HOPR on xDAI Presale Analysis
The HOPR community presale closed today and I think everyone watching — currently a rapidly increasing number across all channels — would agree it was an overwhelming success.
The community presale collected $2.4m, the biggest token distribution on the xDAI blockchain to date. This marks the end of the first phase of the HOPR token launch following the overwhelming support in the final vote of the HOPR Genesis DAO.
The presale phase was closed today at 2pm CET and the proceeds of 2.4m xDAI as well as the remaining 1m HOPR tokens are now being moved over to the Ethereum main net in preparation for the public distribution via Balancer LBP.
The community engagement was fascinating. Over 3000 accounts participated, with most maxing out their cap of 800 xDAI in exchange for 16,000 HOPR tokens each (token price of $0.05).
Initial participation was so rapid that it took the xDAI blockchain explorer blockscout offline for a short time, as over 1000 participants rushed in to contribute over $1,000,000 within only 13 minutes. In fact, there were only 5 blocks within the first 100 blocks after the presale opened that did NOT contain any HOPR presale transactions, with the first participants even making it into the exact start block.
This huge level of engagement means we have 2,431,799 DAI balanced against 31,381,117 HOPR tokens, which is the 30,000,000 assigned by the Genesis DAO plus the unsold HOPR tokens from the presale.
The pool will start at a 96:4 weighting in favour of HOPR tokens, which means a starting price of just over $1.86. These weightings will shift to 40:60 over the 72hrs of the sale, and the price will shift accordingly. This is again a reminder that the starting price is set artificially high to prevent front-runners and we do NOT recommend you purchase too early: the price will continue to drop until buyers outweigh the decrease. The latest price can be seen at hoprnet.org/token once the LBP is open. More details can be found in our Balancer LBP post.
The smart contract of the Balancer LBP can be found here. To participate in the LBP, please head to hoprnet.org/token once the LBP opens. Please not that Balancer will not allow trading of the HOPR token before the LBP phase starts. The LBP will be open from 14:00 CET on Wednesday February 24th to 14:00 CET on Saturday February 27th.
Finally I would like to again highlight that HOPR Association is not conducting a sale and will not extract funds from the liquidity pools which are initiated and governed exclusively by our community as a first step to bootstrap the HOPR network.