Follow-On Sale Details
Hello from Stabl Labs!
If you read our last article, then you read about the thought process that went into launching our Follow-On Sale after the massive success of our Public Sale. Read on for the specifics of this new sale.
First, let’s talk about why running another sale and gathering another pile of $CASH is beneficial for the Stabl Labs ecosystem.
Taking in more $CASH gives us the ability to launch with a higher valuation ($25M), while still maintaining a healthy 5% float. This also means token emissions at launch will be worth more, boosting all liquidity pool APRs on the DEX. This should attract more liquidity to the ecosystem.
Additionally, more protocol-owned $CASH means more $CASH opted out of rebases. This increases the Capital Efficiency Index and adds to the yield of all other $CASH holders (If you don’t know what the CEI is, read about it here).
The increased $CASH yields also fuel incentives on Satin DEX; most notably, the auto-bribes that bring value to every stakeholder in the ecosystem.
If we can safely maximize these factors, Satin DEX could potentially be in a position to hit the ground running in a way that has not been seen before on a Solidly-style DEX.
We believe that offering a Follow-On Sale gives Satin DEX additional tools to succeed. Additionally, community members who were heavily diluted in the public sale now have an additional chance to acquire discounted $SATIN before launch. With the higher launch valuation, any tokens that were received in the public sale are also now more valuable than before.
We will use the overflow model again for this sale. If 100% of the $SATIN is secured, then the overflow model will kick in according to this equation:
$716,000(total USD raise amount) / {total $CASH staked} * {your $CASH staked} / $0.0008 ($20m valuation per token price) = YOUR SHARE OF THE SALE
All excess $CASH deposited would be refunded to users at the end of the sale.
Here are the Follow-On Sale details:
Start time: 00:00 UTC March 1st, 2023
End time: 2359 UTC March 4th, 2023
Duration: 4 days
Vesting: 12 week linear vesting
Overflow Model
Expiry veSATIN airdrop for all participants in the amount of 1 veSatin for every 2 $SATIN secured
- Expiration after 12 weeks
Tokens for sale: 895M $SATIN
Token Price: $0.0008
Total USD Value: $716,000
Raise valuation: $20M
This would give Satin protocol:
Total POL Satin-CASH: $1.5M
Float: 5%
Launch Valuation: $25M
Treasury: $1,000,000+
What will $CASH raised go towards?
Aside from deeper POL to maintain our target 5% float, we will be seeding the Sustainment Treasury with an additional $300K, for a total treasury value of roughly $500K at launch. You can read more about how the Sustainment Treasury benefits the entire Stabl Labs ecosystem here.
We may use another ~$300K and simply hold protocol-owned $CASH, which is another $300K of capital that is farming for other $CASH holders. This further boosts $CASH yields which goes towards those all-important Satin Exchange auto-bribes, among a long list of other benefits.
Finally, some funds will be used to pursue a second Satin audit, and fund our bug-bounty program for increased smart contract security.
We are glad to be able to provide the community with another chance to acquire more $SATIN before launch. Looking forward to the launch! See you in our Discord.
