3. THORWallet Weekly AMA 2021–12–09
Dear THORWallet community,
Please find here the recording and summary of our third Weekly THORWallet AMA episode with the THORWallet Founder Marcel Harmann and hosted by Archon which took place live in Discord on the 9th of December.
These Weekly AMAs are a crucial instrument to keep users and community members up to date about recent developments and important news. We will talk about recent events, product development, introduce individual team members, discuss roadmap items, and more.
Summary of the Weekly AMA
If you just want to get the most important insights from the AMA, you can read the below summary.
IDO Phase 2 On SushiSwap’s Miso Platform
Phase 2 of the THORWallet IDO will start at 13:00GMT on 20 December on SushiSwap’s Miso Platform. Originally the Phase 2 launch was meant to be held on THORChain but because of a deprioritization of IDOs on the THORChain side, we had to come up with a suitable plan B.
Please read about the full update on Phase 2 in this recent article: https://thorwallet.medium.com/thorwallet-ido-phase-2-details-f4db4214300
Why An Alternative Launch Instead Of Postponing Phase 2?
The team thought intensively about the best possible decision and finally decided to go with a Dutch Auction on Miso instead of postponing the THORChain IDO.
There are good reasons that speak in favor of this decision:
- Phase 1 IDO participants shouldn’t wait any longer to receive their $TGT tokens
- Launching the token earlier gives THORWallet a competitive advantage
- The THORWallet App is already in production and deserves a working token as it is crucial to the App’s utility
- We are facing an unclear market situation 3 months ahead
- A Miso Dutch Auction is a proven process for a fair IDO and offers a good mechanic for an initial price discovery
Why Did We Decide for Miso?
We analyzed several alternatives to the THORChain IDO and settled for Miso for the following reasons:
- Compared to other well-known and permissionless launch platforms like Balancer or Copper existing circulating tokens can’t be sold
- Miso offers a proven system, for example, XDEFI launched there successfully just recently doing two auctions
- Miso offers an easy way to migrate the raised funds into a SushiSwap pool afterward
A Few Key Facts On the Miso Launch
Auction Start: 13:00 GMT 20 December 2021
Auction Ending: 19:00 GMT 21 December 2021 (30h Duration)
Starting Price: $1.5/TGT (this price is not yet final and can be adjusted slightly)
Reserve Price: $0.075/TGT
Allocation: 20m TGT (2% of TS = Allocation of planned TC pool)
Payment currency: USDC
Phase 3 — the SushiSwap pool listing — will commence after the Miso Dutch Auction has been completed.
How A Dutch Auction Works On Miso
Dutch Auctions are a unique way to launch a token and we think will become increasingly popular because they ensure fair and market-driven price discovery. Dutch Auctions are resistant to manipulation by whales and can’t be front-run by bots ensuring the best outcome for the wider community.
Participants individually decide at which point they’re happy with a token price and commit their funds — yet the auction continues until everyone is happy with the token price. In the end, everyone buying will be getting the cheapest possible token.
If your fair TGT price is $1.2, you execute the transaction when the auction hits that price. The auction will continue to run until all 20m TGT are used up. If the last transaction is at $0.85, then everyone will get $0.85. However, if you believe the fair price is $0.5 and never execute a trade, you run the risk of getting no allocation as the auction never hits that price. That’s why it is important to make the transaction at the price you think is the fair market value.
For more information about Dutch Auctions have a look here: How To Video of Sushi MISO.
When Can Phase 1 Participants Claim Their $TGT Tokens?
The Sushi pool will open shortly after the conclusion of the auction (Phase 3). Phase 1 $TGT will be claimable at this stage. The liquidity pool will offer very lucrative rewards as a bonus for our early TGT holders and will be one of many rewards to come for our community.
iOS App Release In The US
We are still in discussion with our lawyers to bring the THORWallet App into the US Apple AppStore as soon as possible — unfortunately, we cannot commit to a date just yet.
When Android App?
Many were asking for the Android App release date. We are currently testing the app and plan to release it early next year. We are also discussing a potential beta testing program and will inform you if there is an opportunity to support with testing.
How To Attract Normies?
As already communicated since the start of our project, we plan to release an additional app that will focus on attracting the “everyday user” based on a simplified user interface and a non-THORChain related branding. Marcel talked more about that at the end of the AMA, so if you are interested, listen in!
We answered many more questions from the community in the AMA, so if you want to get all the updates, make sure to check out the recording above.
Join us here:
✅ Official Website: https://thorwallet.org/
✅ Twitter: https://twitter.com/thorwallet
✅ Telegram Group: https://t.me/THORWalletOfficial
✅ Telegram Ann: https://t.me/THORWalletOfficial_Ann
✅ Discord Channel: http://discord.gg/TArAZHDjCr
✅ Official Opensesa Collection: https://opensea.io/collection/thorwallet-army
📱iOS THORWallet: http://apple.co/3pdDvJM