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Difference between revisions of "Klima DAO"
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= History= | = History= | ||
A group of anonymous builders launched Klima DAO on 18th October 2021. Klima DAO is a fork of Olympus DAO, and its token $sKLIMA is a rebasing token similar to the mechanism of $sOHM. | A group of anonymous builders launched Klima DAO on 18th October 2021. Klima DAO is a fork of [[Olympus DAO]], and its token $sKLIMA is a rebasing token similar to the mechanism of $sOHM. | ||
=== '''IDO and LBP''' === | |||
[[File:AKLIMA-LBP.png|thumb|472x472px|The price chart of Klima's LBP.]] | |||
The Initial Discord Offering (IDO) was announced on Klima DAO's Medium in August 2021.<ref>https://klimadao.medium.com/what-is-klima-dao-initial-discord-offering-5735c996c2ac</ref> IDO purchases began on Ethereum mainnet August 17th 2021 at 10 [[DAI]] / aKLIMA, where users could send 500 or 1,000 DAI to a multi-sig if they were whitelisted. In return, users received an NFT that granted them access to an airdrop of 50 or 100 aKLIMA. aKLIMA is the pre-sale, alpha version that is 1:1 redeemable for KLIMA. The purpose of this IDO NFT sale was to bootstrap funds for the Copper Fair Launch [[liquidity bootstrapping pool]] (LBP). | |||
A little over 2 weeks later, Klima announced the LBP details on their Medium.<ref>https://klimadao.medium.com/klima-dao-fair-launch-pt-2-liquidity-bootstrapping-pool-249ebe507555</ref> As described on this Medium: <blockquote>A Balancer Liquidity Bootstrapping Pool is an adjustable balancer smart contract designed to distribute tokens fairly across market participants. LBPs use constant selling pressure and have a limited time duration, during which price continually drops when there is no demand. By using an LBP, Klima DAO can define parameters (such as pool weights and total available supply) and allow the market to converge on a fair price for the token as demand emerges. </blockquote>The LBP started on September 14th and ended September 17th. The sale started at approximately $116, reached a bottom of $57.58, and ended at $323.47. 95% of the tokens sold out, and Klima raised 17.47m USDC. | |||
=== Launch === | |||
KLIMA went live on Polygon mainnet October 18th, 2021.<ref>https://klimadao.medium.com/klimadao-launch-reflections-on-our-manifesto-334ae065d80f</ref> The initial launch was delayed by a few hours as someone created a rogue liquidity pair for BCT-KLIMA.<ref>https://twitter.com/KlimaDAO/status/1450447633009491968/photo/1</ref> Someone acquired BCT ahead of time and made a pool with very low liquidity, and it led to BCT rising in price to $1,600. The team could not set up a second pool for the token on SushiSwap, so they had to sell directly into the low-liquidity pool to lower the price and add enough liquidity to make the pair tradeable. | |||
= Mechanism= | = Mechanism= | ||