Gamestate IDO Details
As previously announced, Gamestate STATE IDO is launching with Gravity Finance, we detail below the full IDO information:
Start: 4th May 2022, 00:00 UTC (Midnight)
Contribution Period: Open for 48 Hours
End: 6th May 2022, 00:00 UTC (Midnight)
STATE Token Claim: Open 10th May 2022, 00:00 UTC (Midnight)*
Token Name: STATE
Tokens on Offer: 25,000,000 STATE
Fixed Price: $0.02 USDC
Maximum Raise: $500,000
Minimum Deposit (per user): No Minimum
Maximum Deposit (per user): $2,000 USDC (100,000 STATE)
How The Sale Works
The IDO will be run on a Guaranteed Proportional Fixed Price model. Participants are able to deposit any amount up to the max 2000 USDC during the purchase window.
The Pool can be oversubscribed, meaning that once the total raise is met, participants are still able to contribute funds to the pool. The token price is fixed and will not change no matter how much is subscribed.
When the pool closes, there are two possible scenarios which will determine each participants final allocation:
Upon closing, the total contributed to the pool is at or below the maximum raise amount. Participants will receive the exact allocation that they contributed to the pool.
(User Allocation = User Amount Contributed)
Upon closing, the pool is oversubscribed and the total amount contributed is above the total raise amount. Participants will receive an allocation proportional to their contributed funds as a percentage of total funds contributed. Remaining funds will be refunded when the user claims their tokens.
(User Allocation = (User Amount Contributed / Total Amount Contributed to the Pool) * Total Tokens in the Pool)
Example of Scenario 2:
Bob deposits 2,000 USDC (max deposit) into the Pool.
After the pool closes, the total contributions to the pool is determined.
For the purpose of this example let’s assume the total pool contributions equal $1m USDC, meaning it is oversubscribed by twice the total maximum raise amount ($500k USDC).
Bob’s proportion is (2000 USDC divided by 1m USDC), i.e. 0.2% of the pool.
This means Bob will receive 0.2% of the 25m STATE tokens in the pool (50,000 STATE) at a total cost of $0.02 USDC per STATE ($1000 USDC worth)
The remaining (unallocated) $1000 USDC would be refunded to Bob following the contribution period.
- In the event the STATE IDO is oversubscribed and there are unallocated USDC funds to be returned to contributors, USDC claims will open immediately after the contribution period ends at 00:00 UTC 6th May.
- In most cases, claims for successful IDO participants open shortly after the IDO contribution period ends, however in this instance the STATE claims are due to remain closed for a few days following the contribution period. This is due to the fact the Gamestate team are working with multiple IDO launchpads, following the Gravity Launch there will be a liquidity bootstrapping sale on Copper Launch.
- STATE IDO Claims will open 10th May 00:00 UTC (Midnight)
- Any unsold STATE will be returned to the Gamestate Project wallet
Participating In The IDO
In order to participate in the Gamestate STATE IDO, you will need:
- A wallet connected to the Polygon Network (i.e. Metamask or Ledger)
- Have USDC in your Polygon wallet
- Have a small amount of MATIC in your Polygon wallet. MATIC is the native token on the Polygon network in which transaction fees are paid. See the instructions below on how to obtain some MATIC
Following STATE IDO
What to expect after the STATE IDO after STATE CLAIMS open at Gravity Finance;
- 10% of raised funds will be added to Gravity DEX as wETH/STATE
- A wETH/STATE LP Farm to be added to Gravity Farms, Reward: STATE
- Project Liquidity will be locked on DEX for 6 months
- STATE LP FARM will issue rewards for ~6 months
Gravity Finance Links:
Twitter: https://twitter.com/Gravity_Finance (@Gravity_Finance)