Mt. Altitude Erupts: Introducing the $ALTD Public Sale
Dear Altitudians, we finally have a major peak in sight on our track on Mt. Altitude. Buckle up as we prepare for the final ascent!
TL;DR
- Altitude is launching the $ALTD token via Public Sale in a LBP on Fjord Foundry on Ethereum Mainnet from August 22nd through August 26th
- Deployment of our Mainnet protocol will happen on August 28th and listing of $ALTD
- Announcing our Horizon Campaign celebrating our launch and leading you into Mainnet with a bang
Wen Public Sale $ALTD?
The public sale of our native token, $ALTD, will take place on the renowned Fjord Foundry platform. As an expert in Liquidity Bootstrapping Pools, we will be partnering with Fjord to launch $ALTD utilizing the most fair and market driven mechanic known to Web3.
To make sure you are able to fully prepare for the Altitude LBP, we will share with you the 411:
- Start Date: August 22nd, 12PM UTC
- End Date: August 26th, 12AM UTC
- Sale Duration: 3.5 days (84 hours)
- Starting price: $.42
- Ending price: .0019
- Initial ALTD pooled: 7,000,000
- Initial USDC pooled: 30,000
- Starting weights will be: ALTD 99% : USDC 1%
- End weights will be: ALTD 30% : USDC 70%
Link to the Altitude LBP on Fjord Foundry can be found: HERE
Wen Mainnet?
Altitude Mainnet will go live on August 28th to start the revolution of DeFi that we have been working on with you all.
You will be able to provide liquidity, bridge assets, earn farming rewards and stake $ALTD for $gALTD to earn protocol bridging fees. Additionally we will start working towards building our governance program.
Why an LBP with Fjord Foundry?
In the last few months we have spoken to many potential launch partners with different ways of approaching a token sale. We found ourselves continually struggling with our main objective of making crypto accessible to everyone.
An LBP allows us to create a fair and community-driven atmosphere where each community member can decide for themselves how much they will be able to contribute and at what token price.
Once we decided this, we set out to determine who to partner with. Fjord Foundry has extensive experience and knowledge on how to run a successful LBP benefiting all stakeholders. On top of that, they are equipped with a user-friendly platform that is accessible to anyone, thus ticking off all boxes that we deemed important to get you the best of the best.
Last but not least, Fjord offers a curation of projects, adding an additional layer of review and transparency that we are fighting for in Web3.
In the rugged terrains of DeFi, an LBP with Fjord Foundry ensures that everyone gets an equal footing. It’s not just about scaling the heights, but making sure that the whole community is on this climb together.
How Does an LBP Work?
The LBP acts like a reliable mountain guide, leading us to greater heights.
It’s a mechanism that helps in creating initial liquidity by adjusting weights between project tokens and collateral tokens over time. This means that at the start of the sale, the token valuation will start high and slowly go down over time.
The Fjord Foundry LBP is a balancer smart pool that dynamically adjusts the token price based on the key variables, the weights and the balances as time progresses.
The LBP liquidity curve uses these key variables to maintain a constant or even a decreasing token price. As we would like to prevent sharp price increases and guarantee a broad distribution of $ALTD as well as reduce the incentive for bots or early buyers to manipulate the price, this is a perfect mechanic for Altitude.
Even when demand increases, the LBP will enforce a stable rise or even decrease in the price, giving you the option to purchase at a price that is acceptable to you.
For a more detailed explanation of the mechanics behind it, have a look at this explanation provided by our launching partner, Fjord.
We are following a path of innovation, balanced growth, and stability as we ascend and an LBP truly fits that vision.
Tokenomics
In our testnet conclusion article, we mentioned to you that we made an effort to make our Tokenomics even more transparent. To refresh you of what they look like, please find below overview of our Tokenomics
With the total $ALTD Supply at 100M, we have provided our community with clear insight on the various tranches.
Community: This is the largest bucket within the tokenomics of Altitude, which will unlock up to 48 months after launch, incentivizing liquidity provisioning for LPs, yield rewards for the Single Asset Staking for Governance and to bootstrap liquidity on DEX’s.
Foundation: 25M $ALTD in total, is split up in several categories.
- 20M $ALTD is allocated to the team and core contributors and will unlock linearly across 18 months from TGE.
- 5M $ALTD will be used to cover listing fees, liquidity provisioning, marketing expenses, future hires and other expenses (slated to be utilized over 12–36 months)
Of those 5M, 2M will be unlocked at TGE. The remaining 3M will unlock linearly starting at TGE over 12 month.
Advisory: We could not have gotten here without our advisors. 2.5M $ALTD has been allocated to reward them for their efforts, slated to last for 18 months
Public Sale: 7% of our total supply has been allocated to our LBP with Fjord Foundry. These will be immediately available to you upon purchase. Make sure to keep an eye on our socials to be able to trade with the official listings that we are preparing for you.
Airdrop: Last but not least, we have secured 5M $ALTD for various Strategic Airdrops to reward our community and users.
If you’d like to get a full overview of our Tokenomics, have a look over here
Horizon Campaign 🌄
We love to see you win so keep your eyes on the horizon, for we have another special community campaign underway and a few contests to celebrate our go-live.
Stay tuned for more details on our uphill journey.
Altitude is a composable, Blue-chip asset bridge, and one of the first dApp’s built on LayerZero, a cross-chain communication infrastructure designed to ease the current constraints of omnichain activity. DeFi users can transfer assets via Altitude with Secured Guaranteed Finality, leveraging enhanced security features, inexpensive bridging fees, and lightning fast transactions.
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