Introducing White Whale’s IDO: THE BOOTSWAP
05 Dezembro 2021 - 5:33AM
NEWSBTC
Over the last few months, there have been several token launches on
Terra. What has been noted, is that there have been two major
challenges that continue to occur. First, the initial liquidity
pools are just not deep enough. This causes an outrageous
manufactured initial price pump, making all the insiders feel
really good, but is quite unfortunate for the retail buyer as they
are not part of that initial purchase. The second issue is that as
soon as the token goes live, all the liquidity at the initial list
price is sniped by bots in the first seconds, again forcing the
retail buyer to buy in at higher levels. White Whale has designed
an initial token launch model that addresses both of these issues
while at the same time bootstrapping our own protocol owned
liquidity efforts… it is called “THE BOOTSWAP” So what is a
BOOTSWAP? Here’s how it works, White Whale is utilizing the latest,
freshly audited, open-sourced LBP code graciously provided to the
community by the Astroport team. An LBP, or Liquidity Bootstrapping
Pool, is a mechanism for launching tokens originally utilized by
Balancer that is designed to defer bot activity by starting the
token price high and allowing it to float down to price discovery
over a pre-set period of time, say 72 hours. LBP’s are also
utilized as fundraising tools as the team provides the initial
liquidity at a disproportionate ratio, say (98/2 token/stablecoin)
and as the tokens are sold the ratio eventually balances out to
whatever target ratio is set by the team in the parameters (i.e.
20/80 token/stablecoin), allowing them to claim the stablecoins and
so raise capital from the difference. This is how it generally
works, however at White Whale they are taking a slightly different
approach. The team from White Whale has been signaling their
intention to pursue Protocol Owned Liquidity for some time now,
with that said, unlike most other LBP events, White Whale’s
BOOTSWAP event will not be a token sale or fundraiser in any way.
Absolutely none of the profits from the event will go to the White
Whale team or incubating entities. The team funds will be deposited
into the LBP pool (along with WHALE tokens) initially, and at the
end of the LBP event, when the liquidity pool balances at our
predetermined ratio of 50/50 UST/WHALE, same as your standard LP
token… all of that liquidity will migrate straight to TerraSwap and
will serve as the perpetual trading liquidity for the UST/WHALE
pair. All of the corresponding LP tokens will be deposited into the
White Whale War Chest and be owned by the protocol. So what does
this mean? From its inception, White Whale should own the lion’s
share of its own liquidity. That’s right… POL right from the start,
and It means that because this is not a sale or raise and all of
the funds are going straight into the community-owned treasury,
there will be no KYC requirements or trading restrictions for this
event! Questions that are commonly asked are: how does this benefit
the regular retail buyer if the price already starts high? What if
it stays high and never comes down? White Whale has thought this
through and developed a solution for this scenario. Their goal is
to distribute WHALE tokens at fair and honest levels to retail
buyers. In order to do so, rather than being another project who
under-fills the initial pools to manufacture a pump, the plan is to
overshoot demand with our initial pool size. They will be
depositing 100 million WHALE tokens into the LBP to start. Their
reason for this is arguably refreshing – “Because F#&% The
Bots, that’s why. They believe this will give everyone who wants to
buy liquid WHALE tokens on the first days of trading an opportunity
to do so at good levels without all the juicy initial liquidity
being stolen by the bots. The starting price will be $1.00, so if
bots want to snipe, that’s the price they will be sniping at. It
will then float down to price discovery over a period of 72 hours,
or until the target ratio is met
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