Genesis Launch Auction(GLA)

Design goals

  • Ensure fair participation. Any user can invest funds before the end of the Auction, and $CHAOS will be allocated according to the proportion of the invested funds

  • Ensure asset security. When funds enter the Auction contract, they are controlled by the protocol instead of an admin

  • Support safe exit. If the Auction does not reach soft cap, user can withdraw funds back, the protocol takes no fee

Rules

  • Start time: 2022:07:23 13:00 UTC

  • Network: AVAX C-Chain

  • Duration: 12H(WhiteList Sale) & 12H(Public Sale)

  • White Sale Price: 1 CHAOS = 2.3 USDC

  • Whitelist limits: 1000 USDC per address

  • Public Sale Price: 1 CHAOS = 2.6 USDC

  • Soft cap: $170,000

  • Hard cap: $300,000

  • Accepted asset: USDC

User participation

There are 2 stages on $CHAOS GLA

Stage 1(0-12H): Whitelist deposit, whitelist users are contributors who joined ONC community in the early stage, and finished the tasks issue by ONC team, in this stage, each whitelist address will be allowed to deposit at a max cap of 1000 USDC

Stage 2(12H-24H): After stage 1, the remaining amount of deposits will be open to public, and no max cap will be limited

When Launch Auction is started, users can connect their wallets on the Launch Auction page and start to invest USDC. During this period, users can invest USDC one or more times to participate until the hard cap reached or auction time run out(24 hours).

The funds will be transferred from the Auction contract to vAMM treasury directly, and the floor price will be calculated automatically based on the total supply of $CHAOS and the total amount of $USDC in treasury. At this time, ONC vAMM is initialized and the ecology is officially launched.

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