How FalconPool Works
By: Eric Falcon
Tags: Fundraising, Falconpool, Crowdfunding, Ethereum, Token Sale

We are excited to announce that our recently launched FalconPool is ready to get some action starting this week.

Before you start participating in token pools on FalconPool, check out this guide to understand how FalconPool works.

Every time a pool is created on FalconPool, a contract is deployed on Ethereum mainnet containing all the token pool details. The tokens offered to the participants are also locked in this contract.

You can see some of the key information on the top of the pool (refer to the screenshot below). This includes:

1. Price of the tokens offered per token raised by the pool.

2. Contract address

3. Token address (Always check the token address before participating in a pool)

4. Amount raised and the total amount being raised

5. Status

A. Processed — This means that the pool has been processed by the pool creator. During the processing phase, the transactions from the contributors sent on layer 2 are aggregated and sent to ETH blockchain. The contributors also receive the tokens or the locked tokens depending on the contract type.

B. Redeemed — This means that the pool creator has redeemed the funds collected on the FalconPool.

C. Unlocked — This means that the locked tokens have been unlocked by the pool creator. It is best practice to send all the contributors locked tokens until the Uniswap listing to avoid anyone from creating a pool there. The pool creator will have an option to unlock the tokens through the dashboard.

Timer

Another important information that you can see on the top right corner includes the total amount of tokens being offered and the pool starting time. You can not participate in the pool until the start of the pool.

Pool Details

Pool details provide real-time update on the pool including the amount raised on-chain and on Layer 2. All the transactions are first sent on Layer 2 which are then added on-chain when the pool creator processes the pool. The funds raised on Layer 2 may show more amount than the total raise due to oversubscription but the actual on-chain raise will not exceed the hard cap which is coded in the pool contract.

You can also view the number of layer 2 transactions and the on-chain transactions (aggregated) and understand the gas savings achieved by the FalconPool. This section also shows the min and max allocation amount that the contributor the send to the pool.

Join Pool

This section contains all the functions to join the pool. Here is the step by step guide on how to participate in the pool. Before you jump on this part of the page, always make sure you check the contract & token details and other important information described above.

Here’s how you can Join the Pool:

1. Connect your wallet through a list of supported wallets.

2. Approve the contribution token. (Please note that the pool only accepts ERC20 tokens)

3. Select the contribution amount

4. Once the pool starts, you can click on the “Buy” button and sign the transaction on your connected wallet.

5. Once your signed transaction is sent, you will see “Already Participated” instead of the buy button.

It is interesting to know that as a user you don’t need to pay any gas fees or get into an insane gas war for an allocation. You send the signed transaction on Layer 2 and the transactions are aggregated and sent to Ethereum chain when the pool is processed. You will still need to approve the token you are using for the contribution which is a 1-time activity that can be done as per your convenience.

Transactions

You can view all the transactions in the real time in the transactions section including the addresses and the amount.

Locked Token Distribution

FalconPool not only takes care of the token pooling but also simplifies the token distribution. If the pool creator does not select a token locking option, then the tokens will be distributed soon after the pool is processed. However, most of the new token sales require tokens to be released only after Uniswap or other exchange listings.

FalconPool elegantly manages locking & unlocking of tokens by issuing locked tokens to all the contributors. Locked tokens are swappable with the actual tokens 1:1. When the tokens are unlocked by the pool creator, users will be able to swap locked tokens with actual tokens by sending the locked to their own ERC20 custodial wallet.

To celebrate the launch of the platform and making everyone familiarise with the FalconPool platform, we will create a small $1000 FSW sale at 50% discount for our community. More token pool announcements coming soon!

Know More:

To know more about our project visit:

Website: https://falconswap.com

Exchange: https://falconswap.exchange

FalconPool: https://pool.falconswap.com

Telegram: https://t.me/Falcon_Swap

Medium: https://medium.com/falconswap

Twitter: https://twitter.com/Falcon_Swap