BitDAO is excited to collaborate with Sushi MISO for the BIT token launch:
- Limited amount of 200M BIT tokens available (Dutch auction)
- Participate with ETH, or participate with SUSHI
- Up to 40% bonus airdrop (early participants receive more)
- Not available for U.S. and other restricted jurisdictions
- Bonus will be in the form of BIT-ETH SLP based on final price
- SLP will be staked for 90 days, then airdropped after
- Earlier participants receive a larger airdrop based on the table below:Participants need to provide “Representations and Warranties” (MISO pop-up)
MISO Auction Details
- Auction start: August 16th 13:00 UTC
- 180M BIT tokens available using ETH (link to auction) — Starting Price: 0.0006325 ETH (~$2.00) — Reserve Price: 0.0003795 ETH (~$1.20)
- 20M BIT tokens available using SUSHI (link to auction) — Starting Price: 0.2000 SUSHI (~$2.00) — Reserve Price: 0.1200 SUSHI (~$1.20)
- Auction end: August 30th 13:00 UTC (participants can claim only after)
- BIT token: 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5
- Airdrop bonus available — early bidders can receive up to 40% airdrop bonus (see below for mechanics)
Note: dollar prices above are based on contract creation time August 9 1700PM UTC. ETH and SUSHI dollar prices may have changed since then.
Airdrop Bonus Explained
- Note: during the 90 days the BIT-ETH SLP tokens may be influenced by farming rewards, swap fees, and impermanent loss
Dutch Auction Explained
A simple explanation is: Dutch auctions starts at a higher Starting Price and falls to a lower Reserve Price over time. Participants can place bids at any point in time to secure allocation. The auction concludes when all available tokens are allocated. All participants receive the same Final Price or Clearance Price.
For example, if Participant A bids for 10,000 tokens at $2.00 and after a few days the Final Price is $1.60, then Participant A will receive $20,000 / $1.60 = 12,500 tokens at $1.60 (the same price as all other participants).
- when a bid is made the amount is committed, and the token quantity that will be claimable can increase overtime as the auction price falls.
- participants cannot bid a higher price than the current price. The bid price is determined by the current time, with the bid price falling constantly over time.
Reasons for bidding earlier:
- to secure allocation
- to receive a larger airdrop bonus (see above)
- the final price for all participants is the same (for earlier and later bidders)
More details https://instantmiso.gitbook.io/miso/markets/markets#dutch-auction