Swerve LBP Details: GMBL.Computer

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Swerve Pools
Published in
6 min readAug 29, 2023

Introducing GMBL.Computer: A Revolution in Crypto-Gaming

Greetings to our valued Swerve community. Ready to roll the dice? Want to be the house or player? Why not be both with gmbl.computer, the first fully decentralized gambling platform where earnings accrue to token holders. Their ultra litepaper:

GMBL.Computer — The People’s Casino

Following their successful pre-sale on Camelot, Swerve is thrilled to unveil its liquidity bootstrapping efforts with a project that is both degen and DeFi. Feel free to do your own due diligence and check them out at:

Described as the “people’s casino,” GMBL has gotten lots of attention during its testnet with users vying for a whitelist spot and GambleFi, after years of promise, is finally getting some shine. Inspired by the crash movement from back in the day, gmbl.computer has put the GMBL token where its mouth is, taking the model and making it 100% community-driven.

GMBL.Computer transcends traditional “the house only wins” gaming paradigms, offering a platform where technology, earning and entertainment converge for a dynamic user experience.

The Liquidity Bootstrapping Phase

The LBP will begin on 8/30/2023 at 4:00 p.m. (EST) and is expected to run for 48 hours, concluding on 9/1/2023 at 4:00 p.m. (EST). Teams reserve the right to pause or end the pool at any time if they deem necessary.

The funds raised from GMBL’s presale on Camelot are solely devoted to provide collateral for the liquidity pool on Swerve. This approach allows participants a fixed price opportunity for participants prior to the actual Liquidity Boostrapping Pool (LBP). This not only seeds collateral but raises awareness and inclusion for the project.

Presale on Camelot:

  • Up to 5% of the GMBL supply and 750,000 USDC

Liquidity Bootstrapping Pool on Swerve:

  • Collateral — 100% of the funds raised in the presale (up to 750,000 USDC)
  • GMBL Tokens — up to 15M GMBL (15% of the total supply)
  • Duration: 48 hours
  • Starting Weight: 95:5*
  • Ending Weight: 5:95**

*This starting weight states that the presale collateral represents 5% of the value of the total pool which consists of 15M GMBL tokens and the USDC raised in the Camelot presale.

  • *The ending weight states that the tokens in the pool are worth *only* 5% of the total value of the pool.

Transparency Report

The GMBL recently published a transparency report regarding the supply, distribution, liquidity models and use of proceeds which can be found here:

A basic overview is as follows:

  • Supply: 100,000,000 GMBL
  • Fair Launch: 20,000,000 GMBL

Presale — Seeding Liquidity

  • 5,000,000 GBML will go towards the presale.
  • Users will claim their tokens immediately after the Liquidity Bootstrapping Pool (LBP) finishes with a ratio of 65% GMBL and 35% xGMBL.*
  • The presale will aim to raise 750,000 USDC.
  • 100% of proceeds will provide liquidity in the LBP.

*xGMBL is the staked, non-transferable, version of the GMBL token. GMBL can be converted to xGBML 1:1 at any time but xGMBL takes 6 months to convert 1:1 back to GMBL. xGMBL can be converted to GMBL instantly but 50% must be burned. Additionally, it can be converted in any time between 0 and 180 days with a linear amount burned (i.e. 25% burnt after 90 days). xGMBL stakers receive the earnings from the “House” Fund.

Liquidity Bootstrapping Pool (LBP)

  • 15,000,000 GMBL will seed the LBP along with the USDC proceeds from the presale.
  • Tokens obtained from the LBP will be 100% GMBL tokens with no xGMBL.
  • The liquidity will be seeded at a 95:5 ratio and will end at a 5:95 ratio.
  • The LBP is scheduled for 48 hours, however, the core contributors have the discretion to end the LBP early.

Use of Proceeds

  • 20% of the USDC from the LBP will fund product development with a hard cap at 1.5M USDC.
  • The remaining funds i.e. 80%+ will go towards liquidity.

Following the LBP, the USDC and GMBL will be migrated to concentrated liquidity on Camelot, as detailed in the liquidity section. Any GMBL tokens left over from the LBP will be sent to the Ecosystem wallet.

Core Contributors

  • 20,000,000 GMBL
  • The core contributors will have a 3 month cliff with a 2 year linear vest.

To prevent the Core Contributors from profiting from gambling, the core contributor wallets receiving GMBL directly from the vesting contract are strongly encouraged to NOT stake their GMBL as xGMBL.

  • GMBL.Computer does not take a rake.
  • The core contributors do not profit from gambling losses.
  • Losses accrue solely to xGMBL stakers.

GMBL “House” Fund

  • 20,000,000 GMBL tokens will represent the “House.”
  • 100% of player winnings will be paid out from this fund and
  • 100% of player losses will accrue to this fund.
  • Tokens are only distributed to xGMBL stakers as GMBL or xGMBL rewards.

Initially, the amount of rewards paid out to xGMBL stakers weekly will be at the discretion of the core contributors (based on the volatility of the house fund), but the plan is for the payout amounts to eventually become fully algorithmic.

Liquiduty — Allocation & Deployment

  • 13,500,000 GMBL
  • The tokens allocated to liquidity will be divided into two categories.
  • 8,500,000 GMBL will provide DEX liquidity.
  • 5,000,000 GMBL will provide CEX liquidity.

The DEX Liquidity will be divided into concentrated liquidity ranges relative to the LBP’s final execution price. The buy side ranges below are defined as a percentage of the USDC raised for liquidity. The sell side concentrated ranges consist of the 8,500,000 GMBL allocated towards DEX liquidity.

The DEX liquidity will be deployed on Camelot and more details on the concentrated liquidity strategies can be found in the team’s transparency report.

Rebalancing

  • The Core Contributors (“CCs”) have full discretion to add or remove GMBL liquidity, using the final execution price (“FEP”) of the LBP as an initial benchmark.
  • The CCs will not remove USDC liquidity below the FEP for the first 3 months.
  • The CCs can rebalance USDC and GMBL liquidity above FEP at any time.

Rebalances will primarily aim to allow smoother inflows and outflows from the application. The CEX Liquidity will be used to market make on exchanges as listings occur. This liquidity will be managed by the GMBL Computer Foundation for the lifetime of the project.

Ecosystem

  • 13,500,000 GMBL
  • All ecosystem tokens will be distributed to a multisig.
  • The tokens will vest 50% upfront with the remaining 50% to vest linearly over 3 years.

xGMBL Ecosystem Incentives

For three weeks following the LBP, users will be able to stake for xGMBL and receive a 10% bonus on their staked amount, e.g. stake 1 GMBL, receive 1.1 xGMBL with tokens being distributed from Ecosystem.

Estimated Allocations*:

  • ~35% will go to Staking Rewards for xGMBL,
  • ~20% will go towards Ecosystem Grants with
  • ~45% to be held in prudent reserves.

*The estimates in this distribution model are subject to change contingent upon the direction of the project as well as input from the community.

Partnerships

  • 5,000,000 GMBL
  • Reserved for securing long term strategic partnerships.
  • 100% unallocated at this time.
  • Unlocked to a multisig wallet with vesting terms negotiated on a case-by-case basis.

DEVELOPMENT FUND

  • 4,500,000 GMBL
  • Reserved to fund Milestone based payments to contractors with the purpose of increasing platform revenue.
  • Stored in a multisig to be unlocked in four tranches of 1,125,000 GMBL bi-annually OR
  • Performance Based — should GMBL’s 30-day average FDV cross 100M, 150M, 200M, and $250M respectively, tokens would be dispersed.

Degen Rebate Fund

  • 2,500,000 GMBL
  • Player (“Degens”) reward fund
  • Giveaways
  • Market campaigns/incentives
  • Unlocked to a multisig and deployed at team’s discretion.

Bug Bounty

GMBL Computer will pay a sizable bug bounty for critical issues. These tokens might be deployed as concentrated liquidity as price appreciates so that the project can offer a significant cash bug bounty program.

  • 1,000,000 GMBL
  • Unlocked to a multisig and deployed at team’s discretion.

Legal Disclaimers

GMBL Computer is a software company, not an online casino. Core Contributors to the platform do not profit from losses on the platform. All platform profits accrue to xGMBL stakers and the Core Contributors do not stake. GMBL Computer does not make any guarantees regarding any of its products. Statements in this communication are not historical facts, but rather forward-looking statements that reflect GMBL’s current expectations.

Conclusion

As a largely permissionless platform, Swerve is dedicated to maintaining the highest standards of reliability, performance, and user satisfaction while attracting projects that believe the market should determine price.

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