Traverse IFO on Lydia Finance

Hi Lydians,

The Traverse IFO Proposal was approved by our community and we are so happy to share the details of the Traverse ($VERSE) IFO that will be hosted on the Lydia Finance launchpad.

About Traverse

Traverse is the first Multiverse Reserve Currency protocol currently available on the Avalanche Network based on the VERSE token. Each VERSE token is backed by a basket of assets (e.g., DAI.e, VERSE-AVAX LP Tokens, etc) in the Traverse treasury, giving it an intrinsic value that it cannot fall below. Traverse also introduces economic and game-theoretic dynamics into the market through staking and minting.

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Sale Details

Sale start time: 1 pm GMT on Fri. 24th Dec. 2021

Sale end time: 5 pm GMT on Fri. 24th Dec. 2021

Token unlock time: 7 pm GMT on Fri. 24th Dec. 2021

Amount to be raised: 420,000 USD in AVAX-USDT.e Lydia LP tokens

Tokens to be sold: 100,000 VERSE

Sale price: $4.2

Listing price: $6

Vesting: No vesting

Method: Basic Sale and Unlimited Sale (Both sales will be conducted via the Overflow method)

Minimum Lydian’s Pool Balance to participate: 3600 LYD ($100 worth of as of this article published)

LYD to burn: $130,000

Please see Traverse IFO Proposal for all details.

What is the “Overflow” sale method?

Basically, the more you put in, the more you will get, and you’ll get back anything that doesn’t get spent.

In the “Overflow” method, users can subscribe as much or as little as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will be sent back any leftover funds when they claim their tokens after the sale. This way everyone can participate in the sale.

To participate in the IFO:

Before Sale:

During Sale:

  • While the sale is live, commit your AVAX-USDT.e LP tokens to buy $VERSE tokens at Lydia.finance

After Sale:

  • Wait until the 2-hour preparation period ends.
  • When the preparation period is complete, claim your $VERSE tokens and your unspent funds will also be sent back to you.
  • Done! In the case of an overflow, you can unstake your remaining AVAX-USDT.e Lydia LP tokens.

The Lydian’s Pool provides a very good earning rate, feel free to deposit as much as you can to enjoy a high APY.

If you decide to buy AVAX-USDT.e LP tokens before the IFO starts, you can stake them here to earn LYD token rewards while waiting for the sale.

Please note — while you are holding AVAX-USDT.e LP tokens you will be at risk of Impermanent Loss.

What are the 2 different sale sessions?

Basic Sale ($126,000 30% of Sale allocation)

Want to participate in the IFO and get the most bang for your buck? This is for you.

In the “Basic” session, each person can contribute a MAXIMUM of $200 equivalent in AVAX-USDT.e LP tokens.

The amount of tokens available for the Basic Sale will be 30% of the total sale.

Note that the final allocation you receive will still be subject to the total amount raised in this session.

Unlimited Sale ($294,000 70% of Sale Allocation)

There will not be any contribution limits in this “Unlimited” session but it comes with a participation fee.

The number of tokens available in this portion of the sale will account for 70% of the total sale.

How much is the participation fee?

The participation fee will start at 1%, which is only applied to your contribution in the “Unlimited” session.

The 1% participation fee decreases in cliffs, based on the percentage of overflow from the “Unlimited” portion of the sale.

The fee cliff for the Traverse IFO is as follows:

In the “Unlimited Sale” method, users can subscribe as much or as little as they want to the IFO, and their final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the sale ends. Users will receive back any leftover funds when they claim their tokens after the sale.

Please note — The final USD price per AVAX-USDT.e Lydia LP token will be set a few minutes before the sale starting time.

The Farm:

We will launch a VERSE/AVAX farm with a great allocation once the IFO is finished.

Disclaimer — All projects are subject to both high market risk and volatility. Please, do your own research and full due diligence before even considering investing your funds in any project, and please, make your investments very cautiously. Lydia Finance will not be held responsible for any investment losses.

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Lydia Finance

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Decentralized finance platform for Avalanche assets. 🦁

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