Why is the LBP delayed by two weeks?
We’ve recently revealed the tokenomics and would like to give a bit more breathing time for the DAO to collect feedback and vote on the proposal.
The delay will allow devs to take more time to release a qualitative staking and locking system directly after the LBP.
Furthermore, we think the current macro leaves a lot of market uncertainty and would like to give more time to weather these troubled times.
How will the LBP happen ?
Now, onto the more technical details. After further discussions with our community and with the team over at Prime Launch we have decided to slightly modify the weights to (96:4) with 300,000$ of ETH of initial liquidity. This will imply a starting price of 7.30$ for the Dutch Auction (this price will decrease as time passes, depending on buy activity, please read more details here).
In addition, the LBP will be done with a wrapper of PAL, the LaunchPAL (lPAL). We are introducing this wrapper to avoid the few current PAL holders to sell during the price discovery event. Dutch auctions tend to start with a relatively high token price and we don’t want to incentivize selling at that point as it would destroy the price discovery.
Instead, the price discovery will happen with lPAL.
At the end of the LBP the DAO will move the proceeds into a PAL-ETH pool and the participants will be able to redeem PAL through our interface. The redeem list will be a Merkle Tree distribution built upon the snapshot of lPAL holders at the end of the LBP. Please do not try to buy lPAL post-LBP.
What can you look forward to ?
We’re holding our monthly community call on the 10th of March where we will discuss tokenomics and the DAO development in general .
A joint Twitter space will also be organized with Prime in the following week to answer any question on the LBP (week of the 17th of March).