AlgoFund is an Algorand native ecosystem offering a launchpad and a full
suite of DeFi services. Led by a team of experienced engineers and DeFi
enthusiasts, AlgoFund is set to implement market-leading capabilities
and easy-to-use and secure products.
As of today, we have come a long way in our journey with the great help
and support of our community. To unlock the next step for AlgoFund’s
future, we believe that the security of the launchpad service should be
confirmed by auditing experts before hosting new project IDOs. The funds
raised in the public sale will be used to cover the audit of the smart
contracts which will help move our launchpad platform to mainnet before
the end of this quarter.
Key points about the sale:
Sale type: Tier system with guaranteed Allocation
Target raise: 100,000 ALGO
Tokens put on sale: 5M–7M $WALGF
Start date: Friday 22th of April at 7 pm UTC
The guaranteed system, tiers, tickets, and over-subscription:
AlgoFund operates using a guaranteed system to allow every participant
to be part of the sale. To be an eligible user you will need to hold a
minimum of 5000 ALGF, which puts you into a bronze tier. There are 4 tiers
that you can be part of Bronze, Silver, Gold, and Diamond.
Every tier entitles you to a number of tickets. A ticket is a unit to distribute allocations among participants. Now how the value of a ticket is decided? Let’s say after the registration phase a total of 1000 tickets have been submitted with the goal to raise 100K ALGO then a single ticket will be worth 100 ALGO. If you have 7 tickets then your allocation in the sale (the amount of tokens you can buy) will be worth 700 ALGO.
Another important concept that is implemented is over-subscription. A
common problem when hosting token sales is unused allocations. A user
can have 500 ALGO as an allocation but decides to submit only 300 ALGO.
To tackle this problem, AlgoFund allows participants to use more than their original allocation in the sale by assigning to each ticket a higher value than what normally should be. This model incentivizes participation and evenly distributes tokens to the community.
Let’s take a look at how the private sale will take place.
How to participate in the private sale:
The workflow of the process will go as follow:
1. The first step is the whitelist which will last for 48h. At this stage, you will need to register your address and choose a tier by submitting $ALGF tokens to the smart contract. After the 48h period, the registration will be closed and the maximum amount to invest for each participant will be determined.
2. A second stage will then take place for 48h, where you will take part in the sale. You can buy $WALGF by submitting your ALGO.
The price of 1 $WALGF is equal to 1 $ALGF at the end of this stage. Every 1 $WALGF will be later redeemed for 1.5 $ALGF, yielding a 50% gain.
After the submission is over, deposited $ALGF can be reclaimed.
3. Finally comes the third stage where funds will be distributed. Every participant will receive the bought amount of $WALGF. In the case of an over-subscribed IDO, each investor still receives a proportional amount of their original $WALGF allocation and can redeem the excess ALGO.
Post Distribution Phase:
After the end of the distribution phase, $WALGF can be redeemed to $ALGF by staking it for 3 months in a special pool of $WALGF - $ALGF with a 1:1.5 conversion rate. If a user has 100 $WALGF, after staking it for the whole 3 months period, he will accumulate 150 $ALGF.
The idea behind the $WALGF is to allow a controlled influx of the public sale tokens in the market and at the same time distribute in real-time $ALGF for participants.
AlgoFund is a decentralized launchpad with the next generation DeFi products to empower innovative and disruptive projects on the Algorand network. The vision is simple, help fund startups while providing a safe platform for early investors. AlgoFund is a community-centric platform and is transitioning towards a DAO governance model, entirely run and owned by the community.
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