The HOPR Token Launch
It’s the moment you’ve been patiently waiting (and some maybe not so patiently!) for months… We’re ready to announce the details of the HOPR token launch!
The HOPR Genesis DAO has voted on the final distribution mechanism. The launch will run in three phases starting from next week (February 21st), to coincide with the HOPR Jungfrau release on February 24th.
Before we get to the exciting details, I’d like to briefly take some time to thank our incredible community for their participation in the HOPR Genesis DAO. Despite being asked to step up and make a decision at short notice, this Genesis DAO vote is already one of the most successful governance experiments in the crypto space, both in terms of percentage turnout and raw numbers of participants (around 1500 people voted in the final stage, almost 50% of the theoretical maximum). This is truly amazing, and it’s only the beginning of what we want to do with governance in HOPR!
This is truly a community endeavor: the HOPR Association is not selling any tokens and won’t receive any of the proceeds from this token distribution. The HOPR and DAI distributed here via ownerless smart contracts will provide liquidity for the community in order to provide access to the HOPR token, which is required to participate in the HOPR protocol.
Here’s a rundown of the launch schedule. (All phases begin and end at 14:00 CET):
Phase 1 — Pre-sale (Feb 21st-23rd):
A pre-sale limited to Genesis DAO participants. Anyone in the Genesis DAO can purchase HOPR at a pre-sale price of 0.05 xDAI. You can check here if you are in the Genesis DAO.
To ensure everyone gets a fair chance to participate, individual purchases will be initially capped at 16,000 HOPR, calculated as 50m HOPR divided by the total number of DAO participants, with some very slight rounding to make the numbers clearer. This corresponds to $800 per person at the proposed pre-sale token price of $0.05 xDAI.
If the pre-sale has not raised 500,000 xDAI after 24hrs, this cap will be raised by 50% every 3hrs until at least 500,000 xDAI is raised.
The pre-sale will close after 48hrs. Any unsold HOPR will be added to Phase 2. HOPR tokens purchased in Phase 1 will be locked until the end of Phase 2. We will provide more technical details on how this pre-sale will happen in the upcoming week.
Phase 2 — Balancer LBP (Feb 24th-27th):
For Phase 2, 30m HOPR plus any unsold HOPR from Phase 1 will be placed into a Balancer Liquidity Bootstrapping Pool (LBP), balanced against the DAI (converted from xDAI) raised in Phase 1.
This ratio will set the initial price, which will then rise and fall as people add and remove HOPR and DAI from the pool. In a theoretical scenario where nobody buys, the price of the HOPR token would fall to significantly lower values — starting with a significantly “too high” price prevents people from rushing in with massive gas prices, which only benefits large buyers.
The LBP will serve as a price-finding exercise for HOPR, and will last for 72hrs. Anyone can participate in Phase 2. We will be providing more details on how the LBP process works and preparatory steps you can take in the coming week.
Phase 3 — Uniswap Pool (Feb 28th-Ongoing):
Once the Balancer LBP concludes, the funds (both DAI and HOPR) will be transferred in their entirety into a Uniswap pool. In addition, 5m HOPR from the original Public Launch Allocation of 85m will be placed in the pool to provide liquidity mining incentives over a three-month period. Again, anyone can participate in Phase 3.
This is extremely exciting, but we appreciate that it’s also fairly complicated. If you’ve got questions, don’t worry: many more details about each of these phases and what you need to do to participate will be provided over the coming week, so stay tuned to the HOPR blog and our community channels.
Visit our website to learn more: HOPRnet.org/token
Rik Krieger,
HOPR Co-Founder
