A fair, balanced, and liquid token launch for DeFi’s internet of liquidity
The ultimate goal of deBridge is to give DeFi the ability to network in real time. Just as Web2 applications can plug into the internet and instantly reach a global, unified network of infrastructure and users, we are building this for Web3 — we are building DeFi’s internet of liquidity. And we’re very much on the way there. With over $3.5B in volume settled and ~500,000 users, deBridge has already secured almost $12M in its protocol treasury — more than the total amount ever raised to build the tech — while generating strong daily revenue. Now is the time to pass control of governance over to our loyal community. It’s time for LFG.
The goal of our LFG launch is to bootstrap initial on-chain liquidity while giving both the Jupiter community and loyal deBridge users an ability to participate in the launch process.
It’s obvious but super important to note, the protocol’s traction and success wouldn’t be possible without our loyal users, partners, and community. This loyalty should be rewarded, and that’s why we believe that not VCs or MEV bots, but the most active deBridge ecosystem participants and the Jupiter community, should be the ones to participate in the launch. All of this is to say, DBR’s LFG launch will be a very exclusive event available only to certain addresses that have been active in the deBridge or Jupiter ecosystems.
So how do we make this happen?
The DBR LFG launch is not a classical Jupiter LFG launch, as in our case LFG works like a launch pool instead of a bonding curve (a.k.a. alpha vault). Here’s how we’ve optimized the launch for maximum traction.
Wen?
The tentative planned time is in September.
What are the terms?
The LFG Vault will sell 2% (200,000,000) of total supply — of DBR tokens at $250M FDV ($0.025 per token) with a cap of $5M USDC, giving a set of eligible addresses the chance to become early stakeholders in the deBridge ecosystem.
Note that this is only the percentage to be distributed through the LFG vault — the percentage to be distributed at TGE for Points Season 1 will be announced shortly together with the checker.
There will be no need to rush, since all eligible users will have up to 24 hours to deposit USDC into the LFG vault, with a maximum deposit cap per address of $25,000.
The price of $0.025 per DBR is equal for all participants. Fairness and equality for all eligible users.
How will the eligibility be checked for the LFG vault?
There will be a special smart contract validation implemented that allows only a specific list of eligible addresses to participate, giving loyal deBridge users and select Jupiter users the chance to participate and support the ecosystem.
Every eligible address will be granted a special cryptographic signature that needs to be passed to the smart contract. The LFG Vault deposit method will check that the signature is valid before processing the deposit, and that the total deposited amount of this address is not bigger than maximal deposit cap per address.
What’s the eligibility criteria for the deBridge community?
Active deBridge users who interacted with deBridge protocol on at least at 10 different days (up to the date of Season 1 snapshot). 28,029 eligible addresses in total. Everyone will be able to check their eligibility using the Airdrop checker when it’s live.
What about the Jupiter community?
The top 10% of JUP stakers (users with a net stake of over 690 JUP) are eligible to participate. You can view all eligible participants here.
Will there be vesting?
In order to align interests for the long-term growth of deBridge and keep it fair for all participants, DBR tokens acquired through the LFG Vault will be distributed in two phases, 50% directly at launch when tokens become tradable (~48 hours after the Vault opens), and 50% 6 months after the date of launch. This setup keeps vault participants aligned for the long term and makes the launch fairer for all, including those who don’t have the chance to acquire DBR through the vault.
How will the mechanics work?
$3M of this liquidity paired with 1% of DBR’s total supply (100,000,000 DBR) from “Community & Launch” part is to be supplied into Meteora’s Dynamic pool where the trading will start at the same moment the first part of DBR tokens distributed through LFG becomes claimable by LFG participants. Meteora’s dynamic pool LP position and the rest of USDC liquidity (up to $2M) will be secured on the Governance multisig.
If total liquidity deposited to LFG vault is < 3M USDC, the part of accumulated protocol-owned liquidity from treasury will be used to fill up the difference (up to 3M).
LFG token claiming, Points Season 1 token claiming, and trading across all the venues (both CEXs and DEXs) will start at the same moment ~48 hours after the start of LFG to make sure everyone gets access to the token at the same time.
The LFG vault mode will be pro-rata. All whitelisted addresses will be able to deposit and withdraw, and go beyond the cap. In the event that the cap of $5M is passed, the tokens will be distributed pro-rata and the excess of USDC will be claimed back by participants.
What happens if the cap isn’t reached?
If the LFG Vault cap is not reached, any undistributed tokens will be transferred back to the “Community & Launch” part to be used in future distribution Seasons.
We’ve carefully thought about this design, considered different approaches and their trade-offs, and are confident that this will be a truly fair, liquid, and balanced launch for DBR. We’d like to give a huge shout-out to Soju and the team at Jupiter, who have given us invaluable support all along the design and development process these last months!
On Friday 2 August we will also be holding a town hall/AMA with Jupiter, to collect feedback. We’re super excited about the next phase of deBridge and everything we have planned moving forward. A BIG thanks to all our community members, users, partners, and other stakeholders so far – we wouldn’t be here without you. LFG!
