This is to certify that the entry
Be In On The Deal: A Smart Contract that Automates Token Pre-Sales
was filed in the Register on 17 June 2021, under the jurisdictions Product, Smart Contracts and Tokens and Tokenisation.
Standfirst
In this more technical post, we share how we designed our smart contract that automates the bookbuilding process of our token pre-sale.
Contents of this entry
§ 1The launchpool idea
In our February Otonomist, we talked about “launchpools” and their potential to turn capital formation on its head by letting the community stake in a refundable pool which turns into committed capital at the end of a pre-sale period.
We have now turned this idea into a smart contract which, in its first deployment, will be used to build a book of prospective token buyers for our own OtoCo token pre-sale starting 24 June.
We designed it such that, in a next release, it can be used by OtoCo users and other issuers who want to automate their token pre-sale the same way.
1.1Objective
The objective is for project Sponsor to initialize a smart contract that lets prospective token buyers stake crypto assets (in our case, DAI, USDC and USDT).
The contract then calculates the number of tokens corresponding to the amount staked, using a price per token that programmatically increases under a bonding curve in function of staker’s place in the queue at the moment of staking.
The slope of the bonding curve is set by Sponsor together with the token’s initial price when the contract is initialized, and cannot be changed once the smart contract is activated.
The end result is a transparent process that gives investors a better price the earlier they reserve tokens, but does not commit their capital until the contract goes is Finalized mode (see below).
Up to that point, they can unstake. Unstaking causes them to lose their place in the queue and forfeit the token price of the place they vacated.
If they want to rejoin the pre-sale process, they’ll have to join at the tail of the queue and pay a higher price.
1.2Design and specifications
The product consists of a Factory Contract that deploys customized launchpools with different attributes.
Each launchpool is controlled by its Sponsor, who is responsible for setting its attributes and who takes decisions during the lifetime of the pool.
The Sponsor is likely to be the issuer of the tokens.
The main specifications are as follows1:
1.3Audit
The smart contract was audited by Coinspect LLC and a copy of the audit will be made available in our OtoCo Pre-Order Guide and FAQs to be released 24 June.
1.4GitHub
All our code is freely available on OtoCo’s GitHub.
Join our official OtoCo Telegram group for all announcements related to our forthcoming token pre-sale!
Reference
Join now — t.me
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Shares/tokens, as well as stakers/investors are used interchangeably here. ↩
End of entry OTN-2021-018
Filed by Otonomos
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