Official Announcement — $NAVX IDO with Cetus Strategic DEX partner
TL;DR
- NAVI Protocol launches $NAVX, its community governance token
- The $NAVX launch will take place through an IDO with strategic partner Cetus
- IDO Start: 1200PM UTC on Feb 4, 2024
- IDO End: 1200PM UTC on Feb 7, 2024
- Hardcap: 201,600 SUI & 624,000 CETUS
- The reserved supply for the IDO will be 12,000,000 $NAVX or 1.2% of the total supply
- The IDO is FFA, with a whitelisted protected quota
Context
Since NAVI Protocol launched on Sui mainnet in July 2023, the team has been focused on providing the DeFi community with a robust, user-friendly lending and borrowing experience.
Our commitment to diversifying and optimizing the product towards greater DeFi composability has allowed us to grow our community and TVL continuously. In 2024 alone, NAVI managed to more than double its total market size with over $120 Million. New project milestones continue to be set weekly as the protocol establishes itself as the one-stop for liquidity on Sui, providing lending, borrowing, and recently, liquid staking via the acquisition of Volo.
Moreover, our strategic partnerships with top protocols in the ecosystem have pushed NAVI to the forefront of innovation and liquidity growth on Sui.
By evaluating these performance milestones against our long-term community and product goals, we believe it’s time to take NAVI Protocol to the next level and launch the utility and governance token, with the ultimate goal of higher decentralization and placing more power into the community’s hands.
$NAVX IDO on Cetus
Through NAVI’s strategic partnership with Cetus, the $NAVX IDO will be held on the leading DEX by users, TVL, and volume on Sui. We believe that Cetus is currently best positioned to launch $NAVX, considering our ecosystem vision alignment, which was reinforced through the recent investment from Cetus into NAVI Protocol.
The team is excited to bring this collaboration to the next level, placing our trust in Cetus with the initial DEX offering of $NAVX.
IDO Details
- Exclusively on Cetus Launchpad https://launch.cetus.zone/
- IDO Start: 1200PM UTC on Feb 4, 2024
- IDO End: 1200PM UTC on Feb 7, 2024
- Supply reserved for IDO: 12,000,000 $NAVX tokens
- Price at IDO:
- 1 $NAVX = 0.021 $SUI
- 1 $NAVX = 0.26 $CETUS
- Circulating market cap at IDO: ~$360,000*
- FDV at IDO: ~$30,000,000*
- Token Claimable from 1200PM UTC on Feb 7, 2024 (no lockup period)
* May fluctuate. Calculated following SUI valuation of $1.4 per SUI
The IDO launchpad on Cetus will include 2 major pools:
Pool 1: NAVX/SUI
- IDO price: 1 $NAVX = 0.021 $SUI
- NAVX/SUI Pool IDO supply：9,600,000 $NAVX (0.96%)
- Hardcap: 201,600 SUI
- Whitelist percentage: 75% max. for whitelists / 25% for overflow commitment
- Liquidity supply: 70% of raised SUI + extra 6,720,000 $NAVX (NAVX/SUI 0.25% pool)
Pool 2: NAVX/CETUS
- IDO price: 1 $NAVX = 0.26 $CETUS
- NAVX/CETUS Pool IDO supply：2,400,000 $NAVX (0.24%) (0.96%)
- Hardcap: 624,000 CETUS
- Whitelist percentage: 100% for overflow commitment / No whitelist
- Liquidity supply: 70% of raised SUI + extra 1,680,000 $NAVX (NAVX/SUI 0.25% pool)
These pools will allow both SUI and CETUS holders to participate in the IDO seamlessly.
$NAVX IDO Whitelist Participation
The NAVX-SUI launchpool is available to both whitelisted and general participants. It will be raised in SUI tokens. All participants in this launchpool are served with the same price but a whitelisted user will have a corresponding protected quota.
The protected quota from whitelisted users will have trading priority during the final settlement. A maximum total Whitelist Quota (75%) is set for this launchpool to prevent oversubscription from whitelisted users. The unused whitelist quota will be released to general participants.
For the NAVX-CETUS launchpool, there are no whitelisted users. It will be raised in CETUS tokens. All users will participate in this pool at the same price and without differentiated access.
Filling Criteria
When the total committed amount from all purchasers in this launchpool is less than the Hard Cap, all purchasers’ committed amounts will be fully accepted and filled.
When the total committed amount from all purchasers in this launchpool exceeds the Hard Cap, the utilized Whitelist Quota will be filled first in full amount. Then, all remaining unprotected committed amounts from purchasers will be filled on a pro-rata basis. Unused amounts will be returned to purchasers after the end of the sale.
Whitelist Distribution
There are 3 levels of the whitelist for the NAVX-SUI launchpool. Each level comes with a different protected quota. Below is the breakdown of the 3 whitelist levels:
Total IDO supply reserved for whitelisted users: 150,900 SUI.
The whitelisting process for the $NAVX IDO goes through collaborative campaigns with various ecosystem partners, media platforms, social communities on Sui, and NAVI’s own campaign.
- NAVI’s whitelisting campaign for NAVI community users
- NAVI partners & communities
- Top 500 xCETUS holders (10 Level A, 10 Level B, 480 Level C; Snapshot will be taken at a random time before the IDO.)
Users will be able to check whether they are whitelisted and their whitelisted quota by connecting their wallet on the $NAVX IDO page of the Cetus Launchpad.
Since part of the whitelists are still being collected at the moment, the whitelist results will be uploaded at the latest 8 hours before the IDO starts.
Why $NAVX?
By launching $NAVX, NAVI Protocol is embarking upon a well-defined and structured journey towards achieving decentralization and autonomy, encompassing a spectrum of governance mechanisms and financial incentives.
As a governance token, it allows holders to vote on proposals and exercise their opinions on critical updates of the NAVI lending and borrowing protocol. More precisely, they will be able to vote in decisive governance proposals regarding:
- Money Markets
- New Proposals for collateral & isolated market candidates.
Additionally, the $NAVX token is designed to provide the community with additional utility in the Sui and NAVI ecosystems. Users will be able to use it as collateral in the NAVI Protocol and plug it into the extensive DeFi ecosystem on Sui.
Finally, $NAVX holders will be able to access unique incentive bonuses & revenue-sharing mechanisms on NAVI Protocol.
A detailed tokenomics document will be released to inform the community about the token’s utility, allocations, and release schedule.
This week will be packed with additional information about $NAVX and the IDO, so make sure you follow us on socials to stay updated.
Exciting times are ahead Navigators! ⛵
The One-Stop Liquidity Protocol on Sui 💧
