The Imbue Token Sale is Here

After a successful TestNet, Imbue Network releases details on the upcoming token sale and how you can contribute.

Published in

ImbueNetwork

4 min readMay 31, 2022

Imbuers, the big day is fast approaching. Decentralized crowdfunding is only getting closer. After thousands of hours of building and amazing feedback from the community on our TestNet, we are finally ready to launch the $IMBU token.

From the very beginning, we set out to create a working product that imbues crowdfunding with accountability. In everything we have accomplished so far, Imbue has set out to be a place where anyone from any walk of life can contribute to projects that are deemed worthy of funding. We are simply a use-case of how communities can drive innovation.

Aside from the fact that we have accomplished far more than the majority of projects without VC funding, our goal with the upcoming token sale is to be even more fair and innovative for the sake of mass adoption.

We are holding ourselves to the same standards as any project on Imbue. This means that we have put in protections that mitigate risk for the community via Milestones.

A More Fair Token Sale

We will have 2 main Milestones for our funding via the token sale:

(50%) Launch Imbue on Kusama with the ability to fund in stable currencies. (Funding in stables has already been completed thanks to our collaboration with Acala!)
(50%) Launch MVP for Imbue Enterprise, allowing companies to submit briefs for Web3 jobs and projects. The estimated timeline for this is 6 months.

We believe that what we are doing with this sale is truly incredible and unique. It will be a first in web3 history. A presale of a working product, one that actually protects its participants from dumping or unfulfilled promises.

Once we have won a parachain, We will be the first project on Imbue.

50% of the funds raised in the sale are locked and the IMBUE team will not be able to withdraw them until the original sale participants vote on the completion of Milestone

In addition, the locked 50% of funds for Milestone 2 will be moved to Statemine for custody.

We believe Statemine is the perfect place to do this as it was designed to be a custodial common good chain. This new way of tokenization with accountability was already successfully tested on Rococo during a demo sale. The team is ecstatic to be the first chain on Dotsama to bring the full potential of Statemine to fruition!

Furthermore, the token allocation from the sale will also be split in half. The first half starts vesting at launch and the second half will be paid out after Milestone 2 completion. Bear in mind that both halves are vested per block accordingly and the vesting starting period for both is the same. Vesting starts at the launch at block 0.

Legal and KYC

All sale participants will be required to KYC through our integration with Fractal. The countries below are unfortunately excluded from the sale due to regulatory restrictions.

Afghanistan, Belarus, Burundi, Cambodia, Congo, Crimea, Cuba, Ethiopia, Guinea-Bissau, Iran, Iraq, Kosovo, Kyrgyzstan, Laos, Libya, Malawi, Mali, Mozambique, North Korea, Pakistan, Russia, Serbia, Somalia, South Sudan, Sri Lanka, Sudan (Darfur), Sudan (north), Syria, Tanzania, Timor-Leste, Tunisia, Turkmenistan, Uganda, United States of America, Uzbekistan, Venezuela Yemen, Zimbabwe,

Please note that the only way to participate in the sale currently is to contribute to our crowdloan on Kusama*(some exceptions apply).

Wen Auction? Wen Rewards?

Our Kusama parachain crowdloan will go live on June 6th. All crowdloan contributions of at least 1 KSM will receive 50 $IMBU. However, the main reward will be a whitelist to the token presale! So that means once you have passed KYC and contributed, you will automatically be whitelisted to $IMBU at presale prices.

Your max sale cap and sale price are proportional to your KSM contributions on the crowdloan. The more you contribute to the crowdloan, the cheaper your sale price and the more your max cap goes up.

For each 1 $KSM contributed, your max cap will increase by 15 $KSM. However, the price and vesting period will vary significantly based on your contribution.

We believe this is the safest way we protect our community while at the same time ensuring the sale remains attractive.

More details below

Finally — to demonstrate our appreciation to our community who used our testnet — All crowdloan contributors who have submitted TestNet projects and detailed feedback will automatically have their max cap doubled!

Imbuers, every day is a day closer to the mass adoption of decentralized crowdfunding. We are thankful for your support so far. From here, we will only need to push harder as a community until we have imbued traditional and blockchain businesses with funding and accountability.

About Imbue Network

Imbue Network is a decentralized crowdfunding DAO built on the Polkadot blockchain platform. It is an idea incubator open to the entire world that allows anyone from any walk of life and any endeavour to submit and vote on ideas worth funding from the communities that believe in them the most.