The Taverns Keep have been analyzing other projects in the node space right now to try and learn from some of the mistakes that we see are happening.
One of the main risk points that we have identified as a team, even though the likelihood is very low, is that there is a large portion of MEAD allocated for the public sale. Originally this didn’t strike us as unusual, but after watching other projects with a similar presale setup completely dump over 24-hours it has caused us to act.
Since the public sale is open to anyone, whales and bots will be able to compete, buying up MEAD at an incredibly low and discounted price— and having this amount of MEAD in the hands of public salers could impact the first few days of launch.
Based on the popularity this project has attracted over the past week there is a good chance that most of these people will make an instant return, and it could quickly become a case where millions of dollars worth of MEAD is in the hands of the holders, where instead of using it to purchase BREWERYs, it is dumped onto the open market.
The idea of The Tavern was to buy BREWERYs, and use these to produce MEAD — and this should be the go-to strategy for the vast majority of our taverners.
So what are we changing?
The public presale will no longer offer xMEAD as a receipt token for individuals, and instead will let them purchase BREWERYs directly using their USDC.
The whitelisted presale will remain the same. This means if you are whitelisted, you will still be purchasing xMEAD. The xMEAD that you buy will let you purchase BREWERYs at a discount, and also you can convert your xMEAD to MEAD at a 1:1 ratio over a vesting period (read more below).
This change is quite significant, and it’s important that we are as crystal clear as we can be for people to ensure that they are on the same page as us, so if you have any questions at all, please don’t hesitate to hop into The Tavern Discord and come ask us a question!
Why is this good?
Removing the xMEAD presale token will prevent bots, short-term whales and other malicious entities from perma-dumping their investments on launch which will mean more money, and more rewards for everyone.
The added benefit of this approach is that we can use these removed tokens, and add them to our liquidity pool instead. This means that individuals that wish to sell their MEAD will be able to do so at a much better rate.
Furthermore, owning these BREWERYs is a form of investment as they are NFTs that you can level up, change the appearance of and sell for a profit!
How is this all going to work?
First of all let’s talk about the whitelisted presale
The whitelisted presale takes place later today at 7pm UTC. There is 400000 xMEAD tokens, priced at $0.90 each (raise aim of $360,000).
There are 360 whitelisted addresess (you can check them here) and each of them will have 1-hour window to purchase their own reserved portion of $1,000 USDC worth of xMEAD. After 1-hour, the max contribution will increase to $2,000 USDC, allowing people to soak up any remaining tokens!
After contributing your USDC to the whitelisted presale, you will be immedietely issued your xMEAD tokens and you will be able to view them in your wallet, either on Snowtrace or in Metamask (you can view and track xMEAD here: https://snowtrace.io/token/0xfb69818be1d509707007c6ab1cd8b91980d3c971)
At this point, you have your xMEAD — well what now?
Your new xMEAD is incredibly valuable and it can be used to purchase BREWERYs at a 10% discount — for life!
Additionally, whitelisted tavern-goers will have 10 BREWERYs reserved for them each (3600 BREWERYs total), and they will be able to purchase them 1-hour before the public mint. Whitelisted people are then able to participate in the public presale alongside everyone else.
Any leftover xMEAD after launch can then be converted into MEAD at a ratio of 1:1 over an unlocking period.
The unlock period is 10% every day, starting immedietely after launch.
This means that you can convert 10% of your xMEAD on launch, then 20% of your xMEAD on the second day and so on.
You can store it, or convert it each day — its up to you. However, you can always purchase available BREWERYs with your xMEAD (even after launch), and the discount will remain at 10%!
If you have any more questions about the Whitelisted presale, please come join the Discord and ask us your questions!
So how is the public presale going to work?
The public presale will be offering the open market the ability to purchase (mint) BREWERYs at fixed prices in USDC.
There will be 6000 BREWERYs on the public presale in total, and they will be released in decreasing batches.
The release isn’t timed, and is based on demand meaning that when the first batch sells out, the second batch becomes available.
This is how they will be priced:
- First batch: 2,000 ($100 USDC each)
- Second batch: 1,800 ($200 USDC each)
- Third batch: 1,200 ($300 USDC each)
- Fourth batch: 800 ($400 USDC each)
- Fifth & Final batch: 400 ($500 USDC each)
On a 10x, which is not uncommon for node projects, this is still an incredibly cheap entry point! (Not to mention that you can sell the BREWERYs, and they also earn you MEAD for life!)
This gives people a choice, between whether you want to take the guaranteed price now, or wait for til launch where you will be competing with everyone else to buy up your MEAD and purchase your BREWERYs!
“Do you want one sweet now, or two sweets tomorrow?”
Having a slowly increasing price, means that we can price BREWERYs in before launch and raise enough capital to add extra USDC to the liquidity reserves!
On a slightly unrelated note, I wanted to just quickly talk about secondary marketplaces.
It’s incredibly detrimental if the floor price on the secondary market goes below the price on The Tavern website, as it removes the buy pressure for MEAD.
Due to this, we will not be enabling BREWERY NFT transfers for a couple days or so after launch while we wait for things to stabalize. The exact time won’t be necessarily specified.
We are in talks with exchanges to accept MEAD as the payment token, and we are also in the process of looking into the feasibility of having our own in-house marketplace.