What is Klima DAO ‘Initial Discord Offering’?
Our Initial Discord Offering (IDO) is Part 1 of our Fair Launch Strategy, and aims to distribute supply of KLIMA as fairly as possible. By participating, alphaKlimates can secure a bag of KLIMA at a very fair price and in a non-competitive environment.
The funds raised will enable Klima DAO to bootstrap liquidity and kickstart the protocol.
Part 2 of the Fair Launch Strategy will be a Liquidity Bootstrapping Pool (LBP), full details of this will be released shortly.
How will the IDO work?
IDO purchases will be done Ethereum mainnet.
It will open on Tuesday 17th August 2021 at UTC 00:00, and will run until Friday the 20th of August.
On the launch date, there will be a post in the #announcements channel of our community Discord which includes details of the Klima DAO Multisig wallet.
Any alphaKlimate who signed up in the Typeform has the right to buy a single KLIMA NFT. Please note that the Typeform was closed on 12th August and will not be reopened.
alphaKlimates will have until the end of the IDO to send 500 DAI or 1,000 DAI to the multi-sig from their whitelisted address.
There will be two classes of NFT that can be bought:
- Class A: 500 DAI / NFT → airdrop of 50 Klima → 10 DAI / KLIMA
- Class B: 1000 DAI / NFT → airdrop of 100 Klima → 10 DAI / KLIMA
Once an NFT has been bought, the purchasing address will be removed from the whitelist (i.e. there will only be an opportunity to buy 1 NFT per each whitelisted address).
After the IDO closes, holders of an NFT are not required to take further action. They will be airdropped 50 or 100 KLIMA on Polygon, based on the NFT they hold.
Funds from addresses that have not been whitelisted, or addresses that have already purchased an NFT will be sent back.
NFTs will be non-transferable until after the airdrop. In practice this means that the LBP will be the first price discovery event for KLIMA (through aKLIMA sold in the LBP).
Please note: the address used to purchase your NFT must be an Externally Owned Account (i.e. not an address of an exchange, contract or Multisig), otherwise the address will not be the same on Polygon and you may miss the airdrop.
The IDO will be used to bootstrap the LBP, which will then bootstrap the Sushi pools on Polygon, post LBP.
By buying the NFTs you are funding the LBP, and literally bootstrapping Klima DAO. We also expect the NFTs to be valuable indicators of hero status later.
For Part 2, after assessing the best tools and methods for conducting a fair launch, we have settled on the Copper Fair Launch platform by the Alchemist community for our LBP. This will provide the best user experience for participants on Balancer Liquidity pools.
LBPs have been used successfully by many teams to successfully distribute tokens to their community, and they provide powerful tools for doing so in a capital efficient manner, but they also require capital in order to bootstrap them.
Deploying Part 1 and Part 2 of our Fair Launch Strategy in the coming weeks will enable Klima DAO to efficiently bootstrap and reward community participation, without the need for external funding from VCs etc to kick start the protocol.
What can I do now?
Next steps will be announced on our community Discord.
Turn notifications ON for the #announcements channel. Do this by clicking on the channel name → notification settings → only @mentions. All Klimates with notifications ‘on’ will get pinged at IDO launch.
You can also follow us on Twitter for future updates.
Additionally, you can still participate in testnet and get used to navigating around the ecosystem. To experiment on testnet, follow these steps:
- Connect to Polygon Mumbai test network by searching for Mumbai here. You can view transactions and and tokens on Mumbai here. Note that you need to make sure your web3 provider’s network is set to Matic Testnet Mumbai.
- Token addresses on Mumbai testnet are below this article.
- Staking KLIMA for sKLIMA can be done at https://klimadao.finance/#/stake. Note that if rebase rewards are at 0% it means testers have exhausted the current amount of testnet rewards.
- Create a KLIMA/BCT SLP on Sushiswap.
- The SLP can be bonded at https://klimadao.finance/#/lpstake
Risks and Disclaimers
Please keep in mind that this is a high risk economic experiment, and you are not recommended to bootstrap Klima DAO with funds that you can’t afford to lose.
It is possible that you will lose all of your money.
The contracts are a fork of Olympus DAO’s audited contracts, and we have gone thorough an informal external review, but there has been no official audit on Klima DAO.
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