The Liquidity Bootstrapping Event for the $APW governance token was successfully completed last week. The LBP ran for 48 hours, from 19/05/2021 to 21/05/2021.
Although we had planned it weeks in advance, unexpected conditions occurred: only 10 minutes after the beginning of the LBP, the crypto market witnessed one of the most intense crashes of the past months.
Needless to say, this was an intense 48 hours for the entire team and community, but the LBP ultimately exceeded our expectations and was a success for the initial $APW distribution.
5.1M USDC were raised during the event. They were matched with the 893,871 unsold APW tokens at a 50:50 ratio, converted to ETH and injected into a liquidity pool on Sushiswap.
LBP Fairness & $APW Distribution
During the event, and as expected, there were a few bots and traders who tried to take advantage of the LBP to make profit.
Thanks to the LBP swap fees and weight adjustment mechanism, most of these trades were not profitable, often paying more fees and further contributing to the liquidity bootstrapping of $APW.
Moreover, in a matter of fairness for genuine LBP participants, all sellers in the LBP and in the hours following listing are automatically blacklisted from the upcoming airdrop closer to V1 launch, that aims to cover high gas prices caused by the unexpected market conditions during the event.
~7% of the supply is now in circulation, with 851 holders (users only). The LBP resulted in a fair distribution of the circulating supply within the community, with the largest holder detaining only 0.2134% of the total supply (or 1.49% of the circulating). This is a great milestone for $APW and bodes well for the future of APWine Governance.
The move to seed initial liquidity on Sushiswap has important signification.
We will soon kick off our liquidity incentives on the $APW/ETH pair. And since wine and sushi make for such a great pairing, we’re also happy to announce that there will be double incentives for the community. Dinner’s ready! 🍷🍣
As we are finalising audits for the upcoming V1 launch and expanding the team to double down on roadmap progress, we would like to thank you, winemakers, for making the $APW LBP a success.
We’re humbled by the continuous support that the community has shown in our decisions. We also highly encourage builders and everyone willing to share their feedback, ideas and proposals to contribute to the ongoing discussions on the Forum and Discord channels.