This story has originally appeared on https://medium.com/@typhoonnetwork/announcing-our-ifo-with-goose-defi-51021aa8be64
Update 2021–03–21: We revised IFO details such as entry price and updated this post accordingly.
We are excited to announce, we are partnering with GooseFinance to launch an IFO! The IFO will run from 26th of March 2021, 6pm UTC for 12 hours.
Why did we decide to do an IFO?
Raising funds is always a tricky decision — is there a justification for doing it? Is it fair? Is it just greed?
We eventually decided for it because we believe in what we’re building and want it to reach it’s best-possible potential. We are here to stay and become a staple app on Binance Smart Chain, and to achieve that we need to have a foundation that we can build upon on.
What will happen with raised funds:
- Our topmost priority is regular security audits and getting 2 members specialized in cryptography and blockchain onboard. As we evolve the product, code will get added and changed, and we need to make sure that everything stays up to the high standards we set without any chance of compromising user privacy.
- Bring awareness to the product — A protocol like Typhoon lives and dies with it’s user base. We need more users on it, to protect everyone using the product. The more people have funds flowing through Typhoon, the bigger the anonymity set becomes and the more secure it gets. Having a financial foundation means we can properly push on integrations and partnership (think integrating into other dApps), and having a price associated with the Token also means we can release features related to the token to reward people contributing to the privacy set.
- Ongoing costs for components that aren’t fully running decentralized (yet), potentially legal, but also looking into insurance to cover when things do go sour, so our users will always stay protected.
How many tokens are on sale?
The IFO will have a maximum of 4 million tokens allocated to the IFO. This represents exactly 20% of total token supply (we have a maximum of 20 million, and new tokens cannot be created, you can confirm the smart contract on bscscan).
An additional 10% is allocated to provide liquidity and to be locked away for a month inaccessible to us.
How much will participating cost?
We are currently targeting a $0.50/token price, with 50% being in BUSD (or another variant like BNB) and 50% in EGG. To participate, you’ll need BUSD-EGG LP tokens that you can get on GooseFinance when adding liquidity to the BUSD-EGG pair. All of the EGGs used for participating in this IFO will get burnt afterwards. 🍳 (This means in short: Typhoon receives $0.25 per token sold)
What about liquidity? Do you have anything planned?
We committed to locking away an extra 10% of sold tokens at $1 for a month to guarantee liquidity to TYPH token holders. This means for the case that if the IFO sells out, we will lock 200.000 tokens and add $1 for each token in liquidity for each, resulting in $200.000 in locked liquidity.
How to participate in the IFO?
We’ll be releasing a proper step-by-step guide how to participate in the IFO when the date comes closer after syncing with Goose Finance.
What are the rest of the tokens being used for? Will they circulate?
The short answer is ‘no’.
Out of the remaining 70% tokens, 40% are to be locked away for direct community related initiatives, such as (but not limited to) rewarding users with providing anonymity to the service and ensuring long-term viability. We decided to make this the biggest allocation of the total supply because we want to ensure longevity of the service, and for this we need enough tokens to be viable long-term. If tokens are deemed to be not necessary for this, they will either become part of liquidity pools, or destroyed.
20% are to be locked away purely for project-related matter, and will be released through an immutable linear vesting contract, with start date set to 2 months after the IFO finished, to be released gradually over time. The remaining 10% are allocated to the team and investors without lock.
In total, this puts the unlocked supply to 6m tokens (depending on IFO outcome), with 4m coming from the IFO directly, 2m from the unlocked supply, with an additional 2m to be released to users of AMMs as rewards through pools.
What do we plan to do after?
After the IFO finishes we have token related features like staking rewards for anonymity next on the list, followed by improvements to anonymity through additional hops such as relayers.
We’re hoping to start screening for additional team members right away (if you think you match the profile, reach out on twitter) and get a proper security audit done.
Getting the DAO and community involvement system setup is also high on the list so that people with TYPH tokens can directly contribute to decisions and create proposals.
Then, another initiative we want to take is to make fees that accumulate on the service distributable to TYPH holders.
Give us a try and tell us what you think!
Telegram Announcements: https://t.me/typhoonnetworkannouncements