OneRing Liquidity Bootstrapping Pool (LBP) on Beethoven X
OneRing Finance is excited to announce that we will be bootstrapping liquidity for our $RING token in a liquidity bootstrapping pool (LBP) on the Beethoven X platform starting January 27 at 15:00 UTC. The LBP event will run for 48 hours with 2 million $RING tokens (2% of total supply) added to the pool.
Interested investors are cautioned to be fully aware of all the intricacies of a liquidity bootstrapping pool so they do not get ‘REKT’. Please read this article carefully for full details on the entire process.
Keep reading to learn more about an amazing GIVEAWAY that will run in conjunction with the $RING LBP!
What is a Liquidity Bootstrapping Pool?
A liquidity bootstrapping pool (LBP) is a special pool designed specifically to launch new tokens. LBPs are not like the typical weighted pool you find in today’s automated market makers (AMMs) like SpookySwap, Uniswap and the like. In an LBP, price discovery for a new token happens freely as the fair value is found in an open and transparent manner. A “pre-sale” price does not become a metric disincentivizing later investors.
In an LBP, the initial price is set very high to disincentivize bots, front-running, and speculation, while allowing for safer and less aggressive token launches. LBPs are programmed to shift the weights of the target token and its trading pair over a predetermined period of time . This shift in asset weights is designed to create constant downward price pressure on the token throughout the LBP event (see Graph 1). Interested investors can participate in the LBP and purchase the token when they perceive it has reached its fair market value.
While the LBP is designed to create constant downward price pressure, the price may not continuously decline if there is substantial buy-pressure. This is where the investor’s decision making comes into play and they determine when they want to purchase the token.
At the conclusion of the LBP, the ratio of the target asset (i.e. $RING) and its trading pair (i.e. $USDC) will be 50:50 and the liquidity will be transferred to SpookySwap for the token’s DEX listing.
$RING x Beethoven X LBP
OneRing will dedicate 2% of the total supply of $RING (2 million tokens) to its LBP on Beethoven X. The $RING LBP will run from January 27, 15:00 UTC and continue for 48 hours before the $RING token listing on SpookySwap.
$RING will start the LBP with a price per $RING of $3.32 USD and the weights of $RING and $USDC will be adjusted by 72 blocks over 48 hours (see Table 1). Remember, with enough buy-pressure, the designated price floor may never be reached, so you have to decide what’s the right price for yourself.
One key feature of an LBP is that it must be supported by a multi-signature wallet. The multisig for the $RING LBP will be signed by OneRing CEO Aragorn, OneRing COO Gimli, a representative from SpookySwap, and a representative from Beethoven X.
We will follow with another article detailing step-by-step how to participate in the LBP. In the meantime, if you have any further questions on the mechanics of the $RING LBP, please feel free to contact our team through one of our social channels linked below.
OneRing LBP Giveaway!
During the $RING token LBP on Beethoven X, the OneRing will be dedicating $50,000 USDC (yes, you read that right… $50K USDC!) to a giveaway for LBP participants!
LBP participants who buy a minimum $100 USDC worth of $RING during the first 24 hours of the LBP and DO NOT SELL for the duration of the LBP are eligible to win.
If you meet these criteria, you have a chance to be one of ten lucky participants to receive a $5,000 USDC prize! Winners will be announced within one week of the conclusion of the LBP.
In addition to the huge cash prizes, we will be offering NFT prize giveaways to people who participate on the second day of the LBP. Stay tuned for more details on those prizes when we update you on the step-by-step process for participating in the LBP.
About Beethoven X
Beethoven X aims to be a one-stop decentralized investment platform on Fantom Opera. Leveraging the best in breed DeFi protocols to offer novel decentralized investment strategies, Beethoven X is the first next-generation AMM protocol on Fantom.
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About OneRing
OneRing is the first multi-chain cross-stable coin yield optimizer in the space. The goal of OneRing is to take away the complexity of DeFi 2.0 and make things easy for the user. By this, we will be able to open the DeFi space for a whole new layer of users that want to receive yield on their stables instead of just having them sit in their wallets. With a strong network of partners, KOLs, advisors, and such, OneRing aims to go right to the top and set new benchmarks for the upcoming DeFi 2.0 winter.
