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Setting up a project

Select your smart contract

You can choose between using your own custom ICO contract or a configurable WINGS ICO smart contract.

Custom contract:

If you use your own crowdfunding smart contract be sure to integrate it with the WINGS forecasting contract before creating a project. This step is required to be able to provide rewards to WINGS forecasters. If you do not add this integration or implement it incorrectly, your project will be rejected by the community.

You can find smart contract integration guide here: https://github.com/WingsDao/wings-light-bridge
If you have any questions feel free to reach out to us at any time.

WINGS contract:

Here are following parameters available to you when configuring a WINGS crowdfunding contract. Note that all parameters are mandatory:

  • - token name, token symbol, token decimals (Range: 8 to 18)
  • Hard cap
  • Minimum funding goal (crowdfunding will be considered ‘failed’ if your project does not raise a minimum funding goal in crowdfunding period). Minimum funding goal cannot be less than 10% of your hard cap.
  • Token price + up to 7 time-related bonus prices
  • Up to 10 tokens pools (for bounty, team etc.). You can set an address, pool allocation amount, and token release date for each pool)
  • Crowdfunding duration: 3 days minimum, 50 days maximum
  • An address where funds collected from crowdfunding will be sent (we recommend using a multi-signature wallet)
  • Funding can only be provided in ETH.
  • All unsold tokens will be burned

Deposit Fee

To create a project on WINGS, a 200 WINGS token deposit is required. Once forecasting has started deposit free will be redeemable upon the completion of crowdfunding.

Your deposit fee will be lost if:

  • the project is cancelled by you
  • the project is rejected by WINGS forecasters
  • You do not configure a crowdfunding campaign within 30 days after the forecast has completed

Configuring a forecasting

While forecasting WINGS community will be asked the following question about your project: “Based on the idea, team, token offering structure, project status, timing and market conditions, what is the amount of ETH that this project will raise?”

Rewards

For a WINGS contract:

You must set aside a reward for WINGS forecasters.

  • You may choose an allocation of your native tokens. (min 0.1%, max 20%)
    • The allocation % is based of the total number of tokens sold in your crowdfunding campaign.
    • The % of tokens allocated for rewards will be generated and distributed separately from the tokens available for crowdfunding
  • You may choose to allocate a portion of the Ether raised in your crowdfunding campaign (min 0%,  max 20%).

For a Custom contract:

You are responsible for writing a short description of the rewards you will pay WINGS forecasters if your crowdfunding campaign is successful.

We recommend formatting your reward description the following way:

| X% of {token symbol} sold, X% of total ETH raised |

Desired Goal

Desired goal is mandatory setting required to tune forecast and reward accuracy.

This number will not be shared with anyone.

This is not your hard cap, however, it is important to note that this number will affect the minimum and maximum range you can set your final hard cap value.

You will be able to adjust and set your final hard cap based on the results of the forecast.

Configuring crowdfunding

If you are using a custom contract you will not need to use WINGS to configure crowdfunding.

If the projects contract does not start crowdfunding within 30 days after the forecasting stage as completed, the project will be automatically cancelled and your deposit fee will be distributed among forecasters.

Receiving Funds

If crowdfunding is successful you, you will need to claim your deposit fee before you can claim your collected funds.

Note: Any user who forecasted on this project can initiate the deposit retrieval on your behalf

Tokens are unlocked and made moveable while the deposit fee is being retrieved.

If crowdfunding is unsuccessful:

  • You will need to claim your deposit fee
  • Tokens generated will be locked for eternity
  • Funders will be given instructions on how to claim a refund
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