Balancer LBP Insurace Governance Token
Source: Insurace Protocol
Following the successful conclusion of the InsurAce strategic financing and the smooth launch of the product test network, InsurAce is also in the process of preparing for the mainnet launch of the governance token. After active communication and negotiation among investors, community, team and market participants, Balancer and Liquidity were finally decided to Bootstrapping and Pool&NBSP. (Liquidity Initiator Pool, or LBP) for the token offering.
The event is tentatively scheduled to start at 14:00:00 UTC on March 15, 2021, and last for 48 hours, ending at 13:59:59 UTC on March 17, 2021 (22:00:00 March 15, 2021 -- 21:59:59 March 17, 2021).
The details are as follows:
About Insurace governance token INSUR
Insurace token (TICKER: INSUR) is the standard ERC20 token, mainly used for InsurAce protocol governance and ecological construction. Its current main application scenarios include:
• Participate in community and business scenario governance, such as proposal for improvement, voting, claim review, etc.;
• User incentives under certain business scenarios, such as insurance pool pledge, insurance policy purchase, participation in claim settlement, etc.;
• Participate in platform revenue sharing;
• Community and ecological construction;
As the InsurACE project continues to evolve, Insur tokens will be used in a variety of scenarios and will continue to provide value capture.
Insur token distribution scheme
The total number of InsurAce governance tokens is 100 million, and the distribution scheme is shown in the table below:
Token launch scheme based on Balancer LBP
1. About Balancer LBP
Balancer LBP is a token initiation solution that has been accepted and adopted by many mainstream projects. LBP can effectively prevent jumping the gun and excessive speculation in the token IPO, and can provide effective initial price setting and liquidity start for the token IPO.
Unlike conventional pools of liquidity on de-centralised exchanges (DEX) such as Uniswap, the LBP model starts with a high starting price and a large bias (say, 90:10) between trade pairs. Over time, the price will fluctuate during the transaction and revert to a lower trade-to-trade ratio (e.g., 50:50) at the end of the auction, while the supply and demand mechanisms of the market allow the price of the token to reach a final equilibrium.
Because of this, when participating in an LBP auction, users do not have to jump the ball and can wait patiently for the price to reach a range they are satisfied with before buying.
2. INSUR's LBP program
Insurace's LBP activities will commence at 14:00:00 UTC 15 March 2021 and last for 48 hours ending at 13:59:59 UTC 17 March 2021 (22:00:00 GMT 15 March 2021 -- 21:59:59 GMT Beijing/Hong Kong/Singapore).
A total of 2 million Insur tokens, accounting for 2% of the total, were sold at a starting price of 4.5USD, with the trading pair INSUR/USDC, with the initial weight set at 90:10 and the final weight set at 50:50.
Relevant core parameters are shown in the following table:
If there are no buy or sell orders to participate in the auction, the default price of INSUR is 0.5USD at the end of the auction. The trend is shown in the figure below:
The corresponding market value of INSUR will also change with the fluctuation of INSUR price, as shown in the figure below:
After the auction, we will set up trading pairs on decentralized exchanges such as Uniswap to provide more users with convenient trading channels. Subsequent coinage trading will also be carried out on the centralized exchange.
3. How to get involved
To participate in this LBP activity, please refer to the following steps:
(1) Prepare a Balancer supported wallet. Currently, Balancer supports the following wallets:
(2) Prepare a certain amount of ETH in your wallet as the Gas fee, and the currency accepted by Balancer, such as USDC.
(3) After the start of the event, enter the exclusive LBP page for InsurAce (lbp.insurace.io), which will provide key information such as "Time Remain", "Current Price", "Number of Remain tokens", "Current Market Value" and so on, as well as a real-time price chart. Click the "Go to Balancer LBP to buy" button in the middle of this page to go to the relevant page of Balancer to buy.
(4) After entering the purchase page on Balancer, connect the wallet and choose USDC as the transaction currency by default. You can input the amount you need to purchase and click "Swap" to conduct the transaction. For users without USDC, they can choose ETH, USDT, DAI and other currencies to purchase, but Balancer will carry out a conversion process, which will increase the user's purchase cost.
(5) After successful purchase, you can check your wallet to see the amount of INSUR you have purchased. If Insur tokens are not searchable in your wallet, you can add them directly via Insur's smart contract address.
The smart address is: 0 x544c42fbb96b39b21df61cf322b5edc285ee7429
During the campaign, the Insurace team can be reached for technical support via Telegram, Discord, Twitter, forums, etc.
4. Important reminder ⚠️
Although LBP has been adopted by many projects and many users are familiar with the model, we still have some friendly reminders here for reference only.
(1), do not jump to buy ⚠️
Since LBP adopts reverse price auction, the initial price is usually set relatively high, and the price will generally decrease gradually with the continuous entry of purchase and sale orders and the adjustment of weight. So there is no need to jump the gun to buy, or you may pay higher costs. The logical strategy is to wait for prices to move into what you think is a reasonable range before buying.
(2) Pay attention to the Gas consumption ⚠️
Since Balancer is deployed on Ethereum, which currently has a high Gas cost, a certain amount of ETH needs to be deposited in advance as the Gas cost. And in the purchase process, please set a reasonable Gas fee to avoid excessive transaction costs.
(3) Pay attention to the sliding point setting ⚠️
The default slide point of Balancer is 0.5%. If you buy a large quantity, please pay attention to setting a reasonable slide point value to ensure you can buy in time.
(4) Do not build a mobile pool by yourself ⚠️
Do not set up your own flow pool before the end of the LBP activity, otherwise it may increase your costs. Following the end of the LBP event, the Insurace team will establish a mobile trading pool on a major decentralized trading platform such as Uniswap to allow more users to trade Insur tokens.
(5) Trading is risky, investment needs to be cautious ⚠️
This article does not constitute any investment advice, the user is responsible for the risk of the transaction. If you are not familiar with crypto assets, you are advised to participate with caution.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
