Aurory Project IDO
After our last article explaining how the Aurory team has scaled to over 20 people, we are glad to announce that our anticipated IDO will take place on October 21st at 2PM UTC.
During this sale, 7,000,000 tokens (7% of the total supply) will be auctioned in an IDO re-using the IDO program developed and used by Mango Markets (on our own website, not on Mango Markets).
Warning concerning the sale: It is now obvious that a lot of scammers or impersonators will try to steal money during this period.
We recommend that you be extra careful, do not trust direct messages or anything of the sort, as we will never direct message you. The official link to participate in our public sale will be posted on our Twitter and Discord accounts on the 21st of October. In the meantime, you can read our litepaper or hang out in our Discord and Telegram channels to discuss with the community.
The sale will be conducted in three phases:
First phase: The sale period, you will have 48 hours to deposit/withdraw USDC into a smart contract vault. The price of the $AURY token will then adjust based on the amount of USDC deposited.
During this phase, you can deposit USDC to increase your bid or withdraw USDC if you want to reduce your bid.
Second phase: The second period is the grace period and will occur during the last 24 hours of the sale. If you consider the price of the token too high, you can withdraw your USDC safely. During this period you cannot deposit anymore and any withdrawals will decrease the price of the $AURY token.
Last phase: The final period is the redeem period, where you will have a month to redeem the purchased tokens to your wallet.
To avoid comparisons with existing IDOs or projects, we must emphasize that all seed purchasers tokens and team tokens are locked and none of them are unlocked at TGE (token generation event). The only tokens circulating after the IDO will be the public sale tokens and the liquidity tokens, as mentioned above in the tokenomics document.
The initial distribution offering (IDO) of a token is one of the most important points of any project as it involves having a part of the circulating supply distributed to the open market. Often projects will perform it via several mechanisms — eg. through launchpads, initial exchange offerings, or through open sales and lotteries.
When we were thinking about the $AURY token public release we had a couple of points in mind: equal access to all, the ability to have price adapted to overall demand, and avoiding false scarcity due to only having an extremely tiny amount of the total supply circulating once listed on centralized and decentralized exchanges.
For those reasons, we decided to avoid opting for the traditional IDO model. These models involve a much more limited supply distribution to a much more limited holder base and often are more unfair or purely based on chance. We could have used the Aurorians NFT as a whitelisting process, but again, this would have a gatekeeping effect on the existing community while we believe a game’s value should reside in the growth of its community.
Further, we decided against using the Aurorian NFT as a whitelist “key” (ie. only allowing holders of the Aurorian NFT to participate via a ticketing system) to avoid having their value diminish after the token sale. We believe this would create an (artificial) undesirable short term demand for the NFTs and then large selling pressure afterwards.
Instead we opted for a more sustainable model with 5% of the total supply allocated to the Aurorians DAO (on a monthly basis as in the tokenomics documentation). This supply will be set aside and voted on by majority. We felt that this was a more suitable way to give exposure to the utility token $AURY for those people who did not want to participate in the token sale. Please note that the Aurory’s DAO goal is to manage its own treasury and will not be related to the development of the game nor will it effect in-game decisions. Its operation will not influence the development process of the game at all. All the other use cases remain the same!
Thanks for the support and see you this afternoon for some in-game footage!