The MANTRA DAO Initial Membership Offering (‘IMO’) is upon us, and we could not be more grateful for the level of support that we have received from our community thus far. The level of engagement we are seeing on our official Telegram channel is a testament to the strength of our community, and we certainly could not be here without every one of you.
As a few of our team members have alluded to in the past, we have received confirmed interest which in aggregate value far exceeds the cap for the entire IMO. While we can’t reveal specific details around individual sign-ups, we can share that as a whole, there have been over 1,300 individuals signed up for the whitelist, and the average dollar amount subscribed per individual has been over $12k. While this is a good situation to be facing, we do keep in mind that beyond raising our targeted hard cap, we would like to prioritize giving access to as many individuals as possible.
With that in mind, we have decided to institute a maximum cap of US$5,000 (or its equivalent if the contribution is in one of the accepted cryptocurrencies) per person per IMO tier. We would like to emphasize that we will still prioritize the order in which people have signed up to the Whitelist, and thus for anyone who has subscribed for an amount greater than US$5,000, their order in the priority list will roll-over to each subsequent tier. They are able to take an allocation of up to $5,000 in each tier. To give an example, if someone signed up for a US$12,500 allocation, and is #1 in the priority list, that person will receive allocations in the IMO tiers as follows:
- US$5,000 in IMO I;
- US$5,000 in IMO II, should they decide to accept;
- US$2,500 in IMO III, should they decide to accept.
We trust that this cap will enable as many of our community members as possible to participate in the IMO and that it will result in a more decentralized distribution while respecting the commitments that we have made already. History and blockchain data have demonstrated that tokens with a broader distribution at their outset more easily maintain their value over time.
We think that this decision to impose a cap on each IMO tier will add tremendous value in maintaining long term value for the OM token.
For your reference, the token distribution will look as follows:
We will be sharing further Transparency reports going forward so be sure to follow our Medium account and Telegram News & Announcements channel to stay up to date!
About MANTRA DAO
MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance.
MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to grow wealth together.
