Governor LGE Begins 11/16 4pm PT
Tomorrow, the Governor LGE commences. With that, the first phase of the rollout is underway. Thank you for your continued support and enthusiasm as the road-to-recovery has finally commenced.
EDIT 11/16: THIS ARTICLE HAS BEEN EDITED TO REFLECT REDEPLOYMENT OF CONTRACTS
On Monday, 11/16, beginning at 4:00pm Pacific Time (12:00am UTC 11/17), whitelisted addresses can participate in the Governor Liquidity Generation Event.
150,000 GDAO is to-be posted as liquidity alongside ETH contributed through the LGE.
- LGE Cap: 300 ETH (500 GDAO/ETH or 0.002 ETH/GDAO)
- Individual Cap: 25 ETH
- Start time: 1605571200 (11/16 4pm Pacific Time)
- Closing time: 1605916800 (11/20 4pm Pacific Time)
- Synthetic LP Token Ratio: 22 sLP per ETH
- Contract address: 0x1Ddad8Dfb4CB86dED31c1118e600A398C417c4b0
- Synthetic LP Token Address: 0xCCED3780fba37761646962b2997d40B94De33954
- GDAO Token Address: 0x515d7E9D75E2b76DB60F8a051Cd890eBa23286Bc
Keep in mind that participants are posting ETH for liquidity, and NOT purchasing tokens. Every ETH contributed is paired with 500 GDAO as initial liquidity, and contributors retain ownership of the ETH and GDAO.
The Liquidity will be posted to Uniswap as-soon-as-possible after the 300 ETH cap has been achieved.
The liquidity will be locked until the launch of farms, when participants can redeem their liquidity through swapping their Synthetic LP tokens. Due to the way impermanent losses are calculated, the breakeven point (where the LP tokens are valued at the same price as just the ETH initially posted) is 0.0005 ETH/GDAO, 75% lower than the rate at initial liquidity (ignoring passive income via trading fees).
The LGE is designed to reward its participants, which is why it’s whitelisted to only our community members that were caught in the CBDAO rugpull. As 100% of circulating supply initially will be posted to Uniswap, this is intended to provide ample cushion for the impact of the airdrop claimants in early December.
Notice that there is a slight discrepancy between the rate of Synthetic LP tokens and the number of LP tokens generated per ETH. One ETH will generate 22.36 LP tokens, but the crowdsale contract does not allow decimal rates. The remaining 1.6% of LP tokens will be airdropped at conclusion of the sale to participants proportionate to their contributions.
Participating in LGE
The best and safest way to participate is by interacting with the contract directly. To do so, go to the write contract tab of the contract and follow the following steps:
- Connect to your Web3 wallet provider in the top left corner of the tab.
- Once connected, click on function #4 buyTokens.
- Input the amount of ETH you’d like to contribute. Ex: input ‘5.5’ to contribute 5.5 ETH.
- Supply your own address in the “beneficiary” field.
- Click “Write” and follow the prompt in Metamask to send your tx.
Here is how that should look. Notice the green circle in the top left. You must connect to Web3 to send a transaction.
DO NOT SEND ETH DIRECTLY TO THE CONTRACT. ONLY USE THE INTENDED ‘buyTokens’ FUNCTION.
Alternatively, you will be able to purchase directly through the GovernorDAO website. A page where users can connect their Metamask and interact with the contract will be available shortly.
It should be noted that the safest way is always to interact with the contract directly. The website will provide a convenient interface, but could be subject to downtime with high traffic at start of the LGE.
If you send ETH from an address that is not whitelisted, the transaction will be rejected. Additionally, there is a contribution cap of 25 ETH per whitelisted address. Contributions in excess of 25 ETH will similarly be rejected.
The LGE contract is a modified crowdsale contract from OpenZeppelin. OpenZeppelin crowdsale contracts have facilitated over a billion in ETH volume, and represents the most secure approach to the Governor LGE.
Starting at 4pm PT on 11/16, users can contribute ETH to the contract. In doing so, they will receive a Synthetic GDAO-ETH LP token at a rate of 22 tokens per ETH. One Synthetic LP token will be redeemable for one Uniswap GDAO-ETH LP token approximately one month from now, when the GDAO farms commence. The rate of 22 sLP/ETH is determined by the number of Uniswap LP tokens that will be produced when 300 ETH is posted alongside 150,000 GDAO.
Participants are free to transfer, trade, or sell their Synthetic LP token freely. Understand that these tokens represent stake in the Liquidity Pool, and transferring to another party will relinquish your stake.
The Crowdsale contract does not permit fractions for the rate. The true ratio of ETH:LP is 1:22.36. There will be an airdrop to participants for the remaining 1.6% of their Synthetic LP tokens proportionate to their contributions.
100% of ETH from the LGE will be posted as liquidity. No fees or commissions are being taken. Gas to deploy the crowdsale (1.25 ETH~ was provided out of my own pocket and will not be reimbursed from LGE contributions.)
The real LP tokens will be locked for one month to ensure security of funds.
The Crowdsale Contract is set to conclude on Friday, 11/20 at 4pm Pacific Time. If the 300 ETH cap has not been reached, the LGE will open to the general public. There will be a 10% premium on public participants to be distributed to LGE whitelist participants. Public participation will be available for an additional 72 hours, until Monday, 11/22 at 4pm Pacific Time.
GDAO Token Breakdown
A separate article will be posted explaining the token breakdown in more detail. There is a total supply of 3,000,000 GDAO broken down as follows:
- Initial Liquidity (LGE): 150,000 GDAO
- Opt-in Airdrop: roughly 1,250,000 GDAO
- Pool Rewards: 1,200,000 GDAO
- DAO Treasury: roughly 400,000 GDAO
The initial liquidity will be posted at a rate of 0.002 ETH per GDAO. The Airdrop claims process will begin early December. Recipients must opt-in to receive their tokens by signing a transaction to receive their tokens. GDAO pools will open in late December and run for roughly six months. There is a steady emission rate from start to end of the pools. The Treasury allocation is wholly owned and deployable through voting by GDAO holders. There is no admin multisig or otherwise backdoor that could deploy these funds without a successful vote by GDAO holders.
A separate article will explain the token breakdown in more detail.