The RVRS IDO on ArtemisPad- Everything you need to know!
Dear Reversooors,
As you all know, the RVRS IDO on Artemispad is happening soon, at 08.11. 6 pm EST!
We wanted to compile important information regarding the IDO, however, rest assured, it will be straightforward to participate in and will be open for 48hs, so don’t worry! Because of the overflow nature of the IDO, there’s also no rush to be first.
Here’s the summary:
- The IDO takes place on the ArtemisPad (https://app.artemisprotocol.one/).
- The IDO will be open for 48 hours (from 08.11. 6pm EST to 10.11. EST).
- A total of 1,000,000 RVRS Tokens will be for sale, aiming to raise ~$455,000 in ONE tokens, setting a Market Cap of ~$910,000.
- 15% of the ONE raised will be allocated to the Artemis Treasury, while 70% will be paired to RVRS tokens on liquidity launch, and 15% will be used to cover Reverse’s development costs and future audits.
- Users will need Wrapped ONE and MIS tokens to participate. The MIS will be locked by the user on the IDO site as collateral, and the WONE will be used to buy the RVRS tokens. MIS locked will be refunded when the user claims his/her tokens and overflow.
Wrap your ONE here
- There are 3 tiers and each requires users to lock a different amount of MIS, the advantage of being on a higher tier is getting a lower price per RVRS.
- The IDO follows an overflow model, it is not first come first serve (FCFS) or time-sensitive. There’s no limit for how much one user can contribute. To summarize it: Each user will get a share of a tier’s RVRS tokens based on the share of WONE they contributed relative to the total WONE contributed. The funds not used will be refunded to the user at the end of the IDO.
- An example: Imagine the total funds contributed in Tier 3 to be 1,500,000$ in WONE. Tier 3 has a total pool of 300,000 RVRS tokens for sale at 0.5$ each, raising a total of 150,000$. The Pool would thus be 10x oversubscribed, so only 10% of each user’s funds will be used to buy RVRS for them — the rest refunded. For example, if you contributed 3000$ in this case, you would have contributed 0,2% of total funds, and 300$ of your WONE would be used to buy RVRS, and the remaining 2700$ refunded to you upon end of the IDO.
User Workflow:
- User approves WONE spending
- User approves MIS spending
- User locks MIS as collateral
- User sends WONE to the IDO contract
- User can send any amount of WONE to the contract without having to re-deposit collateral
- User ‘Claims All’ and gets:
a. The WONE Overflow
b. His/her respective $RVRS tokens
c. The MIS he/she deposited as collateral
Timeline
- November 8 6pm EST - IDO on the ArtemisPad.
- November 10 6pm EST - IDO ends, liquidity is added to Defi Kingdoms.
- November 12 - The Reverse Protocol and its products go live!
IDO Tiering
Based on the amount of MIS collateral you lock up, you will be able to take part in different sale tiers…
You can participate in all 3 tiers if you want to, but you’ll have to lock MIS to each!
Tier 3
Users that lock 50 MIS will be able to enter the tier 3 token sale, in which the price per RVRS will be set to 0.5$. 300,000 RVRS will be allocated (30% of the total)
Tier 2
Users that lock 800 MIS will be able to enter the tier 2 token sale, in which the price per RVRS will be set to 0.45$. 500,000 RVRS will be allocated (50% of the total).
Tier 1
Users that lock 4000 MIS will be able to enter the tier 1 token sale, in which the price per RVRS will be set to 0.4$. 200,000 RVRS will be allocated (20% of the total).
