Lien
Published in

Lien

LIEN Token — Initial FairSwap Listing — New Date Now Confirmed!

Dear Lien Enthusiasts, or aLiens👽, as you are becoming known.

We are gearing up for the Initial FairSwap Listing of the LIEN token on

September 13, 13:00 UTC.

(This is subject to change if the volatility of the ETH-USD price were to significantly increase in the days preceding the listing date)

What we are thinking

As explained in our previous post, we postponed the Initial FairSwap Listing of the LIEN token which was originally scheduled for September 7, 2020 13:00 UTC.

The postponement was due to ETH-USD price volatility spiking to noticeably high levels (>200%).

As a stabilization mechanism, the Lien protocol is designed to limit minting activity when volatility exceeds 200%.

The volatility spike leading up to the listing date caused the stabilization mechanism to kick in and as a direct result, users of the Lien app were not able to mint iDOL during that time.

This was happening right around the time users were trying to mint iDOL in preparation for the listing.

In order to provide users with sufficient time and a stable environment to mint iDOL, we decided to postpone the Initial FairSwap Listing date until volatility had stabilized below 100%.

In the past few days, volatility has come down to such levels (92.35% as of the time of this writing) and is showing signs of stabilization.

We have decided that it is now safe to proceed with the listing, assuming that volatility does not spike in the following days (fingers tightly crossed!).

What you need to know about the LIEN token — Initial FairSwap Listing

Key information

When: September 13, 2020

Time: Aiming for 13:00 UTC but there could be delays. It will not happen before 13:00 UTC

Where: Lien FairSwap

Trading pair: LIEN/iDOL

Initial liquidity: 20,000 LIEN / 1,000,000 iDOL (the initial liquidity that we provide to the pool may be adjusted in the future based on ongoing assessment of the liquidity situation)

Initial price: Approximately 50 USD

What to do before the listing: If you are interested in obtaining the LIEN token, you will first need to acquire the stablecoin, iDOL.

You can obtain iDOL using the Lien app by minting them from ETH, or by trading them for ETH on FairSwap.

Warning: We expect liquidity to be low during the initial period post-launch of the Lien app on mainnet.

Users should be careful of miss-pricing in LBT and ETH/iDOL. If you would like to avoid miss-pricing when obtaining iDOL, try out the “Manual Tranche” functionality available on the “Trade” screen of the app.

Tips: The most efficient way to acquire iDOL is to use the Manual Trance function. If you want to, you can retain exposure to ETH by tranching into iDOL and LBT. You can also use the Bonds to ETH function that we explained in this article to swap iDOL into SBT, and then remerge the SBT and LBT back into ETH.

Relevant links:

More details of the Initial FairSwap Listing of the LIEN token can be found here.

Learn more about the LIEN token in this article.

Find out why Initial FairSwap Listing is more fair than Initial FairSwap Listing in this article.

Initial Token Distribution

Frequently Asked Questions

Q: What is the total supply of LIEN and is the supply capped?

A: The total supply of LIEN is 1,000,000 and yes, the supply is capped.

Q: When is the snapshot to determine the fee allocation for a certain period taken?

A: Every 28 days starting from August 8, UTC 13:31:50

Q: I sold my LIEN tokens before the snapshot date. Will I be eligible for the distribution of fees?

A: No. In order to be eligible for fee distributions, you will need to hold LIEN tokens when the snapshot is taken.

Q: Is there a time limit as to when I can redeem the fees that were allocated to me?

A: You have 48 weeks to redeem the fees that were allocated to you. If the fees are not redeemed within 48 weeks, they will be forfeited and included in the next fee allocation pool.

Q: What is the utility of the LIEN token?

A: The Lien token (LIEN) is a utility token that the holders can use to receive discounts on the protocol fees that are required when using the Lien protocol and trading on FairSwap.

Q: Can I expect the price of the LIEN token to increase in the future?

A: No. Users of the Lien token should not expect the price of the Lien token to go up.

The token is not meant to be an investment or speculative vehicle.

Q: Was there a presale of LIEN tokens?

A: 10% of the total LIEN token supply was sold at approximately 50 USD per token to early contributors in order to provide initial liquidity on FairSwap to ensure smooth trading from day one.

Disclaimer

  • This article does not constitute an offer to sell the LIEN token in an illegal jurisdiction.
  • All or part of this article is not legal, financial, tax or other professional advice, and should not be considered as such. Before deciding to buy or sell the LIEN token, you should seek independent expert advice. You are responsible for evaluations and decision-making made during the LIEN token purchase or sale process.
  • The LIEN platform is fully functional in its current state and holders of the LIEN token should not expect it to be further developed by the current community.
  • The purchaser of the LIEN tokens should not expect the current community nor anyone else to build or grow the value of the network or the LIEN token.
  • The LIEN token is not intended to constitute securities of any form, units in a business trust, units in a collective investment scheme or any other form of investment in any jurisdiction.
  • Holders of the LIEN token should not expect the proceeds from the sale of the LIEN tokens to be used to further develop the network or the LIEN token.
  • The purchaser of the LIEN token should not expect future functionality of the network or the LIEN token.
  • The purchaser of the LIEN token should not expect potential profitability of the operations of the network, or the potential appreciation in the value of the LIEN token.
  • The purchaser of the LIEN token should not expect the availability of a market for the trading of the LIEN token.
  • To the maximum permitted by law, we are not responsible for any liability arising from the adverse effects or consequences of the LIEN token.
  • This article describes our current schedule for the LIEN platform. While we aim to realize this schedule, please recognize that it is dependent on quite a number of factors. We do not guarantee, represent or warrant any of the schedules in this article.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store