GPool Recalculation and the GPass
Understanding recalculation, the GPass for the whitelisting and the staking platform
Genesis Pool, the ground-breaking cross chain launchpad, is excited to announce that its loyalty scheme, the Genesis Pass (GPass), is already hugely benefiting its members. The GPass was used in the whitelisting of investors in GPool’s first IDO with DePo, allowing holders of the GPass priority access to the IDO.
In line with Genesis Pool's ethos of allowing its community better access to IDOs and gaining larger allocations of pre-sale tokens, the DePo IDO was a great success. It was fully subscribed and GPass holders were allocated a maximum of $787 worth of the private round tokens.
Genesis Pool will be making an announcement on its next IDO in the next few days and again those community members holding the GPass, will be first in line for the whitelisting. This demonstrates how important it is for investors to keep their GPasses and for those Silver or Bronze members, there is a strong incentive for them keeping holding and to move up to Gold.
What is the GPass?
To reward its most loyal investors, Genesis Pool introduced the GPass, a reward scheme that gives increasing benefits to investors who hold and stake their $GPOOL tokens.
There are three levels to the GPass with Gold being the highest.
GPass Entry Requirement
Automatic Gold GPasses were given out to those investors joining GPool at its inception and who bought the minimum token allocation, but many new investors are joining Genesis Pool and based on the recalculation at the time of writing, the investors who want to get the GPass must hold a minimum 100,000 GPool tokens.
Investors holding 100,000 GPool tokens will enter as Bronze GPass holders and will work their way up to Gold status in 100 days. 100,000 tokens will be the minimum to apply for whitelisting.
The minimum holding for new GPass members will be recalculated on a regular basis, but existing GPass holders are not subject to the recalculation if they hold their tokens.
Any recalculation will allow GPool to ensure that those members who already hold the GPass are respected and also to allow new investors to join by buying a sensible number of tokens (see examples at end of article).
What are the benefits of holding a GPass?
The main focus of the GPass is to allow access to the IDOs that are regularly offered on the Genesis Pool platform.
It’s as simple as Gold GPass holders are chosen first; with those with the highest number of tokens at the top of the list, then followed by Silver and then Bronze. Non-GPass holders can also apply for a whitelisting place, but will be chosen last.
GPass holders are also part of the Genesis Staking Pool, which gives rewards in increasing multiples the higher your GPass. Gold members earn 3x that of Bronze holders.
What are the benefits of holding more than 100,000 tokens?
Investors who hold a GPass are also motivated to have more than 100,000 tokens, as the rewards from the staking pool are calculated proportionally, depending on the size of each investor’s holdings. So a Gold GPass holder with 1,000,000 GPool tokens will earn 10x that of a Gold GPass holder with 100,000 tokens.
Also the whitelisting for IDOs will be prioritized based on the number of $GPOOL tokens investors hold. So a Gold GPass holder with the highest token holdings will always be whitelisted first.
GPool’s next IDO is on its way
We’re excited to announce two future IDO’s, Transient and Merrymen. An in-detail announcement for the Transient IDO will be out in the following days.
Further Information: GPass Holders’ Examples
Recalculation at 100,000 GPOOL tokens:
Investor A currently holds 263,156 GPOOL from Round 1 of the GPool IDO: The recalculation does not affect him and he maintains his Gold GPass. If he sells one token or transfers tokens to another wallet, he drops down to Bronze and needs to work his way up again
Investor B holds 263,156 tokens bought after the GPool IDO and before the DePo IDO: The recalculation does not affect him and he maintains his Silver GPass because he bought before the DePo IDO and kept holding.
Investor C has no tokens but buys exactly 100,000 GPOOL on Uniswap and becomes a Bronze GPass holder. If it so happens that investor C sells the tokens and the next recalculation is above this holdings, then he will need to repurchase in order to match the minimum required.
When the next recalculation occurs, none of these investors will lose their GPass unless they sell their tokens or move them to another wallet.
To summarize, the GPass and staking platform are still being iterated and in the process of implementation, our core focus is rewarding our loyal GPOOL holders. The re-calculation incentivizes new investors to participate and to further decentralize our network and eventually transition into a DAO. Simply put, a single token sold or moved will jeopardize the GPass holdings and the investors will have to start afresh.
For further information please register your email on our website for all future whitelistings.
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