UPDATE: Some of the information in this article is outdated, please go read: https://tavernskeep.medium.com/the-tavern-presale-guide-part-2-a1d27f8f6656
The tavern is launching the whitelisted private sale on 25th February at 7pm UTC, where users will be able to deposit USDC to get their MEAD at a guaranteed fixed price!
This article will go through the details, and explain things so that you are prepped and ready to go.
New to AVAX (or cryptocurrency)? We are writing up a guide to help you get started so you’ll be ready to participate!
Let’s first run through the MEAD token, and go through its distribution.
There will be an initial supply of 2,500,000 MEAD tokens, and the starting price will be $1. This gives us a starting valuation of $2,500,000.
The token distribution is as follows:
- 40% to the reward reserves (1,000,000 MEAD)
- 10% to the treasury reserves (250,000 MEAD)
- 16% to the whitelisted presale (400,000 MEAD)
- 24% to the public presale (600,000 MEAD)
- 10% to the initial liquidity (250,000 MEAD)
*Please note that the team have removed the team fund!*
The initial liquidity will be locked for 12 months to give people additional security and confidence in the longevity of the project.
To ensure a stable launch, we have gone down the route of using a receipt token for our presales called xMEAD.
Participating in either presale gives the user a special token called xMEAD, which is a receipt token that has a 1:1 exchange rate with MEAD.
Since xMEAD will not be transferable or tradable, it will prevent people dumping their entire investment on launch.
Instead, xMEAD can be used in two ways:
- Exchanged for MEAD at a 1:1 rate after launching
- Purchasing BREWERYs at a discounted rate.
xMEAD => MEAD redeems will enable 24-hours after launch. You will be able to claim 2,000 MEAD initially, and then after each vesting period another 2,000 will unlock. This further reduces the risk of any dumping on launch.
xMEAD can be used to purchase BREWERYs during the public presale and after launch at a discounted rate to MEAD.
The Whitelisted Presale
The whitelisted presale takes place on Friday 25th of February, where 16% of the total supply (400,000 MEAD) will be available to those that have a whitelist spot. It will run for 24-hours.
The whitelisted round will give a discount price of $0.90 per xMEAD.
This round aims to raise $360,000 USDC.
The minimum contribution is $100 USDC, and the maximum contribution is $1,000 USDC for the first hour and $2,000 USDC after that.
Your xMEAD will be issued to you immediately after participating.
There will be a maximum of 360 WL spots given out. There are plenty of opportunities to be whitelisted before the presale on Friday, so make sure you join the Discord: https://discord.gg/tavernskeep
The Public Presale
The public presale is currently penciled in to take place on 28th February, where 24% of the total supply (600,000 MEAD) will be available to anyone. It will also run for 24-hours.
The public presale price will be the same as the launch price of $1.00!
This round aims to raise $600,000 USDC
Additionally, batches of BREWERYs will be available to purchase early during the public presale.
BREWERYs can be purchased at a 10% discount when using xMEAD.
The minimum contribution for the public round is $10 USDC, and the maximum contribution will start at $2000, where then every 15 minutes the maximum contribution will rise by another $2000 up to a cap of $10,000.
The maximum contribution increases like so:
- $2,000 on start for the first 15 minutes
- $4,000 at 15 minutes — 30 minutes
- $6,000 at 30 minutes — 45 minutes
- $8,000 at 45 minutes — 1 hour
- $10,000 at 1 hour+
We aim to launch in early March and as of now we have a tentative date of 1st March set; however, this may be subject to change to allow time for audits to complete!
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