The details you’ve been waiting for: Our Initial Bonding Event and Copper Launch LBP
We’re incredibly close to our community launch events — which include both our Initial Bonding Event and Copper Launch liquidity bootstrapping pool (LBP) — both launching Monday, January 17 at 11:00 am, ET.
These events are our community’s first chance to get their hands on PDT — our new token governance token, giving you a voice in the future of ParagonsDAO.
All information in this post supersedes any potentially conflicting information that was previously shared in Medium posts and through other channels. Information in this post is not financial advice.
Bond your eligible Parallel cards through our Initial Bonding Event🔪
- What: Sell your eligible Parallel cards at the fixed launch price of $0.34/$PDT (value is a fixed price determined by floor +10% at the moment of the price snapshot to compensate for gas). This allows you to sell a card slightly above the floor price while avoiding marketplace fees. Please note you’re selling the card for a volatile PDT token, and that the floor price may move after the price snapshot is taken (which will be shortly before launch). As of publishing this article, the price snapshot has not yet been taken.
- When: January 17, 11:00 am, ET until sold out.
- Where: Accessible through our website. Link to be shared through our Twitter/Discord (#announcements channel).
- $PDT allocated to event: 8,100,000
- What you’ll need to participate: Certain eligible First Edition (standard non-SE, non-PL, non-Asset) Parallel NFTs (exact cards will not be announced prior to launch), and ETH for gas.
- Vesting period: 7 days linear vesting.
- Partners: Card bonding smart contract is powered by Olympus Pro.
If you have eligible Parallel NFTs, you can participate in our Initial Bonding Event. Once it launches, you’ll be able to see which cards are available to bond, remaining supply available to bond, and the bond value in $PDT for that card.
Note that we’ll accept at least 50 of each of the eligible cards for bonding (Special Edition [SE], Perfect Loop [PL], card backs and Prime Assets are not eligible for our Initial Bonding Event). We recently increased the token allocation towards bonding, so the maximum amount of cards we’ll accept will be determined by the market price of the eligible cards at the time of the price snapshot.
Look our for official links shared through our Twitter/Discord (#announcements channel) just before bonding opens.
Participate in our Copper Launch liquidity bootstrapping pool (LBP) 🚀
- What: A price discovery auction where you can purchase $PDT
- When: January 17, 11:00 am, ET until January 20, 10:59 am, ET (72 hours)
- Where: Accessible through https://copperlaunch.com/ (View auctions -> LBPLaunches.com by Balancer Intern). Official link to be shared through our Twitter/Discord (#announcements channel).
- PDT allocated to event: 37,500,000
- What you’ll need to participate: DAI (ETH/WETH/USDC will be accepted, but you’ll incur transaction costs to convert to DAI through Balancer). ETH will be needed for gas fees.
- Vesting period: None (you receive your $PDT immediately after you buy it)
- Partners: Copper Launch (Alchemist)
- Auction starting price: 0.34 DAI per $PDT
- Start Weights: $PDT, 96%: DAI, 4%
- End Weights: $PDT, 50%: DAI, 50%
- Swap fee: 1% (swap fees discourage bot participation)
For those of you who don’t already have eligible Parallel NFTs to participate in the Initial Bonding Event, you can participate in our Liquidity Bootstrapping Pool (LBP).
We want to make sure our public launch is as fair as possible for our community while avoiding the challenges that often shadow token launches — such as bots, frontrunners and whale purchases/sales. That’s why we’re partnering with Alchemist to use their Copper Launch LBP platform, limiting the possibility of technical exploitation and pump & dumps.
Copper’s token launch auctions are a specific configuration of Balancer’s Liquidity Bootstrapping Pools (LBPs) designed to distribute tokens fairly across market participants, using constant downward pressure (counteracted by sales pressure) over a limited duration (in our case, 72 hours) to allow the market to converge on a fair price. While many Copper auctions are set to start at a very high price, we’ve set our auction to start at our fixed launch price of 0.34 DAI per $PDT (the same price we offered early investors) to reflect the valuation of our market cap today, however the ultimate value is decided by you.
Early supporters will not receive their tokens until after the Copper Launch event, so they will not be able to sell into the auction. Those who bond their cards are linearly vested over 7 days, so they could conceivably sell the vested portion of their tokens into the auction.
We encourage those who wish to participate to thoroughly review Copper’s documentation and decide on individual strategies that are appropriate for their objectives. Learn more about Copper’s token launch auctions (including how you might expect prices to evolve in an auction with no activity, moderate activity, steady activity, and high activity) at this link. You can also review Copper’s Auction Participation Walkthrough and their FAQs, which apply to all auctions hosted on their platform.
The contract address of the liquidity pool will be announced through our Twitter/Discord (#announcements channel), and the auction will be accessible directly through http://copperlaunch.com. Any other pools or announcements should be considered as a scam.
