We are excited to announce the public sale for $FCTR, the native token of Factor DAO and its infrastructure.
The public sale will begin on 20 February 2023 at 18:00 UTC and end on 24 February 2023 at 18:00 UTC. It will be hosted on Camelot DEX on Arbitrum
Please read the article below in full to understand the process, and join us on Discord to stay up to date and ask any questions not answered below.
Introducing $FCTR
$FCTR is the utility token for the Factor platform. Factor is an on-chain asset management platform aggregating multiple DeFi assets under one roof, and enabling the creation of novel instruments and strategies
It is a one-stop solution for protocols looking to boost TVL, treasury managers looking to hedge exposure and generate yield, or aspiring asset managers looking to build on-chain track record. The protocol earns fees on vault TVL and profits.
$FCTR holders have the ability to stake and lock $FCTR and receive $veFCTR (vote-escrowed $FCTR). $veFCTR has two important benefits:
- Governance rights to direct protocol fees and emissions
- A 50% share of platform revenue
Our tokenomics have been designed to offer the best of ve and real yield tokenomics for a sustainable DAO ecosystem, with genuine revenue and profit returned to DAO governors.
Public Sale Information
The public sale will begin on 20 February 2023 at 18:00 UTC and run until 24 February 2023 at 18:00 UTC, and will be hosted on Camelot DEX on Arbitrum.
10% of the total $FCTR supply will be made available for the public sale, and will be distributed to all participants at the final price set at the end of the sale based on the mechanism described below.
The public sale will be live for 5 days, starting at a floor price of $0.10. The final price will be set at the end of the sale based on amount raised during the round divided by 10,000,000 $FCTR. All participants receive the same final price.
Final price: (total amount of $USDC committed by participants) / (10,000,000 $FCTR tokens) = final price per $FCTR for all participants
Users deposit $USDC into the contract (there are no buys and sells during the public sale). Each participant can evaluate the amount raised at any point during the sale and must make their own assessment of the value of $FCTR and form their own opinion when participating in the public sale.
If less than $1,000,000 is raised participants will receive their tokens at the floor price of $0.10 and the remaining tokens will be sent to the treasury which will be utilized as per the vesting schedule detailed later in this article.
Note that participants need $USDC on the Arbitrum network to participate in the sale, and will also need $ETH on the Arbitrum network to pay for transaction gas costs.
To clarify, the starting price for $FCTR will be $0.10, representing a $10,000,000 fully diluted valuation (FDV), and the final price will be set at the end of the public sale on 24 February 2023 at 18:00 UTC based on demand.
All participants will pay the same final price for their relative allocation, ensuring equality among all Factor public sale supporters. The official specific instructions on participating in the public sale will be published ahead of the public sale.
Public Sale Details
Below are all the specific details you need in relation to the public sale. Please review these details thoroughly.
- Where: A custom sale page provided by Camelot DEX
- When: 20 February 2023 at 18:00 UTC
- Until: 24 February 2023 at 18:00 UTC
- Chain: Arbitrum
- Accepted payment: $USDC
- Starting $FCTR price: $0.10 per $FCTR
- Allocation: 10,000,000 $FCTR (10% of total supply)
- Total max supply: 100,000,000 $FCTR
- Min/max allocation: none
- Hardcap: none
- Vesting: none, 100% unlocked
All public sale tokens are unlocked at TGE. If public sale participants wish to get involved in DAO governance and start receiving a share of protocol revenue from day one, they can stake their unlocked $FCTR to accumulate $veFCTR.
Factor’s team will not contact anyone in private with any type of sale link, which will be officially released close to the date of the sale via the official accounts.
Tokenomics
The Factor community will be key to the success of the project. We believe that rewarding early community members and protocol contributors is an effective way to foster adoption and decentralization.
Factor is built with a sustainable business and revenue model at its core, and our tokenomics are designed to ensure long-term incentives to build and grow a resilient platform led by its community. You can read more about the specifics in our whitepaper.
Token Distribution
There will only ever be 100,000,000 $FCTR. This is the capped maximum supply. No further $FCTR tokens can be minted.
Please note that an early bootstrapping allocation of 4.2% was distributed at a price of 0.05 (an FDV of $5,000,000), vested linearly over 12 months. This was in order to facilitate the smart contracts audits, development, legal, and marketing required for launch.
The team tokens are vested linearly over 24 months. The bootstrapping supporters and team tokens do not accumulate $veFCTR while vested and are required to be unlocked and staked in order to do so. This is to ensure decentralization and fair distribution and rewards for all participants.
Emission Schedule
Following the public sale, at launch, 32.51% of the supply will be in circulation with slow and steady emissions over 3.5 years. No VCs and no sudden unlocks.
Note that tokens from community bootstrapping round are vested for 12 months and team tokens are vested for 24 months. These are linear monthly unlocks with the first unlock 1 month after TGE/LP and once per month thereafter.
The treasury tokens also unlock linearly on a monthly basis (once per month) over 3.5 years and the DAO will in due course vote on as and when, and how these tokens should be utilized to benefit the ecosystem.
Ecosystem incentives are available immediately but will be used carefully for liquidity mining, selected vault incentives and for rewarding community contributors.
$veFCTR
Factor offers token holders the option to lock their $FCTR tokens in exchange for $veFCTR tokens, with longer locking periods yielding more $veFCTR. The $veFCTR tokens received for locking $FCTR are non-transferable, and their amount gradually decays until the locking period expires and the user can reclaim their original $FCTR.
Also, $veFCTR comes with a range of benefits, including the ability to create and vote on DAO proposals to direct fees and emissions, which could be of great benefit for protocols, treasuries or individuals that are interacting with Factor. In addition, $veFCTR token holders receive a proportional share of 50% of all platform fees (with the remaining 50% going to the DAO treasury).
We have taken the best of ve and real yield tokenomics to provide long-term incentives to stakeholders, protect the project from yield mercenaries, and serve as an anti-whale mechanism.
Factor’s infrastructure is expected to be deployed on Arbitrum’s mainnet 24 hours after the pools have been seeded. $FCTR staking and liquidity mining campaigns based on Factor vaults will be the first priority.
Launch Roadmap
Below is a short term roadmap to the end of Q1 explaining the key events in the run up to and following the public sale. Join Discord or keep an eye on our socials for more details on each item.
Join Us
We appreciate the huge levels of interest and support we have received to date. Please review all available information in detail. If you do have any questions, want to learn more, and want to join our DAO, then please join us on Discord.
For more info about Factor and its vision:
- Website: https://factor.fi
- Docs: https://docs.factor.fi/
- Whitepaper: https://www.notion.so/factorlaunch/Whitepaper
- Audit: https://solidity.finance/audits/Factor/
- Demo: https://youtu.be/LGtdAmjT0c8
- Medium: https://medium.com/@FactorDAO/
- Twitter: https://twitter.com/FactorDAO
- Telegram: https://t.me/FactorDAO
- Discord: http://discord.gg/factor
