Picasso $PICA LBP Event: How to Participate
Key Dates
Start: 1PM ET — Mar 19, 2024
End: 1PM ET — Mar 25, 2024
What is an LBP?
LBP is short for Liquidity Bootstrapping Pool — a fair way for bootstrapping a token launch onchain.
Instead of near $0, the price of a token begins very high & falls in value until the market responds — establishing an acceptable price.
Liquidity Bootstrapping Pools (LBPs) manage sell and buy pressures during weight shifts, ensuring that one token’s price faces sell pressure while the other sees buy pressure, especially when combined with modest swap volumes, guiding the price toward a true fair market value.
Starting with intentionally high prices, LBPs effectively deter whales and bots from monopolizing pool liquidity early on. This strategy promotes a fairer market and broader token distribution, preventing market manipulation and ensuring a more equitable access for all participants.
Official LBP Link on Fjord Foundry:
Pica members,
As you know, the journey has been nothing short of astounding in terms of what we have achieved together with you, our community. To date Picasso has accomplished:
- The first to expanded IBC outside of Cosmos (to Polkadot)
- The first to expand IBC to Ethereum mainnet
- The first to expand IBC to Solana
- Bridged over $80m in volume
- Created a restaking layer on Solana
We are proud of the progress we’ve made so far, but it’s only just starting! We are thrilled to invite our community to participate in the $PICA LBP pool on Fjord.
$PICA Liquidity Bootstrapping Pool (LBP) Details
To make PICA into a native token in Ethereum we are launching an LBP for users to acquire liquidity. Fjord Foundry offers PICA a time-tested platform for hosting our sale with a Liquidity Bootstrapping Pool (LBP).
LBPs are a fair and transparent price discovery token sale method. They are the most optimal way to create as fair a chance as possible for community members to participate in the sale of $PICA. LBPs prevent sniper bots, insiders, and whales from having any advantage over other users. Everyone participating in the $PICA sale is therefore on a level playing field. As a project that puts our community first, this is the best choice for the $PICA sale.
The pool will be worth $250k of PICA at FDV of 150m.
There will be a 6 day window to contribute $WETH (Wrapped Ether) to the Fjord sale in return for $PICA token. This window starts at 1 PM EST on Tuesday, March 19th and will conclude on Monday, March 25th.
Picasso is a verified project that is supported by Fjord Foundry curators, who bring additional due diligence and security to the participants in the $PICA token sale.
Process Once LBP Ends:
Once the LBP officially ends, you will be able to claim your $PICA token.
How to prepare for the PICA LBP:
Below are some recommended steps to prepare for the LBP
- Set up your wallet.
- Add the wETH (Wrapped Ether) to the wallet which you wish to use for the sale.
- Ensure that you also have enough ETH for gas.
- Mark your calendar with the LBP launch date: Tuesday, March 19 at 1 PM ET
We will release more information on $PICA pools following the conclusion of the LBP in the coming days. Stay tuned for more details.
Please note: $PICA is already live and tradable, this is an LBP specifically to bootstrap liquidity for $PICA token launch on Ethereum mainnet.
Hang out in our communities and wait for the LBP:
Discord: https://discord.com/invite/composable
Telegram: https://t.me/composable_chat
X: https://twitter.com/Picasso_Network
If you are new to Picasso Check out these resources to learn more about PICA use-cases, value proposition, vision, mission, etc.
X: https://twitter.com/Picasso_Network
Website: https://picasso.xyz
Blog: https://medium.com/@Picasso_Network
Github: https://github.com/ComposableFi
LinkedIn: https://www.linkedin.com/company/composable-finance/
