My First IDO Experience

Here I am trying my best to catch every crypto experience I can grab, because, sometimes you need to experience something to be able to explain or understand some crypto terminologies. I have been hearing about ICOs and IDOs, I have read about them but I still don’t understand them, but at least I understand what IDO means now, while ICO means Initial Coin Offering, IDO means Initial Dex Offering. I am yet to understand the difference between ICO and IDOs probably until I participate in an ICO. But today I participated in my first IDO and I totally understand what an IDO is.

I have been hearing about a project called Hepton, I participated in the testnet which was supposed to be an incentivised testnet, but the requirement for the airdrop involved participating in the project’s IDO, which discouraged me at first but then I thought about it and decided to participate so I can get my first IDO experience and understand just what it looks like. Because its an IDO, the project had to partner with some decentralised platforms, hence the reason its called an IDO (Initial DEX Offering). It goes like this, the DEX platforms conducted two types of IDOs, the white listed one and the public one. The whitelisted IDO was for the whitelisted members who registered to be whitelists. Unfortunately I didn’t register to be a whitelist, so I had to wait for the public IDO. So I really dont know the advantage of whitleist compared to the public.

So in the public whitelist participation, there was a minimum amount needed to locked by each participant in the IDO, and the minimum was $50, didnt care to know about maximum amount required because I wasn’t interested. USDT was needed for the contribution and the minimum was 50 USDT, so I contributed 51 USDT, approved the contract and 50 USDT left my wallet. So in my understanding, hepton which is the project, used a DEX platform called Hinox for the IDO, my USDT was held and locked by Hinox, who serves as the escrow, this USDT will be locked till the TGE date which is the Token Generation Event date. On that date, my token will be released to me and will be exchanged with the USDT that is being held by hepton. Now this makes sense to me, I understand what an IDO means.