Red Kite Releases IDO Refund Feature Aimed to Protect our Investors. Due to market volatility, numerous investors were concerned about joining IDO on our platform. After a long time of discussion and
1. What is the Refund Feature?
By using the IDO refund mechanism, users can decide whether to receive their money back after observing how the token performs on the market. This feature provides a risk-free approach for active IDO investors to participate in the token sale.
2. Effective Date
The refund function will take effect on JUNE 23 and will apply to all IDOs from that date forward.
3. Applicable Scope
Users and investors join IDOs on Red Kite launchpad.
4. Terms and Conditions of Refund
Users/Investors who have successfully purchased tokens but have yet to claim any tokens are eligible to request a refund.
The refund request must be submitted within the refund request period, which is 15 minutes before & after the TGE / Token listing event. Any investors who fail to make a decision within the specified time will not receive a refund.
Note: Refund decisions are up to the users. Users are supposed to take responsibility for their actions.
Only pools in which users/investors have claimed tokens through the Red Kite launchpad are eligible for refunds. Refunds are not available for pools with the claim type “Airdrop”.
Refund requests are only applied for pools with the same Swap & Claim networks. (E.g., BSC – BSC, ETH – ETH…)
5. How do users/investors request a refund?
2 steps to request a refund
STEP 1: SUBMIT YOUR REFUND REQUEST
Visit the IDO page of the project on Red Kite Launchpad and select the “Claim” tab.
Select the "Claim" tab in the pool detail
2. Connect your wallet that had participated in the sale.
3. Click on the “Request Refund” button. The “Refund Request” popup will appear, asking for your confirmation. To confirm your request, select the “Yes, Sure” option.
4. You will be asked to sign on your wallet to confirm. After you sign, your refund request will be successfully submitted. Your refund status will be updated to “Refund Requested”.
STEP 2: CLAIM YOUR FUNDS
Click the “Claim Refund” button to claim your funds. You will be asked to sign on your wallet to confirm.
Your funds will be returned immediately to your wallet after your confirmation.
You will not be eligible for a refund if you have claimed more than one token. The error message will be shown as below.
2. Your request must be submitted within the refund request time. If you do not request a refund, your status will be changed to “Not Request Refund”.
3. The refund process will be executed via smart contract. If you encounter this error “Your request is being verified. Please try claiming your funds again later.” when clicking on the “Claim refund” button, please kindly wait and try again later.