Launchpad on Bazaar
Uncapped batch auction for $COVE
Bazaar Launchpad
Bazaar is a decentralized, chain-agnostic launchpad providing crypto-natives with a fair, community-centric approach to fundraising.
An uncapped batch auction will be held on Bazaar for 9.5% of the $COVE supply in exchange for ETH to help bootstrap protocol owned liquidity. The auction is scheduled for April 22nd, 2024!
In an uncapped batch auction, participants receive a proportional share of tokens based on their contribution relative to the total amount pledged. This ensures fairness for all users, though the exact proportion is uncertain beforehand.
Funds will be used to buy up to 285 YFI (~$2.4MM). ~$300K of the purchased YFI will be used to seed the coveYFI/YFI Curve pool as protocol owned liquidity (PoL). The purchase will be facilitated by the community multisig.
Excess funds will be held by the community multisig to be utilized by the DAO through governance on Snapshot.
At the moment, $COVE is non-transferable and only used for voting in protocol governance. In the future, we expect governance proposals to enable transfers and add additional utility and tokenomics.
For more details on $COVE, please refer to the token documentation.
Auction parameters
| Parameter | Value |
|---|---|
| Auction type | Uncapped batch auction |
| Auction start date | April 22nd, 2024 |
| Auction duration | 3 days |
| % of token supply sold | 9.5% |
| Reserve implied FDV | $30MM |
| Vesting | 1y linear (voting power) |