Note: No sheeps have been harmed during the writing of this article
Imptroduction
We have a vision. Initially, we wanted to foster it alone until it’s ready to expand. Then the Imps raised their voices and we heard. Now, we invite everyone who wants to build with us to join our IDO (initial discord offering) where pImps and High Imps will be able to buy pImp tokens.
IDO
We plan to raise 50,000$ from the public offering using the pToken pImp
- 10 High Imps with 1,000$ allocation: 10,000$ and 200 pImp
- 80 pImps with 500$ allocation : 40,000$ and 800 pImp
IDO tokens will be pTokens exchanged at launch for the Imp token.
Fire Imps
We plan to also raise 100,000$ (2,000 pImp) from the team at the same price as the public offering. 70% of that allocation will be staked and vested linearly at launch over 3 months
This will put the total raised amount until launch at 150,000$, which will be used for LP at launch and the remaining sent to treasury. I won’t make any comment on the treasury doing buybacks nor the team willing to buy even more (a lot more...).
Vested Allocation
Fire Imps will also have a vested allocation. We will work towards the long-term success of the protocol. This won’t be your usual P&D high inflation fork that creates hundreds of bag holders and will just slowly bleed out because the team has no idea how to handle monetary policy. That’s why most of this allocation will be vested and tied to reaching tangible milestones. We are not afraid to bet on ourselves and on the amazing band of Imp that will join us to build a new type of reserve currency, which fosters innovation. We have big plans, not house names.
The total allocation is 10,000 pImps tokens. The vesting will be over 88 weeks (20.2 months) and will be based on the millions accumulated in treasury assets.
Vesting Schedule
The condition is the number of millions in the treasury and is necessary for the unlocking of any vesting.
The schedule foresees a faster unlock shortly after launch (3,000 by week 8) since we expect high inflation of the supply. Along with our estimates, the total supply should be well above 50,000 after month-in with a very conservative bonding projection. The team will of course be conservative with selling its allocation (some of us will however be working full time on ImpDao).
DAO
We don’t believe having a big DAO wallet is necessary for success. We don’t think it’s natural to sell our currency to fund the protocol. We will pursue a low bonding fee of 5% for the start and gradually lower it further, targeting 3% in the long run. New Fire Imps will exclusively be paid with vested allocation in Imp. This will align new contributors' incentives with the long-term success of the protocol.
We do not see what has been done, we only see what remains to be done.
