Token Generation Event Registration Commences 11 February
We are thrilled to announce the public Token Generation Event (TGE) phase of the Lendroid Project, and introduce the Lendroid Support Token (LST)!
Registration for the TGE: 11th Feb 00:01 GMT to 13th Feb 23:59 GMT
Public TGE: 19th Feb 00:01 GMT to to 22nd Feb, 23:59 GMT
TGE Method: Individual caps equally divided among all registered contributors.
Price: 1 ETH = 48,000 LST
Public TGE hard cap: 5000 ETH
Starting 11th Feb you can use this link to register for the TGE.
You can review the code of the TGE contracts here.
Explaining the hard cap
Our initial target was to raise 30 Million USD (We began accepting pre-commitments when the price of Ethereum was 300 USD). This process was planned in three equal phases:
- Phase I — Pre-TGE
- Phase II — Institutional investors / Funds
- Phase III — Public-TGE
In the earlier phases of the project, through the support of our 14,567 pre-TGE contributors and 43 institutional investors, we ended up raising a total of 45,000 ETH. At this point, the price of ETH started to skyrocket, and we decided to stop accepting commitments to avoid over-raising.
Due to the overwhelming support and interest in our public TGE, we decided to revise the cap to 50,000 ETH and allocate 5,000 ETH for the public-TGE (19th Feb).
The 5,000 ETH cap will be equally divided amongst those who register to contribute (11 Feb).
Unsold tokens to be distributed as Bonus
We have priced everyone equally, set at 1 ETH = 48,000 LST. However, since the price of ETH increased, we have a large number of LST which we do not wish to sell, but want to distribute in a fair method. We have decided to distribute the unsold tokens (Unsold tokens: 2,400,000,000 LST) as a bonus to those participants who vest their tokens for 12 months through a Token Release Schedule (TRS) contract.
No special prices for anyone. Vesting registered contributors will get 25% guaranteed bonus along with unsold tokens on a pro-rata basis through the TRS Contract.
Clarification on the bonus calculations
We have received multiple queries requesting more clarity on how the vesting bonus is calculated, so here it is:
- Participation in the TRS is only open to the contributors in the TGE (private and public),
- The TRS is not open to team members, partners or advisors of Lendroid.
- There are two components that make up the TRS bonus pool: 1) 10% of the total supply of LST reserved exclusively for the TRS. 2) Any unsold tokens that were originally allocated for the TGE
- Every contributor choosing to vest will be awarded a pro-rata bonus from the TRS bonus pool.
Total number of tokens initially reserved for the TGE (40% of the total supply): 4.8 billion LST
Initial raise target: 100,000 ETH (30 million USD at 300 USD / ETH)
LST generation rate: 1 ETH = 48,000 LST
However, we have revised the target to 50,000 ETH (due to the increase in the price of ETH), and have retained the price at 1 ETH = 48,000 LST (to keep it fair for all of our contributors).
Conclusively:
- The total number of tokens reserved for the TGE: 50,000 * 48,000 = 2.4 billion LST
- The Total number of unsold tokens: 4.8 billion LSTs — 2.4 billion LSTs = 2.4 billion LST
Revised TRS bonus pool:
- 10% of the total supply of LST reserved exclusively for the TRS: 1.2 billion LST
- Unsold tokens from the TGE (calculated as shown in the section above): 2.4 billion LST
Total revised TRS pool:
1.2 billion (initial TRS) + 2.4 billion (unsold tokens) = 3.6 billion LST
As mentioned previously, TRS participation is open only to the TGE contributors (private and public). Therefore, the revised TRS pool of 3.6 billion LST will be redistributed among the contributors who choose to vest, who will then receive a minimum bonus of 150%. Thus, the total LST allocated for them would be 2.5 times their LST generated during the TGE. This total LST will be released to their address over 12 months according the TRS schedule shown in the table below.
For example, If you choose to vest during the TGE (and let us assume all other contributors choose to vest too), for every 1 ETH contributed, you will receive 48,000 LST + 72,000 LST* (from the revised TRS bonus pool).
Please take a quick look at the following dates. All the days in the schedule begin at 00:01 GMT.
Please use this link to register for the TGE on Feb 11. Please note that you are eligible for the TGE only if you successfully register after clearing the requisite KYC process. You cannot participate in the TGE if you are in the US, Canada, Singapore and China, and other countries banned by the OFAC.
Public TGE: 19th Feb — 22nd Feb
Here are the basics
Day 1: We will take the total amount of tokens divided by total contributors (registered for the TGE) and offer this for the first 24 hours.
Individual Cap for within the first 24 hours = 5000 ETH / # of registered contributors.
Note: If the transaction fails, it is mostly likely due to one of the following reasons -
- Your address was not whitelisted
- Your contribution exceeds your individual cap
- You did not set the minimum required Gas limit (set at 315,000)
Preventing Gas Wars
To prevent gas wars, the individual cap will be determined based on the number of registered contributors. This individual cap guarantees allocation for every contributor that registers to the public TGE. This means that irrespective of whether someone sets a very high gas price, they will not be allocated more tokens than reserved for the individual cap.
However, this applies only for the first day. If we do not hit the total hard cap on the first day, we will remove the individual cap from the second day onward. Therefore, to avoid being victims of a gas war, we request all registered contributors to have their tokens generated on the first day itself.
Token allocation
12 billion tokens in total
- 40% for the TGE (private + public)
- 10% for Token Release Schedule (TRS)
- 12% for team on a 4 years vesting schedule
- 3% for advisors
- 10% for future team
- 25% for collaborators and partners of ecosystem
Vesting and Token Release Schedule (TRS)
From the beginning of the TGE (19th February) until 25th February, each contributor will have the option to vest in or vest out. The TRS (inspired from the Aion network) serves as an authentic model to reward the Lendroid community members who support the long-term vision of the project.
Vesting Out, The tokens can be withdrawn at a rate of 1 ETH = 48,000 LST (no discount).
Vesting In: If you choose to vest in, additional tokens — a minimum of 25% of your generated tokens — will be allocated as bonus after the Public TGE. Your tokens will be locked for a period of 1 year with a portion of them being released every month through the TRS Contract.
Vesting In, 1 ETH = 48,000 LST + Bonus (25% guaranteed + remaining unsold LSTs distributed pro rata).
Here’s the release schedule.
Note: Unsold tokens will be redistributed to the vesting participants upon the completion of the TGE.
Note: There are no discounts or special offers in the TGE that would give undue preference to participants.
Important Advisory
- Purchase of LST is not an investment.
- It is intended for those who want to utilize it for themselves rather than resell.
- Beware of scams. For extra security, always verify the address through multiple modes of communication. Send small amounts, confirm, then send the full amount of any transaction.
- These are ERC20 compatible tokens, and transferable by the contributor. Lendroid foundation will not be party to any of these transactions.
- Please speak to your lawyer, accountant or any legal entities if you are unclear about anything in this communication.
- Residents of USA, Canada, Singapore and China, in addition to countries banned by OFAC, will not be able to participate.
- Registration is mandatory to participate in the sale.
- Everyone who registered will be able to participate in the sale.
- Lendroid foundation is not responsible for providing any liquidity options such as listing on exchanges.
- Ask us any and every query you might have. If you are still unclear or not satisfied with the responses, please do not register or participate in the TGE.
Over last couple of years, millions of dollars have been lost to scammers pretending to be from a particular project team. We would like to caution you that the same attempts are likely during our TGE as well and it is up to you to protect yourself from scams. These scam efforts include but are not limited to creation of look-alike profiles of team members, mimic websites, FUD websites, and fake social media profiles. When in doubt, do not proceed.
During the TGE period, scamsters might share ETH address and claim it is the official TGE address. Please do not send funds to any individual who shares ETH address. Once the TGE begins -
- Our Telegram discussion group will be made private
- We will communicate through the Telegram Announcement channel and Twitter
Please note:
- No member of the Lendroid team will ever ask for funds privately or publicly by just providing the address. All the registrations are handled through the official page, i.e., TGE.Lendroid.com.
- If you come across any fake websites or attempts to extort money, please inform us immediately.
- There are no discounts or bonuses offered to anyone, throughout the TGE. Please refrain from dealing with anyone on a personal level for any secondary sales.
- Don’t send funds to anyone who provides you with their ethereum address.
- Don’t share your email with anyone
- If you get an email from us and your spider senses start tingling, make sure to check with us on our Telegram, Slack or Twitter accounts before clicking or opening.
Welcome. Lendroid is a non-rent seeking protocol that enables Margin Trading and short selling of ERC20 tokens without having to give custody of funds to a centralized authority.
As a first use case, we are focused on an over $1 bn market need (according to BFX Data) for low-risk, low-friction margin trading and short selling, on non-custodial (decentralized) exchanges.
You can learn all about the protocol on the website, and our whitepaper.
Purpose of TGE communication
1. Complex regulation: Regulations surrounding TGEs, ICOs, token sales, etc. are complex and can be overwhelming. We aim to provide the most comprehensive view and make the TGE process user friendly to the community.
2. Different geographies: As an addition to the first point, these regulations sometimes differ from one region to another. We are trying to ensure clarity and uniformity to the process irrespective of where you are.
3. Quality governance throughout: We place great emphasis on fairness, both in the functioning of the protocol, as well as our conduct as an organization. This communication is an effort towards complete transparency, in line with our standards of governance.
Disclaimer
Unless otherwise agreed to in writing, communications from Lendroid Foundation are intended solely for informational purposes, and should not be construed as investment advice and are not meant to be a solicitation or recommendation to buy, sell, or hold any tokens mentioned.
We believe the information contained herein to be accurate and reliable. However, errors may occasionally occur. Therefore, all information and materials are provided “AS IS” without any warranty of any kind. Lendroid Foundation is not responsible for typographic errors or other inaccuracies in the content. The information provided in this communication should not be used as the sole basis for making any acquisition decision. Rather, readers should use the information as a starting point for doing additional research on the token mentioned in order to allow the reader to form their own opinion.
We do not guarantee, warrant or represent that any acquirer purchasing or selling such tokens will profit from doing so. The possibility exists that acquirers may lose all or a substantial portion of their contribution were they to buy or sell such tokens. Non-factual statements, including statements regarding possible future events, constitute only subjective views and/or present intentions; are not representations or warranties; and are subject to change. Some information may be obtained from third party sources that Lendroid Foundation believes are reliable, but Lendroid Foundation has not independently verified the information and cannot guarantee its accuracy or completeness. Any indices discussed are for illustrative purposes only; and have limitations when used for comparison or other purposes because they may have different volatility or other characteristics.
Stay tuned for the next blog, which will explain the registration process in illustrated detail.
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