Enter the Empyrean
Time has come, Celestians! Brace yourself as we all journey into the Empyrean.
Last week we shared our rebranding news with you all, the reception and love we have received from our community has been amazing. We now have over 1200 members in our Discord with more and more people joining every single day. We think it’s time for us to share some of the exciting updates and our roadmap with everyone!
Empyrean means the highest heaven where Celestial beings live. Living there and being a part of the community requires that everybody hold EMPYR and stake it (💫, 💫).
So, how to get EMPYR?
Initial Offering Sale (IDO)
On Dec 26th, 8 PM PST, we’ll be offering EMPYR to our early supporters (whitelisted addresses) at an initial price of $10 (roughly $1.1m market cap) over a period of 24hrs.
We have over 350 users whitelisted so far and in the coming week we’ll be conducting more activities to offer the remaining whitelist slots to our community.
We will have a total of:
- 1k addresses whitelisted, each address with a personal cap of $1k (100 EMPYRs)
- Total EMPYR tokens being offered: 100k, initial price $10
Note that the maximum cap for each address if $1k but there is no minimum cap. We want to give everybody a fair chance to buy EMPYR early and not just reserve it for whales.
The maximum amount we are expected to raise through our IDO is $1m for which we’ll be selling 100k EMPYRs at an initial price of $10. Some of our celestial whitelisters may not invest their full allocation of $1k, what happens to available EMPYR after the IDO pre-sale?
Now here comes the public sale! The remaining amount of the 100k EMPYR from IDO pre-sale will be rolled over and sold through an open to all public sale.
Public Sale
Through our public sale we will be selling the remaining EMPYRs from the IDO pre-sale to all within the community who want to purchase at a fair price.
If our IDO pre-sale raises $500k, we will have 50k EMPYR remaining to be sold, we will set a fair price for the token and make the sale public to all.
What do we mean by “fair price”?
Our pre-sale token price of $10 essentially marks our protocol at roughly $1.1m market cap (more details in Tokenomics section). This discounted price is only for our early supporters.
Our fair price for public sale would be a function of how many tokens are left to be sold after pre-sale.
price = 2^(1/UR) * initial_pricewhere UR is Utilization Ratio, if pre-sale raises 500k then UR is 50% or 0.5, initial_price is $10, then public sale price would be $40.
Public sale will last a maximum of 24hrs after the completion of the IDO pre-sale. If there are any remaining EMPYR tokens that are not sold during the IDO will be burned.
EMPYR Token Economics
The amount we raise from our initial pre-sale and public sale will be used to fund treasury initially, bootstrap EMPYR liquidity, and cover development costs so far.
The distribution of IDO funds:
- 20% (Devs/Team)
- 40% goes to the Treasury
- 40% goes to bootstrapping initial liquidity for EMPYR
Initial supply distribution:
- 100k tokens (pre-sale + public sale)
- 20k tokens (team) (only 25% of team tokens will be liquid on launch to fast-track the vesting period initially but none of them will be sold for the coming months before clear milestones are hit, rest will be linearly vested over a year)
- 0–25k tokens minted to DAO, all of which will be used to bootstrap initial liquidity for EMPYR
- 2.5k tokens, airdrop to the community (more details below)
Note: Tokens minted to the DAO and 40% of the amount raised from the sales would be put in a Trisolaris LP pool. Based on the amount raised, EMPYR to be minted will be calculated to keep the initial LP pool price exact same as the public sale price. No more than 25k tokens will be minted in any scenario
total raised amount = amount, utilization ratio = UR, tokens minted for DAO = x. So, the public sale price in USD terms (pub_price) becomes:
pub_price = 2 ^ (1 / UR) * 10then for calculating x we have,
x * pub_price = 0.4 * amountEx: If pre-sale is 50% sold then public sale price becomes (2 ^ (1 / 0.5) * 10 = $40) which when sold out gives us total $2.5m raised, resulting into a pool with 25k EMPYR, $1m (implied price $40). In this example let’s assume public sale is not sold out at all and hence we only raised $500k from pre-sale then initial pool will have 5k EMPYR, $200k (implied price $40).
All the initial EMPYR-USDC liquidity will be owned by the protocol by bonding it when the app goes live. The EMPYR received in exchange will go to the DAO.
Rewarding early ecosystem users (the airdroooooper)
We are long term inclined with Aurora and Near and think there’s massive growth potential in this ecosystem. We decided to reward some of the early users of Aurora, in particular users of Trisolaris (the first DEX on aurora).
2.5k tokens (roughly 2%) of the initial supply will be airdropped to early users who traded on Trisolaris between its launch till Dec 5th. The snapshot has already been taken, make sure to join our Discord and follow us on Twitter to check your eligibility and find out more about it.
Roadmap
We have discussed a lot of important items, next comes our roadmap! *Note that there will be a separate blog post covering our launch strategy and roadmap in detail which we’ll publish around the time of our IDO.
For now, we want to make sure that our community has some idea of where we are going with Empyrean.
You should also read out initial blog post where we share ideas that we have in mind for the future of our protocol.
Dec 26th — 28th
- IDO Pre-sale | IDO Public sale
Jan 5th, 2022
- Going live 💫!
Jan — Feb’22
- Forming a proper DAO structure and creating a governance forum
- Integrations, new and exotic bond pairs (yield generating assets, cross-chain LPs)
- Treasury diversification and deployment to high yield generating strategies (eg, deploying USDC to USDC-USDT farm on Sushi, etc.)
- More utility of staked EMPYR in the Aurora ecosystem
- PoL as service (Olympus Pro)
- Audits and Partnerships
- Hiring additional people
March — April’22
- Upgrading to Olympus v2 and offering more interesting bond mechanics (subject to when OHM v2 itself comes out)
- Fully on-chain governance with voting made live
- Creating bounties for strategies proposals to the DAO and deploying treasury into best of chosen strategies
and much more to come….
Security
We have spent a good chunk of time understanding OHM and Wonderland’s contracts in depth and we are not just copy pasting the contracts blindly. We understand how the system works.
Since we are not making any changes to the Olympus contracts, we are going to start the audit in January after we transition to a proper DAO structure.
DAO funds will be controlled by a multisig (more info on this later) which will consist of team, mods, some key public figures and would later be transitioned to the community through governance.
We would also be conducting frequent public AMAs with team and mods as we get closer to the IDO.
Our team currently consists of 7 people:
- @mcsnorty: Lead Researcher and Dev, has past experience of contributing to many open source projects in the Ethereum ecosystem. Used to work at one of the biggest web3 companies in the space (the one which created that fox wallet whose token airdrop everybody is waiting for).
- @thund3rcat: Smart Contract Dev, has worked on multiple DeFi apps in the past (one of which currently has over $100m in TVL).
- @artemisparody: Full Stack Engineer, interned at one of the top Big Tech companies and currently working in the crypto space.
- A Full Stack Dev: Oldest guy in our team, worked at Microsoft for 5 years, very anti-social and just likes to code.
- @pulpfiction: Part time hacker, who is also one of our mod. He hacks around Discord and manages day to day tasks very well. Currently a CS Undergrad.
- @Joust: Fortune 50 IT Executive with delivery and operations, and supporting multiple crypto NFT/DeFi projects.
- @basedprince: DeFi knowledgeable mod and contributor on several high profile fork projects.
We plan to expand our mod, design, and art team as we continue to grow. If you are interested in supporting Empyrean, reach out to us on Discord.
We all embrace the WAGMI spirit and are here to truly create something special with our community. We are really excited to take the first step in that direction with our IDO and launch coming up soon.
