New / temporary IDO model - no more gas waste

If I was in charge the THORWallet IDO would look like this:

IDO steps

  1. Announce the date and time of the first and second snapshot and Pledge and Contribution deadlines:

  2. First snapshot before the IDO

  3. Pledge deadline

  4. Contribution deadline

  5. Second snapshot x days after the IDO at the moment of TGE

  6. At both snapshots we count the amounts of:

  7. vXRUNE in wallet

  8. XRUNE in wallet (both staked and not staked)

  9. THORWallet Soldiers as 7500 XRUNE

  10. Create a simple web page where everyone can sign a message - show interest in IDO - with his wallet until Pledge deadline

  11. After deadline collect match the signed wallets with snapshot results

  12. Every wallet that showed interest and had the required amount of XRUNE / vXRUNE for any tear is eligible / whitelisted for IDO

  13. Publish whitelisted addresses (google sheet)

  14. Calculate the base allocation amount IN USD for whitelisted addresses based on tiers and contributor’s number

  15. Publish ETH/BSC contribution wallet address

  16. Every whitelisted address can contribute with USDT, USDC, BUSD on BSC or ETH

  17. At TGE make the second snapshot

  18. If the amount of XRUNE / VXRUNE / Soldier is less than at the first snapshot, the participant is excluded

  19. At TGE distribute / airdrop TGT tokens based on contribution amount (if participant not excluded)

  20. Airdrop all TGT tokens that left over pro rata to contributors

  21. AT TGE (or maybe during several next days) market buy XRUNE with collected USDT/USDC/BUSD

Tiers

  1. Change the tear allocation multipliers as follows:

  2. Tier 1 … 2500 XRUNE … 1x

  3. Tier 2 … 7500 XRUNE … 3x

  4. Tier 3 … 25000 XRUNE … 10x

  5. Tier 4 … 150000 XRUNE … 60x

  6. In my opinion the current nonlinear multipliers encourages wallet splitting which is again just waste of gas and is against the interests of the participants.

Conclusion

  1. No gas wasted - not a single ETH transaction is needed
  2. No FCFS - we eliminate the nonsensical gas war
  3. We show the community is in the first place
  4. Everyone is happy and the goal is fulfilled

I propose to use this mechanism for IDO until better and cheaper is created.

​​Improvements are of course possible and welcome.

4 Likes

I am in support of this idea, I was thinking of something along similar lines. would definitely help with gas fees.

Thanks for sharing these. As mentioned in a few other threads and Discords, we are regularly working to simplify tiers/staking/yield and will have some updates soon.