Aurora DAO Approves $AURORA IDO

Published in

NEAR Protocol

3 min readOct 27, 2021

We are happy to share the details of the IDO with our community.

The sale will happen in three phases with the increasing amount of $AURORA tokens available for sale. The three chosen platforms ( SmartPad, BocaChica, Skyward) are on the NEAR blockchain to develop its ecosystem. All tokens are distributed to the users only at Token Generation Event (TGE), which will happen one day after the Skyward sale. No tokens will be locked.

IDO Process

Basic information

Total amount of sale: 1,000,000 $AURORA
Platforms for sale:
TGE: November 18, 13:00 UTC

Sale Schedule

SmartPad Sale

Date: November 4, 2021
Amount: 50,000 $AURORA
Price:$1
Accepted tokens: ETH

Any user can participate in the Aurora IDO without the requirements for PAD or aPAD ownership. Users will be able to deposit 0.0125 ETH into the lottery contract in exchange for an lAURORA lottery ticket. The IDO will begin on November 4th at 13:00 UTC and last for 24h.

The contract will determine the lottery winners on November 18th at 13:00 UTC. During withdrawal a user will burn their lAURORA ticket in exchange for either 50 Aurora tokens, or, if they didn’t win the lottery, users will simply withdraw the deposited funds back.

More details about Aurora IDO on SmartPad can be found here.

BocaChica Sale

Date: November 11, 2021
Amount: 300,000 $AURORA
Price:$1
Accepted tokens: NEAR

BocaChica sale would happen on NEAR with the price of the token $1-worth of $NEAR at the moment of the sale. The sale is open to the users who are staking at least 50 $NEAR. The size of the check for a single user ranges from $50 to $250. The platform is working on the first come — first served basis.

Skyward Sale

Date: November 17, 2021
Amount: 650,000 $fAURORA
Price: non-fixed
Accepted tokens: NEAR

Skyward sale would happen on NEAR blockchain. The sale on Skyward will be open for 12 hours. Due to the specifics of the Skyward platform (continuous token distribution), during the sale we will sell $fAURORA — the future $AURORA token that will be automatically swapped to the $AURORA token at the TGE.

$fAURORA is a non-transferrable token, so once users get it on the Skyward sale, they are unable to do anything with it until it is swapped to $AURORA.

Post-sale activity

All the collected proceedings of $AURORA sale will be put into liquidity pools. Aurora Labs will explore the opportunities to incentivize the pools.

Due to the nature of the blockchain and constant changes in prices, transaction queues etc., the actual implemented scenario may have minor changes.

The Aurora team

Aurora’s team spun off from NEAR, Inc. as a separate entity in July 2021. Aurora maintains a close collaborative relationship with NEAR helping facilitate its growth, alongside Ethereum.

Aurora CEO Dr. Alex Shevchenko led Ethereum-related initiatives at NEAR, Inc and was previously an executive at Bitfury. CTO Arto Bendiken is an entrepreneur and prolific open-source author with more than 20 years of professional software engineering experience. The Aurora team also includes Frank Braun, who has over 20 years of experience in building complex software systems; Joshua J. Bouw, heralded as “The Godfather of Proof of Stake” for his early role in the development of Proof of Stake consensus mechanisms; and Marcelo Fornet, builder of the networking layer at NEAR Protocol.

The full list of Aurora team members can be found here.

About Aurora

Aurora is an Ethereum Virtual Machine (EVM) based on the layer 1 proof-of-stake blockchain NEAR Protocol. Aurora provides a solution for developers to deploy their apps on an Ethereum-compatible, high-speed, scalable, and future-proof platform with low transaction costs for their users.

Originally published at https://aurora.dev on October 27, 2021.