At the gates of Empyrean, lies destiny ahead…
Happy New Year, everyone! 🎊
2021 was an amazing year for alt L1s mania, metaverse, NFTs and crypto in general. As we head towards the next year, we believe that the future is NEAR and it is going to be very bright. So we look forward to our launch on Aurora and to becoming a strong core part of the ecosystem.
Just to recap for those of you who are new, our initial token offering for $EMPYR resulted into us selling 100k EMPYR tokens and raising $1,524,204. The sale ended at a public price of $27.15. We thank all of our community and participants for such a blast of a launch and now without further ado, let us walk you through on how our launch is gonna look like.
Breakdown of raised funds
- $300k (~19.6%) Initial Liquidity
- $324k (~20.4%) Team
- $900k (~60%) Treasury
Note: Numbers are round figured to make it easy for setting params and everybody’s understanding. The extra 0.4% to the team will be used to pay for some of the basic expenditures for the next month.
As you might have noticed, this is different from what we initially had in mind about the treasury and initial liquidity both being 40% each. With the amount we have raised, using 20% would put our initial liquidity at $300k (a lot more than other projects). Also, putting $900k into treasury will allow us to have a good backing for EMPYR right off the bat resulting in a higher staking APY on launch.
Initial liquidity will come off around the same price as public sale price. To make numbers easy and offer slight advantage to the public sale buyers we have decided to make it a little higher and set it to $30.
As we had mentioned in a previous blog post, tokens will be minted for the initial liquidity. Based on $30 price, we’ll be minting 10k EMPYR to provide an initial liquidity of10k EMPYR — $300k USDC. We’re gonna create a pool on Trisolaris who are our launch partners as well.
Claiming (zEMPYR <> EMPYR)
The EMPYR token will go live at the same time and we’ll be minting the sale tokens and the airdrop tokens to separate contracts, and the team allocation as well. The url for the Claim page will be shared with everyone where people will be able to burn their zEMPYR in order to receive EMPYR at a 1:1 ratio.
sEMPYR is gonna be the ticker for staked EMPYR.
Bonding and Staking
Everyone will be able to purchase EMPYR bonds through USDC, and EMPYR-USDC LP tokens. The exact params and discount will be a surprise and everyone will see it directly on the app when it goes live.
- LP bonds will start off with higher discount to strengthen deep liquidity but they will also have higher decay as to not let the discount lag and increase too much as the price appreciates.
- USDC denominated bonds will have good discount as well but with lower decay to strengthen treasury consistently towards our target levels.
- Having a good amount in treasury right at the launch will allow us to offer high, sustainable and competitive APY through staking (💫,💫).
Early Trisolaris users airdrop
2.5k EMPYR tokens will be distributed to early eligible Trisolaris users as we had mentioned before.
Due to some issue we were not able to get all the accounts, so we are working with Trisolaris to get the complete list. We will mint the tokens to the Claim contract and once we have the complete list we will enable claiming for the eligible addresses.
So the app progression looks like this:
- Token goes live along with claim page
- USDC denominated bond goes live
- EMPYR-USDC denominated bond goes live and initial liquidity (10k, 300k) is provided
- Staking goes live (💫,💫)
(1), (2), (3) and (4) will happen together but could have a little buffer between them as we deploy things out and enable them.
During our IDO there was a delay of 1hr between pre-sale and public sale which caused inconvenience to others, this time we are trying to choose a better time overall. Also keeping in mind that the community wanted a middle ground as PST time might be a little too late for some of them, we have come up with the exact date of 6th January 4:30 PM UTC (a delay of almost 12 hours from our previous plan).
What lies ahead…
After our initial launch we’ll be assessing our parameters and performance so far and in the next few weeks and we’ll be working on multiple new things in parallel.
We’ll start the process of creating a DAO structure, will be adding support for new types of assets as bonds, and we are also looking into launching another cool new product which would benefit EMPYR directly 👀.
So stay tuned and be ready to get onboarded on the Empyrean 💫!