$PLX IDO Information and Whitelist Criteria
Following our previous article introducing $PLX and $yPLX, we are excited to announce the $PLX token IDO!
The $PLX IDO will take place on August 16, 3PM UTC until August 19, 3PM UTC. The launch will be exclusively hosted by SpartaDEX on their launchpad, SpartaPad, on the Arbitrum network.
The first launch on SpartaPad sold out in just 48 seconds! Parallax will be up next, community members and passionate investors are eagerly anticipating the $PLX IDO. So get ready to secure your spot as soon as possible!
$PLX IDO: All You Need to Know
To get us in sync with the date and time, you may add this event to your calendar and here’s a visual countdown timer:
- Where: SpartaDEX
- Start: August 16, 3PM UTC
- End: August 19, 3PM UTC
- Stages: Round 1 — NFT holders (300k), Round 2 — WL Holders (600k), Round 3— Public (Rounds 1 and 2 will start at the same time, Round 3 will start if the earlier rounds are unfilled)
- Network: Arbitrum
- Payment Token: USDT
- IDO Price: $0.15 per $PLX
- Allocation: 6,000,000 $PLX (6% of total supply)
- Total Token Supply: 100,000,000 $PLX
- Max Cap: $900,000
- Initial Market Cap: $450,000
- Cliff/Vesting: 35% unlocked at TGE, 1 month cliff, 5 months vesting
- Token Launch (TGE): August 21
Note: The IDO price will be the same for every participant. The specific instructions for participating in the IDO will be shared ahead of the launch.
Whitelist Criteria & Cap Per Wallet
The WL is only open to 3 groups with the following allocations:
- Parallax Whitelist — $1500 per wallet
- Sparta NFT Holders — $600 per NFT
- Sparta Whitelist — $1500 per wallet
IMPORTANT: After the whitelist stage has concluded, the sale will go into FCFS mode, with any users being able to deposit up to $1000.
We expect the whitelists to be over-allocated.
Parallax Whitelist
Anyone can obtain a whitelist (WL) from Parallax by meeting one of the criteria listed below.
Galxe Campaign
Participate in our Galxe campaign, complete a few tasks to qualify for a WL, and earn yourself an OAT! Nothing complicated, it is designed to help users understand Parallax’s product suite and help spread the word.
Holding 1 OAT = 1 WL
Galxe Campaign: https://galxe.com/parallaxfinance/campaign/GCcYpU7mCg
Steps:
- Follow Parallax on Twitter
- Follow SpartaDex on Twitter
- Join Discord and obtain Spaceflight Participant role by completing verification
- Visit Parallax vault page for incentivized open beta
- Like our thread
- Quote Tweet our thread on WL criteria — Share your excitement for the upcoming IDO!
- Sybil prevention: Have at least 1 transaction on Arbitrum
- Deposit at least $100 into any of our strategy vaults (Updated on 3 Aug)
Snapshot will be taken on August 12, at the end of the campaign.
Note: There is no financial incentive tied to the OAT, it only serves as proof of participation in the Galxe campaign and WL for IDO.
Partner Communities
We are in contact with over 20+ communities/DAOs and actively expanding our reach to regional communities. Our partner communities will be running giveaways to allocate the WL spots, so keep an eye out for these opportunities!
If you represent a community, don’t hesitate to reach out to us via Twitter or Discord chats.
Space will be limited for communities due to demand.
Sparta NFT Holders & Whitelist
Sparta NFT Holders
Each Sparta NFT will give you an allocation of $600. Participants will only need to hold the NFT in their wallets. Holding more NFTs gives you a higher allocation:
- 1 NFT : $600
- 2 NFTs : $1,200
- 3 NFTs : $1,800
The smart contract reads which NFT is used on SpartaPad, preventing users from reusing the NFT by transferring it to another wallet.
Sparta Whitelist
SpartaDEX will allocate WL spots to their community through a co-campaign. Keep an eye out for more details!
Tokenomics
- Total Token Supply: 100,000,000 $PLX
- Treasury: 17%, 10 months vesting
- Team: 7.5%, 6 months cliff, 20 months vesting
- Private round: 6%, 1 month cliff, 9 months daily linear vesting, 15% TGE
- Airdrop: 2%, 12 months vesting
- Advisors: 7.5%, 6 months cliff, 20 months vesting
- Public raise: 6%, 1 month cliff, 5 months daily linear vesting, 35% TGE
- Emissions: Refer to emission chart
- Strategic reserves: 14%, 20 months vesting
- Initial market cap: $450,000
- Launch FDV: $15,000,000
Please note that all tokens will follow a daily linear vesting schedule to avoid large cliffs of unlocks all on the same day. We have opted for this option to create better price stability.
Token emissions will be redeemable on the investor page (coming soon) of Parallax.
Emissions
Following the public sale, at launch, 4.7% of the supply will be in circulation, with slow and steady emissions over 6 years. No VCs and no sudden unlocks.
Post Launch Vaults
These post-launch vaults will have juicy APYs that will only be available to participants who are whitelisted.
There will be 3 vaults offered, which will help reduce the selling pressure of $PLX. Each vault will have a varying lock period, the longer the lock, the higher the APY. Also, with a reflexive yield approach, there will be penalties for early withdrawals, and these will be paid to the remaining stakers, who will enjoy an even higher APY.
About $PLX and $yPLX
We have outlined the mechanics of $PLX and $yPLX in this article. Please read it in full!
yPLX is designed to be deflationary, which will act as a strong catalyst for growth as more users seek higher yields. This will be achieved through our 80/20 BAL model and reflexive yield properties.
Upcoming PLX Product Updates
- All major LSD assets are now supported
- Upcoming vaults for Lybra and Raft
- yPLX governance portal and reflexive yield system
- 80/20 Balancer Pools
- crvUSD vaults
- Safe and stable 15–20% APY LSD vaults
- zkSync integration with first pools
- Numerous partner announcements
Join Us
Parallax provides liquidity infrastructure that empowers individuals, DAOs, and other protocols to generate yield on Arbitrum and zkSync. We power APYs and LSDfi!
We greatly appreciate the high level of interest and support we have received thus far. Please review all available information carefully. If you have any questions or wish to learn more about Parallax, please join us on Discord.
