Cronos ID is Launching on VVS Launchpad (IGO)
It has been a while since our last IGO event. We are thrilled to announce that Cronos ID, a decentralized identity and communication layer built on Cronos, will be launched through our Initial Gem Offering (IGO)! In this IGO, we incorporate a Committed $VVS Refund logic, which means your committed $VVS tokens in this IGO will be refunded to you after 30 days! You will be able to reclaim your committed $VVS tokens on our IGO page.
- What is Cronos ID?
- Core Utility Modules
- Tokenomics
- IGO offering Details
- Participating In the IGO
- Project Details
- FAQ
What is Cronos ID?
Cronos ID is a decentralized identity and communication layer built on Cronos. On a broad level, Cronos ID will allow users to send and receive information on-chain, powered by human-readable identifiers.
To achieve this, Cronos ID will be powered by 3 key subprotocols:
- Starting with our Domains, every user will have a unique on-chain identity, allowing you to find friends and exchange crypto with ease
- The Notifications service, once released, will help the community keep track of key protocol events, alerts, NFT bids, and more — gone will be the days of manually checking your DApps for bids or collateral factors.
- Finally, by leveraging Messaging, users and projects will be able to connect and communicate with each other in a closed and verifiable environment.
Cronos ID is more than domain services. This is the beginning of Cronos ID building out the communication layer for Cronos.
Core Utility Modules
Currently, Cronos ID has 2 core utility modules:
1. Domain Subscription Module
Users may utilize this module to register or extend their ownership (Coming Soon) over specific domains. They will pay in $CRO or $CROID (Coming Soon) and may receive discounts based on the duration of their domain registrations.
2. Rewards Pool (Coming Soon)
Cronos ID domain holders can deposit their $CROID into maturity vaults to earn $CROID rewards and a portion of protocol’s revenue. Users can choose between a 1-month, 9-months, 24-months, and 48-months maturity vaults to lock their $CROID
Tokenomics
$CROID is Cronos ID’s native and governance token to be utilised in Cronos ID’s broader ecosystem. Within Cronos ID Domains, users will be able to utilise $CROID tokens to purchase 3 and 4 character names at a discounted price.
Cronos ID aims to provide a sustainable share of protocol revenue to our token holders:
- 40% shared to Reward Pool stakers
- 40% allocated to the Ecosystem Treasury
- 20% used to buyback and burn $CROID
A total of 1,000,000,000 (1 billion) $CROID tokens will be allocated as follows:
IGO Details
IGO Start Date: Wednesday, November 09th, 2022 9am UTC (5pm SGT)
Duration: 24 hours
LP Seeding: Thursday, November 10th, 2022 9am UTC (5pm SGT)
Amount to Be Raised: 100,000 USD
Fully Diluted Valuation (or equivalent): 80,000,000 USD
Units offering: 1,250,000 $CROID at $0.08 USD per token
IGO Split: 100% to Basic (no Unlimited Offering)
IGO Method: Basic Offering: ‘Gem Fair’ . The method will be conducted using the Overflow Method.
Gem Fair eligibility snapshot: Taken randomly between Nov 7th — Nov 8th 2022
Vesting: 50% Immediate, 50% Monthly Vesting at 10%
Investment token: $VVS
Max commitment: $100 USD worth of VVS
Max overflow: 2x
Committed $VVS refund: Your committed $VVS tokens in this IGO will be refunded to you after the 30 days. You will be able to reclaim your committed $VVS tokens on our IGO page.
Basic Offering: ‘Gem Fair’ (USD 100,000 to raise)
In the Gem Fair, each person can contribute a MAXIMUM of $100 USD equivalent of VVS tokens.
To enter the Gem Fair, each user has to stake in xVVS Vaults, with varying amounts based on the different vault lockup period. Note: the staked amount cannot be split across multiple Vaults.
In essence, with a longer lockup period in the Vaults, the amount of xVVS staked required to enter the Gem Fair will be lowered.
Also, it is required to own at least 1 Cronos Domain in the wallet to participate in this $CROID IGO event. Please ensure you have at least 1 Cronos ID domain in your wallet. You can purchase a domain at this link.
The Gem Fair eligibility snapshot will be taken randomly between Nov 7th — Nov 8th. Make sure to complete the staking requirement by Nov 6th 11:59 PM UTC — 2022
The number of tokens available in this format will account for 100% of the total amount of token offering.
In order to ensure IGO participants have meaningful IGO allocation in the event of oversubscription, the Max Overflow mechanism will be implemented in the Basic Offering. The Basic Offering pool will stop accepting further deposit commitment once the overflow reaches 2x / 200% of the amount to raise.
Do note that the final allocation you receive will still be subject to the total amount raised in this method. However, you will not be battling any whales.
What Is the “Overflow” Method?
In essence, the more a user commits, the more allocation they may receive based on their percent commitment over the total committed amount. Any unspent amount is returned to users. The Overflow Method is illustrated by the following examples, when a user participates in the IGO via a Gem Fair:
Participating In the IGO
Eligibility:
- Stake xVVS in Vaults for before the Cronos ID IGO. (Required for the basic offering ‘Gem Fair’)
- Get VVS tokens which will be needed to purchase the $CROID token.
- Own at least 1 Cronos Domain in the wallet
Before the IGO:
- Get some VVS tokens and stake them for xVVS.
- Ensure you have xVVS staked in a Vault prior to the IGO. xVVS has to be staked before the snapshot is taken in order to be eligible, refer to the above snapshot time and amount required (Required for the basic method ‘Gem Fair’).
- Arm yourself with VVS tokens, this will be your currency to purchase $CROID.
- Ensure you have at least 1 Cronos ID domain in your wallet. You can purchase a domain at this link.
During the IGO:
- Commit VVS tokens: commit your purchase intention by staking VVS tokens in the IGO smart contract.
After the IGO:
- 50% of your $CROID tokens will be immediately claimable once IGO is completed.
- The remaining 50% of tokens will vest monthly over 5 months (10% per month)
- Your allocation of $CROID tokens is calculated based on the overflow.
- Any unused VVS tokens will be returned to you automatically upon claiming your $CROID tokens.
- Your committed $VVS tokens in this IGO will be refunded to you after the 30 days. You will be able to reclaim your committed $VVS tokens on our IGO page.
$CROID Farm/Mines Post IGO:
- Crystal Farm Details to be released
- $CROID Glitter Mine Details to be released
Project Details
Project: Cronos ID ($CROID)
Website: https://cronosid.xyz/
Contract Address: To be updated
Audit: By SlowMist
Twitter: @cronos_identity
Medium: https://medium.com/@cronos_identity
Discord: https://discord.com/invite/FeFu22ny6A
FAQ
1) What is the overflow model*?
In essence, the more a user commits, the more allocation they may receive based on their percent commitment over the total committed amount. Any unspent amount is returned to users.
2) How are VVS users eligible for the $CROID IGO?
VVS users are required to stake xVVS in Vaults, meet the staking requirements and own at least 1 Cronos Domain in the wallet prior to the IGO to participate.
3) What is the max overflow cap for?
Max overflow is an optional feature if the project team wants to ensure an equitable size for pool participants. After the max overflow amount is hit, no additional users can commit further funds.
Disclaimer — All projects are subject to both high market risk and volatility. We ask that you do your own research and full due diligence before investing your funds in any project. VVS Finance will not be held responsible for any investment losses.
Additionally, persons located in or residents of the following list or any other jurisdiction in which it is prohibited from using any of the services offered on the VVS Finance website, including IGO, (the ”Prohibited Jurisdictions”) are not permitted to make use of these services.
You may find the full list of “Prohibited Jurisdictions” and Usage Disclaimer here.
