Introducing FireStarter’s New Insurance Policy: FireNet

In a world of constant change and unforeseen risks, insurance has become a vital safety net. FireStarter’s latest insurance policy is poised to transform the platform. This innovative policy addresses the gaps and complexities often associated with traditional coverage, offering a tailored solution that meets the evolving needs of the community. High-caliber projects should meet all criteria, but only for more speculative deals, we have additional Price performance & refund conditions described below. These projects will carry an additional label, FireNet.

Project Requirements

In order for projects to be FireStarter secured, they would need to pass the following:

• Confirmed Exchange Listings on Binance, Coinbase, Kucoin, OKX, ByBit, Huobi, Gate (subject to change).
• Maximum 60-day gap between IMO and exchange listing.
• Maximum 5x difference between Private/Seed sale and IMO prices.
• Certified Security Audits of token contracts by recognized firms, or unmodified OpenZeppelin contracts.
• Transparent Tokenomics before the whitelist application opens.
• Confirmed lock-ups for tokens following the release schedule.
• Minimum time to send tokens to FireStarter before IMO: Tokens to be sent 72 hours before IMO to ensure smooth investment.

Tokens Distribution Timeline at TGE:

a) Tokens distributed within 1.5 hours after listing.

b) Priority to distribute public tokens at TGE.

c) All Launchpads to distribute tokens simultaneously.

The price has to stay at least 2x of the IMO price during the first 24 hours of listing. The price multiplier requirement depends on the percentage of the initial IMO tokens unlock. The more tokens unlocked at TGE, the lower the price multiplier requirement.

What Happens If the Project Doesn’t Meet Requirements?

• The TGE (Token Generation Event) unlock will be treated as a free airdrop. This means that participants can either keep the unlocked tokens or sell them.
• The entire contribution amount made during the IMO (Initial Metaverse Offering) will be refunded. This refund can be claimed by participants.
• Vesting of the remaining IMO tokens will cease, and those tokens will be returned to the project. However, the amount equivalent to the initial unlock will be retained.

Monitoring and Refund Announcement

FireStarter will keep a close watch on the price performance of the IMO token for the first 24 hours after it’s listed. If the conditions for a refund are met, an announcement will be made within one business day after the TGE+1 day.

Claiming Refunds

If a refund is initiated, participants can reclaim the total contribution amount through the “My Portfolio” section on the FireStarter website. There’s no time limit for making this claim.

Claiming Initial Unlock

If some participants haven’t claimed the initial unlock amount of IMO tokens before the refund conditions are met, they can still claim the initial unlock before proceeding to claim the refund.

In a nutshell, FireStarter is making sure that participants are informed about what happens if the project doesn’t meet requirements. The process is designed to be user-friendly, ensuring that participants can reclaim their contributions and tokens with ease.