Camelot has been designed to be a community-driven protocol, and therefore a significant factor in achieving that is the launch of the GRAIL token. As a team, we have remained committed to building the best product possible before seeking funding, and therefore we are proud to confirm that there has been NO PRESALE or VC investment.
With this in mind, the public sale provides a significantly transparent and fair opportunity for the community, investors, and partners, to purchase GRAIL.
The public sale will begin on Nov 29th and last until Dec 5th, with GRAIL liquidity going live within 24hrs of the sale ending (5 pm UTC for each stage)
- Nov 29th: Public sale start
- Dec 5th: Public sale end
- Dec 6th: Token launch and farms open
- Dec 7th: Farming rewards start
- The public sale will offer 15% of the GRAIL supply, with 10% in GRAIL and 5% in xGRAIL (15,000 out of 100,000 tokens of the total supply)
- All purchases will settle at the same price based on the total amount deposited
- Any unsold tokens will be burned
Initially, the auction will start with a fully diluted valuation (FDV) of $2m, fixing a $20 floor price for $GRAIL, and will increase after the first $300k has been raised. Once those $300k are reached, we'll enter a price-discovery phase, where the token price will continuously increase at every purchase.
Everyone who participates in the auction will obtain $GRAIL at the same price, decided by the ending valuation of the auction.
No matter when and how much a user's contribution has been, he will receive an amount of $GRAIL worth the same value as his investment.
We have designed and built the auction mechanism ourselves so that the public sale will take place on the Camelot platform on:
USDC will be required to participate in the auction, which will only take place on Arbitrum.
There is no hard cap on the public sale nor limit regarding how much USDC can be allocated per wallet.
Every user will be able to publicly share a referral link and claim after the launch 3% of all the referred investments made through it. A link referral generator will be provided on the public sale app page.
The discount during the public sale will be provided to legacy token holders (lEXC). All users that received a minimum of 100 lEXC will be eligible for a 10% discount during the public sale.
However, a set of capped amounts for which the discount is valid will be applied. They will be based on the amount of lEXC received by every v1 user:
- At least 100 lEXC: $1,000 cap
- At least 2,000 lEXC: $2,000 cap
- At least 5,000 lEXC: $5,000 cap
- More than 10,000 lEXC: $10,000 cap
There will be a ratio of 65% GRAIL ratio and a 35% xGRAIL ratio allocated to participants in the public sale.
In other words, for every $100 allocated to the public sale, $65 GRAIL and $35xGRAIL will be received.
The tokens will be claimable within 24 hours after the sale ends
50% of the funds raised from the sale will be paired with 7.5% of GRAIL from POL in UNI v2-style liquidity, allowing us to ensure deep liquidity from the launch.
30% will be allocated to xGRAIL dividends, providing healthy and sustainable yields for our long-term token holders before protocol revenue kicks in.
Lastly, 20% will be used to support the team — Camelot has been entirely self-funded so far, and therefore as a core team, we have paid for all development, audits, etc., out of pocket.
The following two examples will help you understand how distribution will work during the public sale:
In both examples, the user will receive a different amount of GRAILs, but the value of the tokens will be the same as the value of USDC invested in the public sale.
#1 - $1,000,000 worth of USDC has been raised:
- $500,000 will immediately pair with 7.5% of GRAIL from protocol-owned liquidity (POL)
- $300,000 will directly go towards the dividends contract
- $200,000 (minus the referral commissions) will go toward the treasury to fund the team
If a participant invested $500, he would then get GRAIL tokens at a 65% ratio worth 325$ and xGRAIL tokens at a 35% ratio worth 175$.
#2 - $4,500,000 worth of USDC has been raised:
- $2,250,000 will immediately pair with 7.5% of GRAIL from protocol-owned liquidity (POL)
- $1,350,000 will directly go towards the dividends contract
- $900,000 (minus the referral commissions) will go toward the treasury to fund the team
If a participant invested $2000, he would then get GRAIL tokens at a 65% ratio worth 1300$ and xGRAIL tokens at a 35% ratio worth 700$.