Network
3 min readMar 14, 2023

Innovation and security are at the forefront of everything we do at Spores Network, and today marks yet another major milestone in our journey toward achieving these goals.

As a community-first platform, we’re introducing our latest feature: 24-hour Secured (optional refund), ensuring that investors’ interests are protected and also projects will be able to receive the whole fund raised for their development. By introducing this new feature policy, Spores Network aims to foster investor trust and create a safer investing environment. We believe that this new refund mechanism will help us provide the most secure, user-focused, and innovative services to our valued users.

*The new 24-hour Secure policy is a separate program from the previous Spores safeguard. Projects which have been branded as “Spores 24 hour Secured” will be identified by a 24h Secured label emblem/symbol on our website.

Here is how the mechanism works:

Step 1 (Token Distribution):

At the listing time, tokens will be distributed to all IDO participants.

Step 2 (Receive or Optional Refund):

1/ If users choose to claim/keep the token, no need to do anything

2/ Refund will be triggered in the following situation.

a/ User wanting to refund:

🔸 Send token to Spores Wallet within the 24hr window from TGE

🔸 Fill request form (we will check & verify to ensure that only the token that has not been traded or transferred are qualified for refund)

NOTE: Token refund request will not be accepted if the token has been transferred out of the investors’ wallet after initial receive

b/ Auto refund will be triggered if the project has a major listing/liquidity issue, or malicious activities within 24hr after listing:

🔸 Send the token back to Spores Wallet for refund

NOTE: Token refund request will not be accepted if the token has been transferred out of the investors’ wallet after initial receive

3/ After 24hr:

There will be no possible refund after the 24hr window passes. All project funds will be sent to projects, users will receive the remaining tokens by vesting to their wallets

Step 3 (Refund Issuance):

If investors choose “Refund” within the time validity, provided that the following preconditions are met:

🔸 The tokens have not been claimed in the above step.

🔸 The tokens have not been traded.

After confirming the qualification, Spores Network returns the funds to investors’ wallets 48–72 hours after the end of the refund window.

About Spores

Spores Network is a leading platform in the Web3, Gaming, and Metaverse space, offering comprehensive support to up-and-coming projects beyond funding. Our ecosystem includes 3 main pillars: Spores Launchpad, Incubation, Web3. Gaming. Metaverse. Publisher

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Spores Network

The leading multi-chain launchpad for IDOs and INOs of up-and-coming high quality web3 projects, in which user can seamlessly participate & support the project!