Yield Guild Games Southeast Asia (YGG SEA) is excited to announce it will be launching its SEA token via the Copper platform in early 2022. This will be an opportunity for our community to get their hands on the SEA token and access a world of opportunities in the YGG ecosystem.
Yield Guild Games Southeast Asia (YGG SEA) is excited to announce it will be launching its SEA token via the Copper platform in early 2022. This will be an opportunity for our community to get their hands on the SEA token and access a world of opportunities in the YGG ecosystem.
YGG SEA TOKEN
The SEA token will be the governance token of the YGG SEA subDAO. We believe that ownership of the SEA token represents economic freedom through the Metaverse. The troops are stakeholders, not spectators — every member is both owner and operator-at-arms. Small and large token holders alike have the right to be heard in a DAO, submitting and voting on proposals that are evaluated collectively by the community.
There are a total of 1 billion SEA tokens that will ever exist. These tokens will be used to govern the future direction of YGG SEA and ensure access to YGG SEA member activities and benefits. 25% of the tokens will be distributed to the community over time as rewards for active participation in the guild and the community.
Of the 1 billion tokens, 7.5% of tokens (75,000,000) will be sold on the open market to ensure that everybody has the opportunity to purchase SEA and become part of the YGG subDAO. The funds raised will be used to acquire more in-game assets for the YGG SEA community and to roll out country-specific onboarding programs.
It is important that the whole crypto community is given an opportunity to purchase SEA tokens. YGG SEA has learned from previous token launches and has selected a platform that will allow universal participation. Groups, individuals, whales, and those just starting out in play-to-earn games are all welcome to participate in the SEA token sale.
BOOTSTRAPPING THE LAUNCH
YGG SEA will conduct this process via a Balancer Liquidity Bootstrapping Pool (BLBP), which allows the sale to take place over a given period — for example, over three days — and the pricing will steadily decrease over time until it is supported by what the market thinks is a fair price.
The BLBP format for token launches is relatively new, but the underlying concept comes from the Balancer V2 DeFi platform. Balancer is an automated market maker (AMM) that allows users to contribute liquidity so that decentralized exchanges can facilitate buying and selling of specific token pairs. Whereas SushiSwap and Uniswap aim to keep their pools at a 50:50 equilibrium between two assets, Balancer allows for the ratio of assets in the pool to slide. This is the key concept behind the determination of the fair market price for SEA tokens.
Balancer Liquidity Bootstrapping Pools (BLBP), as the name suggests, allow YGG SEA to bootstrap its own liquidity pool for the SEA token using the Balancer AMM so that the market can start to buy and trade SEA tokens. To start the BLBP, YGG SEA deposits 75,000,000 SEA tokens and US$4,000,000 worth of USDC into the liquidity pool. This is a ratio of 95 SEA : 5 USDC based on a theoretical SEA market capitalization of US$1 billion. Over the course of the five days, that Balancer ratio will be adjusted organically until the liquidity pool reaches 50:50 for SEA and USDC.
COPPER LAUNCH
Copper, developed by Alchemist, is a platform that facilitates token sales and price discovery using the BLBP system. Copper was selected by some of YGG’s portfolio investments, such as Merit Circle (US$105 million) and BlockchainSpace (US$14.3 million), for their recent launches and has proved a solid option for guilds like us looking to ensure fair participation by all. You can read more about Copper by Alchemist here.
Copper is a user-friendly platform designed to ensure that anyone anywhere can participate. When you log on to the Copper Launch auction page, there are two key features:
SEA TOKEN LAUNCH AUCTION
In the center of the screen, you will find the key auction details such as the duration, current price, percentage of tokens sold and the funds raised, as well as a graph that shows the token price over time and the expected price levels for the rest of the auction.
At the very start of the auction, the “SEA Predicted Price” line will curve from high to low at the end of the auction, reflecting the transition from 95:05 to 50:50 (SEA:USDC) in the pool. However, once the auction starts, the “SEA Price” line will show the actual price history as determined by purchase demand. This may drop dramatically in the first few hours after the auction opens, but will stabilize as soon as it meets the fair market price. The token price will then fluctuate based on market demand until the end of the launch window. During this time, the “SEA Predicted Price” shows the hypothetical price without market activity.
The example below shows an example of a live “Token Launch Auction” screen and the details you can expect to see as a user.
BUY SEA
To the right of the Auction Graph, you will see the “Buy SEA” widget, which will be familiar to those who have used any of the major decentralized exchanges. Once you connect your ERC-20 wallet to Copper (always double-check the credentials), you need to ensure the chosen currency is set to USDC and enter the amount you wish to spend. The lower half of the widget will show you the number of SEA tokens that you will acquire. From there, you will send your USDC to the BLBP contract and receive SEA tokens in return. There is no minimum purchase amount to participate in the YGG SEA token launch on Copper.
Below the widget, you will find an overview of the YGG SEA project and links to other platforms. The most important of these links will be to the YGG Leaderboad.
STAKING SEA
As soon as the sale launches on Copper, SEA tokens can be staked so you can receive additional SEA as rewards. YGG SEA has committed 10% of the total SEA token allocation to support yield farming in the first five years of operation.
Visit yggsea.vault.inc to manage your staking and claim your rewards. On the Vault platform, there are two ways for you to stake SEA tokens.
Single-sided SEA-only staking requires you to stake your SEA tokens directly via the Vault platform. 20% of the available rewards will be shared by participants who elect to participate in single-sided SEA staking.
The alternative option is to enter the SEA/ETH liquidity pools on Uniswap (where you will receive a share of the translation fees) and then stake the Uniswap SEA/ETH LP tokens on Vault to receive additional rewards. 80% of the available rewards will be shared by participants who elect to provide liquidity and then stake the LP tokens.
Regardless of whether you choose single-sided staking or staking Uniswap LP tokens, the Vault.inc platform allows users to stake the tokens via either a flexible or locked option. Flexible staking allows you to stake and unstake your tokens at any time. The locked option requires you to select a period of time that you are willing to commit to. During this period, you will not be able to unstake your SEA tokens. The benefit of selecting the locked option is that you gain a rewards multiplier — starting at 1x, the multiplier increases incrementally for each additional week you commit to, up to a 2x reward multiplier if you stake for 52 weeks.
It is important to note that regardless of the staking and locking options, all rewards will vest 52 weeks after the rewards are claimed. Unless the user manually claims rewards (which can be done from within the Vault.inc interface), the rewards will be available for claiming at the end of the staking period.
LOCKING IN LAUNCH BONUSES
Rewarding community participation in YGG SEA is a key focus for the team. The community rewards program will be announced soon. In the meantime, 25% of SEA tokens are allocated to supporting the player community for your contributions.
For those looking to participate in YGG SEA, the team has designed a special incentive program to reward any user who purchases an allocation of SEA tokens via Copper and stakes those tokens for 52 weeks within 24 hours after the launch ends. Any participant who commits to 52 weeks of staking, no matter the stake size, will be eligible to share 10 million SEA tokens in addition to the normal staking rewards outlined above.
To be eligible for this pool, users need to stake their tokens during or immediately after the launch period as the absolute deadline is 24 hours after the end of the launch. Users can stake SEA tokens or the Uniswap SEA/ETH LP tokens, but they must be locked on the Vault.inc platform for 52 weeks to be eligible for the bonus rewards.
THE LEGENDARY LEADERBOARD
Those who act early will be eligible for special Legendary buffs that will only be available to obtain after the SEA token launch on Copper. Legendary buffs will have long-term value for the owner by giving them access to the full range of games that YGG SEA partners with as long as they maintain their status.
For every 5,000 SEA tokens that participants purchase from Copper and stake on Vault.inc, they will receive one YGG SEA Legendary buff. As an example, if you purchase 50,000 SEA tokens on Copper and stake them all for 52 weeks on yggsea.vault.inc, you will receive 10 Legendary buffs. The number of Legendary buffs available within the YGG SEA ecosystem will be capped at 2,000.
After the token launch, each Legendary buff holder will receive:
- An allocation of every game token that YGG SEA invests in
- An airdrop of in-game assets directly from the YGG SEA treasury
- Exclusive NFT raffles where each Legendary buff increases your chance to win
The more Legendary buffs that each address acquires, the more rewards they will receive. Top contributors on the leaderboard will receive larger rewards. As there are only 2,000 Legendary buffs available, users will need to keep an eye on the Legendary Leaderboard to ensure they remain eligible.
The YGG SEA team has formulated a range of rewards to ensure contributors at all levels will receive benefits from participating in the launch.
PREPARING FOR LAUNCH
A comprehensive how-to guide for participating in the sale will be released before the token launch. Until then, make sure that you join the YGG SEA communities on Discord, Twitter, and Telegram to receive all of the latest launch information.
