Join the $HEGIC IBCO group in Telegram: https://t.me/HegicIBCO or ask any questions regarding the HEGIC IBCO in Discord (hegic-ibco).
Only 8 days left until the official HEGIC token launch. Fellow Hegicians perfectly understand that there are three types of goals to be achieved for a successful HEGIC token-economics integration into the Hegic protocol.
🧙 Short-term goals (September 2020):
- Conduct a fair and open HEGIC token launch;
- Provide everyone with a possibility to contribute on the same terms;
- Minimize potential negative influence of “whales” on token launch;
- Protect participants from front-running and unfair participation;
- Prevent token price manipulations.
🧙 Middle-term goals (2020):
- Establish liquidity mining & utilization rewards distribution;
- Set up staking rewards distribution among staking lots holders;
- Make bonding curve contract the main liquidity venue for token;
- Create secondary markets for token on DEXes / AMMs;
- Enhance security of the tokenomics-related contracts (audits).
🧙 Long-term goals (2021–2023):
- Distribute power and ownership of the protocol among token holders;
- Turn token holders into the main beneficiaries of the protocol;
- Gradually decentralize protocol development through governance;
- Complete 3 phases of liquidity mining & utilization rewards distribution;
- Make the transition to DAO that will be controlled by the token holders.
Intoducing a New Token Distribution Primitive: Initial Bonding Curve Offering (IBCO)
TL;DR
🤍 Same settlement price for everyone
🤍 No front-running
🤍 No pumps & dumps by whales
🤍 No price manipulations
🤍 Price increases with every purchase
🤍 Collective, not competitive, contributions
🤍 Pooling contributions in one batch
🤍 Only 72 hours for contributing
🤍 3% of HEGIC total supply available
Acquire HEGIC Tokens in Three Steps
Step 1 of 3: Visit https://www.hegic.co/ website starting 15:00 EST / 19:00 UTC on 09/09/2020 and contribute ETH (Ether) in the Token Holders Section of the website.
Step 2 of 3: Monitor the price of HEGIC during the IBCO and your share in tokens and wait for the Initial Bonding Curve Offering end on 12/09/2020 at 15:00 EST / 19:00 UTC.
Step 3 of 3: Claim your HEGIC tokens (pro rata to the size of your contribution) and receive them to your Ethereum address (no lock-ups, transferrable).
A new token distribution primitive will be used for conducting the HEGIC token launch and achieving all of the short-term goals mentioned above.
Initial Bonding Curve Offering is a new tokens distribution primitive with the same settlement price for all of the participants that prevents front-running issues or manipulating the price of token.
- The HEGIC Bonding Curve Offering contract will be deployed in Ethereum mainnet and added on the official Hegic website at 19:00 UTC time on 09/09/2020 and will be live for 72 hours only: https://www.hegic.co/ (always double-check the website link and contract addresses).
- Initial Bonding Curve Offering participants will be able to contribute ETH (Ether) and claim HEGIC tokens (ERC20) after the IBCO end.
- Amount of tokens allocated for the HEGIC IBCO is limited: 90,360,300 HEGIC tokens (3% of total supply) will be available for acquiring.
- HEGIC start price on IBCO: 0.0000057 ETH / HEGIC (~$0.0027). Initial fully diluted market capitalization of the Hegic protocol: $8,000,000.
- Bonding Curve Multiplier: 0.00000000001 ETH (~$0.0000000047). The HEGIC token price increases as the supply of the token increases.
Seven IBCO Advantages
⚖️ Same settlement price for everyone
Every HEGIC IBCO participant will have the same price for HEGIC tokens. During the IBCO contibutors’ liquidity will be pooled. It means that there will be no difference in settlement prices for the contributors. Even if someone will send contribution during the 72 period earlier than others, the settlement (an ability to claim HEGIC tokens) will only happen after the end of this period and tokens will be distributed pro rata among all of the contributors.
💹 Price of HEGIC increases with every purchase
A linear bonding curve is used for conducting the HEGIC IBCO. Each time HEGIC tokens are acquired using the bonding curve contract, this increases the price of HEGIC token.
🐋 Whales can’t manipulate the price
If someone contributes 10 ETH and the other participant with a large amount of capital contributes, say, 10,000 ETH both of them will have the same settlement price that they will receive HEGIC tokens at. If a “whale”will buy a large amount of tokens during the IBCO, she will move the price up for everyone, not just for herself. Everyone will benefit, not suffer, from whales.
👩💻 No front-running
The HEGIC IBCO contract will be live for 72 hours. If someone will contribute funds right in the first minute of IBCO being live using trading bots or other sophisticated techniques, such a malicious actor will gain no advantage because, as has been stated above, the settlement price (final price) that the HEGIC tokens will be distributed at will be the same for all contributors.
⏱️ No need to look for the best moment
It doesn’t matter at which point of time during the 72 hours period an IBCO particinant makes her contribution. There’s no benefits in trying to game the system: trying to be the first one of the last one. There is no best time to contribute during the period of IBCO. The only thing that a potential contributor has to decide for herself is the amoung of ETH (Ether) that she wants to use to participate in the IBCO and make the contribution at any moment during the 72 hours period starting 15:00 UTC on 09/09/2020.
💱 Collective, not competitive, contibutions
If the final price of HEGIC after the end of IBCO will be high (say, x5 or x10 than the initial price of $0.0027/HEGIC), it will be high for every contibutor. You are not competing with other IBCO participants for the best bid and the lowest price. The earliest or the wealthiest contributors have no advantages.
🌊 Bootstrapping liquidity pools
100% of contributions attracted during the HEGIC IBCO will be allocated in the new liquidity pools in the Hegic protocol on 12/09/2020. 50% of funds attracted will be allocated in the ETH liquidity pool and 50% will be allocated in the WBTC liquidity pool (ETH will be swapped for WBTC).
These funds will be utilized for bootstrapping new liquidity pools during one year period. 100% of net P&L earned in premiums (if any) will be distributed among the active HEGIC staking lots holders. After this yearlong period (on 12/09/2021) funds will be reallocated into the Hegic Development fund for funding the long-term development of the Hegic protocol.
How Exactly Will HEGIC IBCO Work
- IBCO contibutors will be depositing ETH (Ether) to the bonding curve offering contract at any given moment during a 72 hours period. This contract will be accessible on https://www.hegic.co/ and on Etherscan. A guide on contributing directly through Etherscan (in case of any issues with the website) will be published 24 hours before the IBCO launch.
- After each consequent contribution the price of HEGIC token will be increasing for a fixed value of 0.00000000001 ETH per each token acquired. However, it doesn’t mean that the early participants will have any advantages because the settlement price will be the same for all of the IBCO participants. Contributors’ liquidity will be pooled during the bonding curve offering and the price of token, say, for the 1st contributor will be the same as for the 1000th contributor.
- After the end of the 72 hours period of offering, the bonding curve contract will stop receiving funds from the contributors and the final shares of each contributor will become fixed. Contributors will be able to claim their HEGIC tokens on the https://www.hegic.co/ website or on Etherscan. All in all, contributors will only need to make two transactions to participate in the HEGIC IBCO: deposit ETH to the bonding curve offering contract and claim HEGIC tokens after 72 hours from the start.
Join the $HEGIC IBCO group in Telegram: https://t.me/HegicIBCO or ask any questions regarding the HEGIC IBCO in Discord (hegic-ibco).
Learn more about Hegic
DISCLAIMER: ACQUIRING/HOLDING/OWNING/USING HEGIC TOKENS DOES NOT PROVIDE/GUARANTEE YOU OR ANYBODY ELSE DIVIDENDS OR ANY KIND OF RETURNS. ACQUIRING HEGIC TOKENS DOES NOT PROVIDE YOU WITH ANY RIGHTS IN ANY JURISDICTION. HEGIC TOKEN IS NOT A CURRENCY BUT AN INTERNET DIGITAL UNIT OF NON-FINANCIAL UTILITY THAT CAN BE USED SOLELY IN THE HEGIC PROTOCOL. THE HEGIC PROTOCOL SHALL NOT BE LIABLE TO YOU OR ANYBODY ELSE FOR ANY DAMAGE OR(AND) LOSSES IN ANY CONNECTIONS WITH HEGIC TOKENS. IF YOU DO NOT AGREE WITH ANY PART OF THIS DISCLAIMER PLEASE CONSIDER LEAVING THIS WEBSITE AND NEVER ACQUIRE/HOLD/OWN/USE HEGIC TOKENS.
