Bribe Token Launch Auction (LBP) Discovers Fair Price for BRIBE
The Bribe LBP event on Copperlaunch has officially come to a close. The purpose of this event was to launch our native token BRIBE while discovering a fair price. We are incredibly excited about the success of this LBP thanks to our amazing community and participants. We truly believe that we have been able to find a fair price for BRIBE.
Our LBP raised a total of $1.52M, selling 41% of the tokens designated for the LBP. This is all thanks to the 150+ wallets that participated in the event. The LBP followed the natural progression of a typical LBP, starting at a price of $7.25 and sharply decreasing before stabilizing around $1.50 as demand for BRIBE kicked in. The price ended at $1.27.
Next Steps
The Bribe app and Aave Bribe pool have officially launched as of January 27, 2022. Here, holders of AAVE, stkAAVE, and BRIBE can stake in the Aave pool to earn rewards. 10% of the highest bid for Aave votes will be distributed to BRIBE stakers. There will be a short period of time before stakers can claim these rewards. BRIBE tokens are not locked in the pool, but can be unstaked or restaked at any time.
Following the LBP, our team has now allocated ⅓ of the raised funds and tokens from the treasury to seed the liquidity pool on SushiSwap for BRIBE-ETH at the final price. Any unsold BRIBE tokens have been immediately transferred to the treasury.
As a reminder, the liquidity rush will then begin on Monday, January 31 at 12:00PM EST. At this time, we will be releasing incentives for liquidity providers who provide BRIBE-ETH liquidity to the established SushiSwap pool. The details of these incentives will be released on Monday, January 31.
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