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LevX
Motivation
Continuing from the last 'LEVX tokenomics' proposal, I propose to mint some tokens for its IDO on zkSync.
By conducting the IDO, we could:
  1. Improve our awareness in the soon-to-be-hyped zkSync ecosystem
  2. Raise ETH to be used for LPing & DAO oprations(governed by multisig)
  3. Boostrap the project by onboarding holders who would use their voting power to earn yield
Specification
Platform
zkSync will release developer alpha in the end of the year and I believe zkSync ecosystem will start exploding since then. Due to the fact that we'll deploy on Ethereum & zkSync in the beginning(which will be covered in the next proposal), I think there's no other choice than conducting the IDO on zkSync.
There are three candidates:
- Sushiswap MISO: https://app.sushi.com/miso
- Mute.io: https://twitter.com/mute_io
- SpaceFi: https://twitter.com/spacefi_io
We'll choose the best platform that's expected to give us the biggest impact at that moment.
Schedule
It is flexible due to the development release of zkSync, readiness of the IDO platform, but roughly it'll be early-mid January 2023.
Locking up & discount
Buyers must lock up their tokens from 10 weeks to 2 years to get veLEVX. Depending on their lock up period, they'll get 0%-50% discount. The discount graph will be a linear one.
Amount & Price
If the eventual total supply of LEVX is decided to be 300k as suggested in the last proposal, then we'll mint 93k additionally + reuse 7k in the treasury = 100k for the IDO.
It'll be an batch auction, with the minimum price between $1-$3, depending on the market sentiment at the time the IDO conducted. I considered a dutch auction as well but it'll work well in a bull market, not in this bearish one.
Maximum expected amount of funds will be around $300k, which isn't a great one but is enough for initial operation like LPing the pool, hiring 1-2 more talents, etc. Moreover, 10% of the newly minted LEVX will come into the treasury additionally after the launch.
Token Migration
Whether the token symbol changes or not in the 'Branding DAO & Token' proposal, new token contract will be deployed that has additional utility functions like permit and snapshots, which are gas consuming but not a problem anymore since our base chain will be L2.
It'll be minted on Ethereum but required amounts will be bridged to multi chains starting from zkSync.
Previous LEVX holders can swap their tokens 1:1 and veLEVX into the same amount as well.
Conclusion
Specification could change flexibly at the temparature of the market. If a bull market comes before the IDO, we could sell at a higher price or change the method into an ducth auction. We could mint additional 33k only or even 293k maybe if that's the best way to achieve goals stated in 'Motivation'.
Give me some ideas about the IDO and the way to be conducted. Let's build it together.