The GIV Distribution Event Details
P2P cryptocurrency trading and DeFi platform, CryptoLocally, will be distributing the GIV tokens to members of the greater blockchain ecosystem using a Bonding Curve Distribution at 13:00 UTC on Tuesday, September 29th 2020.
GIV Auction Summary
- Hard cap: 30M GIV tokens (3% of total supply) minus the whitelist allocation of approx 1.5M.
- Start date and time: 13:00 UTC on Tuesday, September 29th
- End date and time: 13:00 UTC on Thursday, October 1st
- Where: To be shared through CryptoLocally Website
Alternatively, use Mesa - Duration: 48 hours or until the total GIV allocated has been claimed
- Initial Price: 0.0065 USDC/GIV
- Currencies: USDC
- Everyone should read the GIV legal disclaimer before participating
GIV Auction Logistics
- The auction will start at 13:00 UTC on Tuesday, September 29th. The order interface will be revealed on the CryptoLocally website before this time. Alternatively, you can find the interface on Mesa, which is already available.
- You will be able to place orders before the auction begins. We advise that you deposit into your wallet and place the orders before the auction begins, so that you can participate from the very beginning of the auction. Please read the “How to get GIV tokens” article beforehand.
- It is also possible to place your orders on Mesa now. You can do this by following the “How to” guide. Select USDC for the “Sell” input field on the Trade tab, and GIV for the “Receive At Least” input field.
- Your orders will not be fulfilled until the auction officially starts at 13:00 UTC on Tuesday, September 29th. This is when the first batch of the GIV auction will occur.
Post-Auction GIV Balancer Pool
- At the end of the auction at 13:00 UTC Thursday, October 1st, the CryptoLocally (GIV) team will create and seed an incentivized GIV/USDC pool on Balancer at the market price discovered by the Bonding Curve Distribution from the GIV auction.
- A maximum of 4 million GIV will be seeded into the Balancer liquidity pool. This will be a mixture of remaining GIV from the GIV auction (if any), and GIV from a previously unallocated token tranche.
- The pool address will be released on Telegram and on the CryptoLocally Medium.
- The GIV/USDC Balancer pool will receive a dedicated GIV reward pool for providing liquidity of 1M GIV in total over the following 2 weeks.
- Those who purchase GIV (or purchased GIV from the auction) will be able to immediately contribute to the GIV pool and earn the rewards.
- All reward pool rewards will be consolidated at the end of October and it will be distributed in a single emission. Further details on this will be released in the near future.
How to Participate
The “How to get GIV tokens” article provides a step-by-step for setting up a wallet and interacting with the order interface. You may also want to familiarize yourself with Balancer exchange for after the auction ends.
Watch out for Scams!
As always, be careful and double-check everything. We can guarantee that CryptoLocally team members will not PM you first. Do not fall prey to imposters and scammers.
Whenever you are in doubt, you are more than welcome to reach out CryptoLocally admins on the CryptoLocally (GIV) Telegram community.
For your reference, the address of the GIV (ERC-20) token is:
0xf6537fe0df7f0cc0985cf00792cc98249e73efa0
There are NO Uniswap pools and/or Balancer pools at the time of writing. Third-party pools may form after the GIV auction begins. The CryptoLocally (GIV) team will be seeding its own Balancer pool after the Bonding Curve Distribution and sharing the pool address afterward. When in doubt, always check that the GIV token contract address is correct.
What is a Bonding Curve Distribution?
Token Bonding Curves are smart contracts that use buy and sell functions to distribute tokens. As more tokens are bought, the price increases, and as they are sold, the price decreases. Investors can sell their tokens back if they wish, and buyers are given a level of influence over the project.
Token Bonding Curves are designed to circulate governance and create shared interests between the project’s team and the general community that supports the project. Bonding Curves allow for an effective supply and demand distribution process, and are thus the most ideal system for token distribution. They also allow for completely decentralized governance.
GIV Token Bonding Curve
We chose to use a sigmoidal bonding curve because of the benefits that this bonding curve type presents for token sales. The behavior of sigmoid functions requires the selection of a maximum token value before price discovery has occurred. This prevents late-stage investors from purely benefiting from increasing token supplies. At CryptoLocally, we want early adopters and participants to benefit from the token sale.
We also chose the Bonding Curve Distribution because it solves two big issues with most Uniswap IDOs:
- Frontrunning via bots (making it impossible for real investors to participate early)
- Participants competing on factors other than the price they are willing to pay
Gnosis Protocol (Mesa auction) addresses the above issues, significantly reducing the risk of front-running, and allows a more accurate price discovery to occur.
The Gnosis Protocol alone does not solve the liquidity issue however, which is why CryptoLocally (GIV) has decided to seed an incentivized Balancer Pool immediately after the auction.
Example illustration of Sigmoid Bonding Curve Distribution
Further Reading
This information is not investment advice. Please read the full disclaimer before investing.
About CryptoLocally (GIV)
CryptoLocally is providing non-custodial smart contract escrows for peer-to-peer digital assets trading. The platform has been designed with ease-of-use in mind so that anyone can gain access to these technologies.
