It’s been a long time coming, pals but we can see growing liquidity and transferability just over the horizon even during these turbulent times. Through the ups and downs of the market, we keep building and Paladin grows by the day. But how did we get here?
Paladin originally bootstrapped its community through a PAL airdrop distributing 1,108,000 PAL over a 90 day period to early supporters and governors of select DeFi protocols. During this time the token has been non-transferable.
While the Pal family got bigger, the protocol product’s were being developed and iterated. As of now, Paladin and Warden have pushed the bounds on what’s possible without any token incentives or mercenary capital. With these limits, the community deliberated and decided to enable token transferability, via PGP-6, as a means of accelerating synergies in the Paladin ecosystem.
The result is the upcoming LBP that will let the market decide a fair price for PAL and help the protocol become a governance powerhouse. This LBP reuses unclaimed tokens from the airdrop; almost no extra tokens were needed to structure the operation.
All the funds raised in the LBP will become protocol owned liquidity (POL) on Curve and Balancer that will enable the DAO to supercharge yield strategies with its own products.
In a few hours, on March 21st at 12:00 pm CET the LBP will be deployed on Prime Launch and last 72 hours (ending March 24th at 12:00 pm CET).
The event will take place as a Dutch auction with a starting weight of 96:4 (1,000,000 lPAL and $300,000 of ETH). This will imply a starting price of $7.30 which will decrease over time depending on buy activity. Contributors are free to buy at their preferred price point.
To ensure the best price discovery for the token, the auction will be using a wrapper, LaunchPAL (LPAL). This will prevent any early contributor owning PAL from selling during the auction.
Leading up to the LBP, Paladin and PrimeDAO co-hosted a Twitter space this past Friday, March 18th discussing and taking questions about the LBP event.
At the end of the LBP the DAO will move the proceeds into a PAL-ETH pool and LPAL will be frozen so the protocol can take a snapshot of every holder’s balance.
Do not try to transfer LPAL.
Holders will be able to redeem their balances 1:1 for PAL on a soon to be available Paladin interface through paladin.vote.
Once you have your PAL tokens you’ll have the option of delegating the voting power, either to yourself or to one of the protocol’s delegates. Governance participation is one of our biggest strengths, please help us reinforce it.
Soon after the LBP, Phase 1 of PAL tokenomics will be live. An article overviewing Paladin’s tokenomics will be published shortly once all the details have been approved by governance;
We spoke about tokenomics during our last community call and one thing is for certain:
Paladin is building layers, so many, many layers.
You can already access the LBP page here : https://launch.prime.xyz/lbp/0x531BCa3d4c1a53f856d90B0D4461E1f6Bd648f6D