Fair Launch
Last updated
Last updated
Mendi Finance unlike many protocols employed a fair launch model, where no investors have taken pre-mining allocations and the community recieved the large majority of the token allocation.
Why is this important?
Because this was the first step the protocol has taken to hand over the ownership of the protocol to the community as soon as possible and this was the first step for the Mendi DAO to be formed. Since then Mendi transitioned to a Decentralized Autonomus Organization model, where the core team takes a minority position and all decisions are made by the diverse community of Mendi stakers.
In the section below you can read up about our original launch back in August 2023, and how the protocol originally started.
The $MENDI token launch will be one of the fairest of DeFi, and it will be based on TAROT token liquidity generation event.
Users who deposit USDC into the LGE contract at any time during the LGE will be apportioned a proportional share of the LGE regular allocation. (3,2% of the total supply of $MENDI)
Claimable $MENDI will be based on share of the total deposits at the end of the bonus period. There is no front-running and being first or last to deposit for either distribution doesn't matter.
After the LGE event ends, 3,5% of the total supply of $MENDI will be claimed by users who participate in the event.
The entire USDC proceeds from the LGE, along with 2,5% of total supply of $MENDI will be used for the $MENDI/USDC pair on Velocore.
With these conditions, LGE participants will receive 28% more tokens than they paid for.
(For example, if you participated with 100 USDC, you'll receive 128USDC worth of $MENDI tokens at launch.)
50% of the LGE participant reward tokens will be unlocked instantly. The other 50% will be unlocked over a year with linear vesting.
The LP tokens received by the LGE contract will be locked in the LGE contract for a minimum of 180 days, ensuring plenty of early liquidity. After the lockup period ends, LP tokens will be transferred to the protocol reserves, where the strategy for their usage will be at the discretion of governance.
As an additional incentive, users who deposit during the first day will be apportioned a proportional share of the LGE bonus allocation. (0,3% of the total supply of $MENDI)
