How does IFO works
For IFO basic sale, you will need veCRONA to be eligible to participate in the IFO event. For IFO unlimited sale, you do not need veCRONA. Read below to find out more!
New projects will set a target fundraising amount and funds will be raised via USDC/USDT/CRONA tokens (depends on project partners' requirements). This means investors can purchase the new project’s tokens using these tokens (you will be informed what type of funds can be committed for each IFO).
After the IFO is over, investors will get to claim the new tokens they have bought!
“Overflow” sale method
The IFO will utilize the “overflow” sale method. Basically, you have to indicate the amount of funds you would like to commit first. But your final allocation of the new tokens will be based on the amount of funds you put in as a percentage of all the funds pooled together in the pool.
Therefore, if the amount raised “overflows” and is more than the target fundraising amount, users will get back any leftover funds after claiming their allocated new tokens.
This also means it is possible to receive no new tokens at all if you commit only a small amount of funds as compared to the total amount of funds committed by others. If so, you will get back your original funds after the sale.
TLDR: The more funds you commit, the higher your token allocation. And you will also get back any funds that are unused.
What happens if the IFO does not raise the targeted funds?
If the IFO does not raise the targeted funds, the sale will still proceed and all funds committed will be used to buy new tokens.
Two types of IFO sale:
There are two types of sales available – basic sale and unlimited sale. Each has their own sets of conditions, and you can choose to join either or both sale.
(1) Basic sale
Requires veCRONA (by locking your CRONA tokens in the Boost function)
Limited buy amount per user ($1,000/address)
No fees
The amount of tokens available in this sale will represent 30% of total sale
In the “Basic” sale, the maximum commitment for each participant is the lower of their IFO credits or the cap of $1,000 per address.
(2) Unlimited sale
No veCRONA required
No limit to buy amount
Includes participation fee (determined by total value of pool)
The amount of tokens available in this sale will represent 70% of total sale
You can choose to participate in both "Basic" and "Unlimited" sale.
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