📅┃Launch & Genesis
Last updated
Last updated
Camelot was designed to be community-driven, and the GRAIL token's launch sequence was a significant factor in achieving that goal. The team remained committed to building the best product possible before seeking funding. The public sale provided a transparent and fair opportunity for the community, investors, and partners to purchase GRAIL
The public sale began on November 29th 2022 and ended on December 5th, with GRAIL liquidity going live 24 hours after the sale ended
The auction mechanism started with a fully diluted valuation (FDV) of $2m, fixing a $20 floor price for GRAIL, and increased after the first $300k was raised
The public sale offered 15% of the GRAIL supply (15,000 out of 100,000 tokens in total), with 10% in GRAIL and 5% in xGRAIL
There was no pre-sale or VC investment
All purchases were settled at the same price based on the total amount deposited
There was no hard cap on the public sale and no limit on how much USDC could be allocated per wallet
Users could share a referral link and claim 3% of all referred investments made through it after the launch - Refferal commissions were funded from allocated supply to Core Contributors
Legacy token holders (lEXC) were eligible for a 10% discount during the public sale
Total raised: $3,796,460.86
GRAIL price: $254.21
Circulating market cap: $5,719,727.37
Fully diluted valuation (FDV): $25,421,010.52
The public sale proceeds were directed as follows:
50% was paired with 7.5% of GRAIL from POL in UNI v2-style liquidity
30% allocated to xGRAIL real yield staking treasury
20% was used to support the Camelot team, which had been entirely self-funded up till the launch
Genesis pools were created to serve as exclusive farms for early adopters. The purpose of these farms was to bootstrap initial liquidity for Camelot before GRAIL went live while providing an early and attractive opportunity for the community to accumulate xGRAIL
Genesis pools were open for deposits from November 22nd, and rewards started being allocated to depositors from November 23rd
Depositors were earning emissions in xGRAIL linearly during the six months following the public sale and could withdraw anytime, with their share of the emissions redirected to the remaining participants
In some cases, genesis farm distributed not only xGRAIL but also incentives from a second token, usually provided by a partner protocol
The Genesis farms are based on the existing Nitro pool reward structure
Genesis Pools emissions ceased on the 23rd of May 2023
