Echidna Token Will Launch on Rocket Joe
ECD is ready for liftoff!
Echidna is thrilled to announce Rocket Joe as the platform of choice for our token launch. The Echidna token (ECD) will be publicly tradable and farm-able on TraderJoe after our Rocket Joe launch. In this article, we will guide you through the Rocket Joe process and explain how you can participate.
Let’s get started.
Rocket Joe Overview
Developed by Trader Joe, Rocket Joe is a launchpad which combines a protocol’s liquidity seeding, price discovery, and decentralised exchange listing into one efficient process.
Users provide liquidity for a project’s liquidity pool on Trader Joe by bidding for the project’s tokens with AVAX. The bidding system also doubles as the price discovery mechanism for the token. By allowing market participants to set a price for the ECD token, Rocket Joe effectively discourages front-running bots from price manipulation and also ensures the token price at TGE is as close to fair market value as possible.
Under this model, Echidna will supply 15,000,000 ECD tokens (3% of total supply) for users to place bids. The AVAX received will become seed funding for the ECD / AVAX pool on Trader Joe. After price discovery, the ECD is paired with AVAX and launched into the ECD / AVAX liquidity pool on Trader Joe. Bidders will be allocated 50% of the LP tokens proportionately while the other 50% will be remitted to Echidna.
Rocket Joe User Journey
Pre-Launch
To prepare for Echidna’s launch, you require JOE, rJOE, AVAX. The characteristics of the JOE and rJOE are summarised below for you:
JOE Token
- JOE’s governance token
- Users can swap for JOE using AVAX on Trader Joe or acquire on a centralised exchange such as Binance or FTX
rJOE Token
- rJOE is earned by staking Joe in the “Launch” page of Trader Joe
- rJOE is not transferable
- Users will spend rJOE to enter a Launch pool, burning rJOE in the process. This unlocks the ability for the user to deposit AVAX into the Launch pool.
- To deposit 1 AVAX a user will need to submit a total of 100 rJOE. Partial AVAX deposits are possible i.e. 0.33 AVAX : 33 rJOE
As a user, start by acquiring JOE and stake it to earn rJOE. The amount of AVAX you can bid is limited by the amount of rJOE you have so, start staking JOE as soon as possible if you are participating.
Launch
Echidna’s token launch will be separated into 4 phases. We’ve created a graphic to so you can follow along as we explain the process
Phase 1: Deposit Phase
24 Feb 2022 6pm UTC — 26 Feb 2022 6pm UTC (48 Hours)
A launch portal will open on Trader Joe’s “Launch” page. You gain access to the launch pool by exchanging rJOE. Once you access the pool, you can deposit your AVAX as your bid. Your allocation will be determined based on the % of your AVAX deposit relative to the aggregate deposits. Your rJOE will immediately be burned after your AVAX position is deposited. Deposits will be disabled after the end time stated above so be sure to place your bids on time.
You may withdraw your deposit at any time during the Deposit Phase. There will be no withdrawal fee for the first 24 hours. Afterwards, a withdrawal fee will slowly scale from 0% to the maximum withdrawal fee of 5% by the 48th hour.
Click here for a tutorial video from Trader Joe
Phase 2: Withdrawal Only Phase
26 Feb 2022 6pm UTC — 27 Feb 2022 6pm UTC (72 hours)
The Withdrawal Only Phase lasts 24 hours, during which all withdrawals will incur the maximum withdrawal fee of 5% to discourage price manipulation. All withdrawal fees incurred will be paid to Trader Joe.
Phase 3: Launch (TGE) + LP Lock
27 Feb 2022 6pm UTC — 2 Mar 6pm UTC (72 hours)
At exactly 27 Feb 2022 6pm UTC, the ECD token will launch via the ECD / AVAX pool on TraderJoe. You will be allocated LP tokens composed of the deposited AVAX and ECD tokens in the ECD / AVAX liquidity pool. The LP tokens will be locked for 3 days upon distribution.
Echidna will also provide 1,875,000 Bonus Issuing Tokens to participants. These ECD tokens will not be added to the liquidity pool and will immediately become available (no lock) at the Launch Page on Trader Joe. The allocation of these bonus tokens will be pro rated as well.
Phase 4: Liquidity Farm
2 Mar 2022 6pm UTC — 1 Apr 2022 (30 days)
After the LP tokens unlock, there will be a double rewards farm for ECD / AVAX on Trader Joe for 30 days. Farm with your LP tokens to earn bonus rewards!
Click here for a farm guide from Trader Joe
TLDR
- Echidna token will launch on Rocket Joe. TGE date and time is 27 Feb 2022 6pm UTC
- Stake JOE tokens for rJOE to participate in launch
- Prepare your AVAX tokens at 100 rJOE to 1 AVAX ratio (partial deposits possible i.e. 33 rJOE to 0.33 AVAX)
- Burn rJOE to deposit AVAX during the Deposit Phase
- Farm with your ECD / AVAX LP token after the LP Lock Phase to enjoy double rewards
What’s after Rocket Joe?
Our PTP bootstrapping event will take place during the first week of March. There will heavy incentives for PTP contributors, especially the early ones. We also eagerly await Platypus’ whitelist, after which we can officially launch Echidna’s beta.
Connect With Us
Connect with us using the links below
We have a joint AMA with our friends at Trader Joe, Platypus Finance, and Vector Finance at Feb 24 1:30pm UTC. See you all there!
