Fair Launch Wrap Up and the Road Ahead
Spool DAO is proud to announce the completion of the Fair Launch Balancer Liquidity Bootstrapping Pool (LBP) via Copper, that ran between Monday, December 13 and Wednesday, Dec 16, 2021.
The goal of the LBP was to distribute SPOOL tokens to the community while simultaneously ascertaining a fair token price as determined by market demand.
This process distributed Spool DAO governance tokens to over 400 new SPOOL holders and raised over $16.6m DAI for the Spool platform. It marks an important milestone for Spool as we continue along the road toward platform launch in Q1, 2022.
The Spool DAO wishes to extend a heartfelt ‘thank you’ to the wider Spool community for their support and looks forward to entering this next exciting phase of growth.
Of the total funds raised, 100% was transferred to the Spool DAO Treasury. 10% of these funds ($1.6m DAI & $1.6m SPOOL) has been committed to DEX liquidity on Uniswap.
Funds will be deployed by the Spool DAO for the technical and business development of the platform in addition to being allocated to a range of initiatives that will encourage the overall growth of the Spool platform and ecosystem.
The final details of the LBP will remain visible at LBP.Spool.Fi and are summarised below:
LBP Summary Statistics
LBP Starting Price: $2.40 DAI/SPOOL
LBP Ending Price: $3.88 DAI/SPOOL
LBP Average Price: $3.04 DAI/SPOOL
Amount Raised: $16,652,021
SPOOL LBP Supply Sold: 56.5% — 5.93m of 10.50m
SPOOL Holders: 488
# of Transactions: 823
Total Volume Traded: $21,087,679
Uniswap Liquidity Provided: $3,330,404 (10% of Ending Liquidity)
The Current Status
Since the completion of the LBP, the builders have been busy working on the transition of governance from the preDAO to a temporary governance that involves all SPOOL. The final transition of governance will coincide with the platform launch in February, where all governance and economic benefits for SPOOL stakers will be united under one single-staking vault.
With almost 500 individual addresses holding SPOOL, the number of Spool DAO members has increased by over 1,000%, marking the first step in the process of gradual decentralisation. This increase in members also highlights the need for effective governance systems to ensure the fair, transparent, and effective management of the Spool platform via the DAO.
Among the various tasks currently being undertaken is the creation of focused workgroups, each tasked with the execution of specific programs, including; the coordination of business development opportunities, oversight of the recruitment process, and the review of Founding DAO contributor value propositions over the past year.
In addition, there is an exhaustive list of ongoing tasks relating to the technical and business development of the Spool platform in anticipation of the launch. While we all may have enjoyed a sleep in for the first time in weeks, the foot is still firmly being pushed to the floor as we drive towards realising our goal of creating a first-rate DeFi toolset that has the potential to onboard a new generation of DeFi users.
The Road Ahead
As has been articulated in the many AMAs that have recently been conducted, and as is evidenced in the Spool Roadmap, the most important upcoming milestone is the launch of Alpha 1.0 of the Spool platform, which is currently anticipated to occur in Q1, 2022.
Prior to Alpha launch, there are a number of announcements that are planned over the coming weeks, including initiatives that will create interim token utility for Spool DAO Token holders as we ready ourselves for the staking programs that coincide with Alpha launch.
Among the anticipated updates are Competition Winner Announcements, Document Translations, Spool Labs Manifesto, CEX listing(s), Tiered Access Rooms, Insurance Tendering, Spool Grant Fund, and more…
We will also be holding several AMAs and updates to provide the community with deeper insights into the current workings of the Spool DAO and the specific actions that will be carried out over the coming weeks. More on this later.
The Spool Builders will continue to work tirelessly to deliver a game-changing product for DeFi. We truly appreciate your support thus far and look forward to sharing regular updates of our progress over the coming days and weeks.