Introducing Gen Tickets
The first-ever pre-IDO DeFi options product
What are Gen Tickets?
Let’s begin with the Genesis Shards vision, which is to transform NFTs into a liquidity vehicle for Pre-IDO tokens and a whole new suite of DeFi products across multiple blockchains.
NFTs currently serve only as collectibles — by using our NFT swap architecture wrapping time-locked fungible tokens into NFTs, they can be reimagined to serve as DeFi options.
Gen Tickets will be the first DeFi option product on Genesis Shards platform!
At the most basic level, Gen tickets are NFT contracts that represent a varying amount of pre-IDO tokens. These NFTs can be traded on our Gen NFTX exchange or can be exchanged for the IDO tokens at the time of token generation events.
The mechanics and timeline of a Gen Ticket
As mentioned above, a Gen Ticket is a kind of ‘DeFi option’. Options are derivative instruments that derive their value from an underlying asset; in this case, the underlying is the Pre-IDO tokens.
By wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.
Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens) and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero — and only the underlying asset value would remain.
To understand the timeline better, let’s take an example of a hypothetical project ABC which is assigning a certain amount of tokens via Gen Tickets in its early stages. Each project that issues tickets on Genesis Shards would have a unique NFT code associated with it.
Let’s say a single ABC Gen Ticket contains a total of 100 tokens.
How will the timeline look for this Gen Ticket?
Phase 1: Pre-IDO
From Day 0 (Gen Ticket creation), until the Token Generation Event (TGE) Day
The Gen Ticket would have 100 locked tokens and 0 unlocked tokens.
Phase 2: IDO date (Unlock event 1)
Upon the completion of the IDO, the initial unlocked tokens (say 20% — so 20 tokens) would be credited to the Gen Ticket.
At this point, the token holder has the option of liquidating the 20 tokens — in which case the ticket would serve as a promissory note for the remaining 80 tokens
Phase 3: From IDO to the next unlock
In this phase, the Gen Ticket would be freely tradable on the NFTX exchange, with the value being derived from the split-in unlocked and locked tokens within it.
Phase 4: Unlock event 2
Say after 3 months, 20% more tickets are unlocked — another 20 tokens would be vested into the Ticket. The split may now look like this : 60 locked tokens + 40 unlocked tokens (assuming no tokens have been liquidated so far).
Phase 5: Unlock event 3 — the final unlock
Let’s say another 3 months later, the final batch of tokens is unlocked.
At this point the Gen Ticket would contain 100 unlocked tokens and 0 locked tokens — so if the unlocked tokens within it are all liquidated, it would lose all its value.
Basically, the time value of the Gen Ticket would wind down to zero on the date of the final token unlock — so its value would purely be derived from the number of (unlocked) tokens within it.
How do I get access to Gen Tickets?
If you are a member of a Gen Access club— you will get access to a specific number of Gen Tickets for a project. The number of tickets and the number of tokens per ticket will vary depending on the tier of the Access Club.
The highest number of tokens per Gen ticket would be reserved for the black tier, and the minimum for silver(note — numbers in the graphic below are illustrative and may change).
The first Gen Tickets: Genesis Shards Pre-IDO
We are excited to announce the first iteration of the Gen Tickets: these would be the Genesis Shards Pre-IDO tickets!
Prior to our launch, we will be releasing some tokens through Gen Tickets. These Gen Tickets would be distributed to the public as the first-ever product launch on the Genesis Shards ecosystem and would let users have an exclusive entry in the Genesis Shards network before anyone else.
Details about the distribution process will be discussed soon. Stay tuned!
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About Genesis Shards
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options, creating a permissionless environment of interchain liquidity for pre-IDO tokens.
The next major steps in Genesis’s journey will be announced soon! Keep an eye on this space for updates.
We’re delighted to start this journey together, and welcome you to be a part of it. To join our waitlist kindly fill this form:
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