Moving forward
We have come to the conclusion that we will continue with a second iteration of The Genesis DAO, but this time it will be limited to only a maximum of 5 members, with the same 10,000 pVSQ available pro-rata, so works out to be 2,000 pVSQ per person, sold at the same price of 5 MATIC per pVSQ.
We wanted to limit the number of members in The Genesis DAO to start with as it will be easier to manage and build a small core DAO to start with. The DAO formed will be activated after launch via Aragon. The Genesis DAO policy and goals will remain the same as stated here.
That being said, if there are any interested individuals who want to get involved, we would love to chat, you can contact us via Discord, Twitter, Email or Discord.
Initial Social Offering (Fair Launch)
We want to be owned and run by its contributors and community. The strongest projects start with their supply in the hands of the community. But how do we start like this? We need to raise funds to back initial supply, which means the go-to of liquidity mining won’t work. We have to do a pre sale (Initial Social Offering).
- Only people have supplied their address to the discord channel #polygon-address will be eligible to participate
- 50,000 VSQ will be offered for sale
- Participants can only purchase their prorated share
- The offering price will be $15 per VSQ
- The pool will open at ~$27 with ~$500k liquidity
- The initial system will have only staking and bonds (no sales/purchases)
If you’ve ever participated in a launch sale, you know that even the best setups can be gamed. There’s always a risk of bots and whales scooping up all of the supply before the little guys, generally the people who truly make the project successful, have a chance to get in.
We batted around a few ideas to mitigate this, but all of them still seemed too heavily skewed toward net worth. We don’t really care how much money you have. You can save that buying power for when we’re trading. What we want right now is a wide distribution among those who have taken interest and are ready to get involved.
- If you have supplied your address to the discord channel #polygon-address, you are eligible to take part in the launch sale. You will be whitelisted. If this makes you uncomfortable, you can wait to buy anonymously once trading opens.
We will close the channel at a later time before launch.
The initial supply of VSQ will be 68,260. 50,000 will be offered to launch event participants, and 18,260 will be added as initial liquidity.
Each participant can only buy their pro rata share of the offering. If 500 discord members are whitelisted, each one will be allocated 100 VSQ. When you buy, you are removed from the whitelist; so, if some people buy less than their share, everyone who has not yet bought will get a higher allocation.
You can buy VSQ during the presale period if you have been whitelisted. The sale price is $15 per VSQ. The funds will be used to back the VSQ sold and provide initial liquidity.
If we are 100% subscribed, the sale will bring in $750k. $250,000 will be deposited to the treasury to back initial supply. The remaining $500,000 will be added as liquidity. The LP will open with 500,000 DAI and 18,260 VSQ.
Risks & Disclaimers
There are a few manual components to the launch event. If any of this makes you uncomfortable, please do not participate. It is ok if you wait until after the launch is complete and everything is locked in.
The whole system will not be live yet. Sales are an integral part of the long term functionality and success of the protocol.
There is more supply than liquidity. If everyone sells when trading opens and no external demand arrives, price may fall below the presale price or even below intrinsic value.
Twitter: @VESQHQ
Medium: vesq.medium.com
Telegram: t.me/vesqhq
Discord: discord.gg/KVFbg7q
Website: vesq.io
Legal Disclaimers
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