Luchadores.io: Piñata Party Recap
Welcome Luchadores! This post provides a recap of the first piñata event, what has been done with the funds raised, as well as the next steps.
🪅 Piñata genesis event
The first Cometh themed piñata event which took place on Polygon has concluded, with all 4500 piñatas sold at an incredible pace. About 2200 piñatas were sold during the private sale, reserved to Luchador NFT holders and limited to up to 5 per wallet.
All the remaining piñatas were sold within an hour of opening the sale to the public.
Piñatas were priced at 30 MATIC and 5 payment types were accepted:
MATIC, LUCHA, MUST, LUCHA/MATIC LP, LUCHA/MUST LP.
Piñatas purchased with LUCHA LP tokens benefitted a 5% discount to encourage the capture of the protocol’s liquidity.
Here is the treasury balance at the end of the piñata event:
- 35,910 MATIC
- 92,333.82 LUCHA
- 260.72 MUST
- 1185 LUCHA/MUST LP
- 32,308.97 LUCHA/MATIC LP
🏦 Funds Deployment
The priority is to increase and own the liquidity in order to facilitate and fluidify the buying and selling of LUCHA, before the release of the game. The remaining funds raised will be deployed over several protocols in order to generate a return and perpetuate the treasury.
LUCHA Protocol Owned Liquidity
First, most of the funds were used to increased the share of LP owned by the treasury:
- Supply 260.72 MUST + 21,777.17 LUCHA to the ComethSwap pool
⇒ 2337 LP tokens - Supply 20,000 MATIC + 53,650 LUCHA to the ComethSwap pool
⇒ 31,931 LP tokens
All the LP tokens in the treasury have been staked on ComethSwap to produce an additional income for the treasury:
- 3522 LUCHA/MUST LP
- 64,240 LUCHA/MATIC LP
The rewards will be compounded to further increase the share of LUCHA liquidity owned by the treasury.
There is now about $260k liquidity on the LUCHA/MATIC Cometh pool and $75k for LUCHA/MUST. Thanks to the piñata event, the treasury now owns about 58% of the LP tokens for each pool:
The LP tokens are staked on Cometh, producing an income in LUCHA, MUST, QI, MAI and PSP for the treasury that will be claimed and recompounded in different protocols weekly.
What’s remaining
While the LP tokens have been staked, and all the MUST token used for liquidity, there are MATIC and LUCHA remaining in the treasury, as well as the ETH to be recovered shortly:
- 8410 MATIC
- 16,813.52 LUCHA + 21,560 LUCHA on MultiSig
- Staked LP tokens (~58% of all of them/ ~$160k of LUCHA liquidity split about 75/25 on both pairs )
- 7500 MATIC swap for 4.34 ETH and bridge to Ethereum Mainnet (bid floor collection)
We will wait for the release of the wearable marketplace to move the remaining funds.
