An Update on the Launch of $DAMO
The $DAMO community offering began on January 5th and was planned to conclude at 11:59pm EST on January 6th. In the event of launching our community offering, a play to earn game clogged the network with a bunch of bots farming for $SFF.
This has resulted in the user experience on Polygon drastically declining in a day. The day in which we have chosen for our community offering. As a result of this situation, we have ultimately decided to keep our community offering open for an extra 24 hours. The community offering will continue until 11:59pm EST on January 7th.
As the unforeseeable has enacted in inconvenience, we will be holding off the launch of the initial liquidity pool till January 9th, 11am EST. This is to ensure a smooth launch and better user experience when interacting with QuickSwap pools.
- Polygon network clogged from bots on Play2Earn game
- Community offering extended to 11:59pm EST on January 7th
- Initial Liquidity Pool opening up on January 9th 11am EST
- 30d Liquidity Mining campaign (High APYs)
At the time of writing, 39.74% of the network in the last 5 minutes is being used up by this contract. This has resulted in various issues including bridging, approving assets, and swapping assets.
With users’ funds stuck in bridges and transactions not going through due to the spikes in gas prices, we would like to give users both time and the opportunity to enjoy a smooth user experience when interacting with our application or QuickSwap pools.
Above is an example of suggested gas pricing increasing by 120 Gwei in 15 seconds. Yesterday, we saw spikes ranging from 550 Gwei to 4500 Gwei. This results in a lot of users’ transactions getting “lost” and a poor user experience.
Details about the community offering:
You must be whitelisted or whalelisted to participate
- Offering price is $0.3968
- 664,716 tokens left at time of writing
Users who participate in the community offering will receive 25% of their tokens on January 9th at 11am EST when the initial liquidity pool opens up. We are opening a liquidity pool in which we are contributing 50K to allow enough liquidity to be traded with minimal slippage, as well as leaving the door open for community members to LP themselves and still receive a sizable return. We will add the 50K throughout the day in order to not front-run any potential liquidity providers. We will also be launching a liquidity mining campaign offering up to 250% APY with more details to follow next blog post.
When launched, the $DAMO token will offer an initial liquidity mining campaign for 30d to allow the community to bootstrap liquidity. From there we will begin to roll out the platform in phases over the course of the next 4 months. (Once $DAMO is listed on CoinGecko, we can launch the LM campaign)
Phase 1 will begin with the launch of our staking platform. Staking will initially be designed to align incentives across the HAI DAMO ecosystem as well as establish a structure for a well balanced governance model.
Phase 2 will roll out capitalization for liquidity providers. At the end of our initial liquidity mining campaign, Liquidity Providers will have the option to remain providing liquidity or exchange their LP tokens to our treasury for discounted DAMO tokens.
Phase 3 will roll out our initial Blue Chip or $HAIBC token in which users will be able to provide collateral to mint $HAIBC. The $HAIBC token is a tokenized derivative in which tracks a basket of assets giving users exposure to the top “Blue Chip” crypto assets.
White Paper: https://hai-damo-1.gitbook.io/docs/
The information provided in this Medium Post pertaining to HAI DAMO, its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Medium Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Medium Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. HAI DAMO makes no representation or warranties, expressed or implied, as to the accuracy of such information and HAI DAMO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. HAI DAMO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Medium Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither HAI DAMO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Medium Post by you or any of your representatives or for omissions from the information in this Medium Post. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Medium Post.