IDO (Initial Discord Offering) for $DAMO starting January 5th
At the core of our protocol lies the community. To establish a strong backbone that will seed the secondary markets with DIVs (Decentralized Investment Vehicles), we set out to align the interest amongst the community. This requires $DAMO being owned and run by its core. In order for the protocol to be in the hands of the community, we are looking at conducting a community offering from January 5th to January 7th and opening up a liquidity pool on QuickSwap at a price of $0.4960 on January 7th.
While we have seen many fair launch models become common throughout DAO ecosystems, we understand there are risks that come to play. If you have participated in one of these, you probably are aware of the risks to come. While these risks may vary all the way from bots to whales, we feel that we have come up with an effective solution.
- The offering price will be $0.2480
- 1,200,000 tokens in pool (4% of total supply)
- The offering price will be $0.3968
- 750,000 tokens in pool (2.5% of total supply)
In order to participate, you must be in the discord as of January 3rd, 2022 and submit a ticket sharing your address by 11:59pm EST to be added to the whitelist. Users must deposit between a minimum of 250 DAI and a maximum of 2500 DAI. Swap will be done through a contract that sends the $DAMO owed to the participant.
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.
What is a whalelist spot?
A whalelist spot allows users to participate in the $DAMO token community offering with a guaranteed & higher allocation. Users who obtain a whalelist spot will be allowed up to a 10,000 DAI max allocation. There will be 10 whalelist spots up for grabs which will be announced next week. Additional whalelist spots have been distributed to the most active participants in the earliest days of our ecosystem.
Why an IDO or Community Offering?
The community is the most important part of any protocol, so we believe that building a strong, diverse, and savvy community will accelerate success. The core of the protocol lies within the community and highlighting the importance of this is our goal in conducting an initial discord offering. Oh yeah, we also don’t like VCs.
In offering up to 6.5% of the total token supply with incentives to reward early participants, vesting schedules will help maintain healthy token economics. Users will receive 25% of their tokens upon opening up our liquidity pool on QuickSwap. Users will then start to unlock the rest of their tokens at a 10% rate bi-weekly.
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.
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.