📅┃Launch & Genesis: timeline and details
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
Fair launch
The public sale began on November 29th and ended on December 5th, with GRAIL liquidity going live after 24 hours of the sale ending
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 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
Public sale results were as follows:
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 dividends treasury
20% was used to support the Camelot team, which had been entirely self-funded up till the launch
Genesis pools
Genesis pools are exclusive farms for early adopters. The purpose of these farms was to bootstrap initial liquidity for Camelot before our token 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. Genesis pools are definitively closed to deposits since the December 2nd, and the emissions will stop at the end of May 2023
Depositors are earning emissions in xGRAIL linearly during the six months following the public sale and can withdraw anytime, with their share of the emissions redirected to the remaining participants
In some cases, genesis farm distributes 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
The Genesis pools are no longer open for deposits
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