DarumaDAO Whitelist on YokaiSwap

DarumaDAO is the first decentralized reserve currency protocol built on the Nervos blockchain, inspired by OlympusDAO. We aim to bring the innovative DeFi money design to the most promising blockchain networks.

DarumaDAO Whitelist on YokaiSwap

To bootstrap the initial liquidity and distribute the supply of $DRM, we partner with YokaiSwap to launch the Initial Liquidity Bootstrap(ILB) event on 17 January 2022.

Token distribution:

  • IDO on Yokaiswap: 20,000 DRM to be raised at $15 per token
  • Initial Total Supply: 28,000 DRM
  • Initial Liquidity Pairs: 4,000 DRM
  • Dev Fund: 4,000 DRM to be purchased by the team at $18 per token

Daruma sticks to a fair-launch principle, in that there is no discounted seed round of fundraising or any VC round before an average Joe from the community. The Daruma dev team reserves no token from the community. Note that the rate at which the team’s purchase of 4,000 DRM is higher than the public is able to initially acquire. The team will also provide the initial liquidity of 4,000 DRM (DRM-USDC, DRM-CKB) paired with its own fund and lock it in the treasury.

IDO details:

There are 2 pools for the IDO: 16,000 DRM for the community whitelist pool and 4,000 DRM for the public overflow pool, both available at $15 per token.

The IDO will run for 24 hours, from 17 January 2022 at 1 AM UTC to 18 January 2022 at 1 AM UTC.

To maintain fairness and alleviate the whale effect, each whitelisted user will only be allocated a maximum of $300 DRM.

To participate, you will need to prepare your YOK/CKB LP Token, see this detailed guide on becoming a liquidity provider (LP) on Yokaiswap.

Once the IDO ends, you will receive rDRM, which can be redeemed for DRM at a 1:1 ratio on Daruma dashboard when the first epoch starts.

How do I get whitelisted?

To be whitelisted, please visit https://gleam.io/JXTjD/darumadao-whitelist and complete the tasks. The gleam campaign will run from 10th January 2022, 9 am UTC to 14th January 2022, 9 am UTC.

How will I be notified if I am on the whitelist?

The Godwoken L2 addresses collected from Gleam will be used as identifiers. We will publish a list of addresses as the whitelist on both Twitter and Discord.

Next Steps

In the coming days, we will release a step-by-step tutorial on how to take part in the IDO and what will happen post-IDO in the run-up to the mainnet launch.

About DarumaDAO

What is DarumaDAO?

DarumaDAO is the first decentralized reserve currency protocol built on the Nervos blockchain, inspired by OlympusDAO. We aim to bring the innovative DeFi money design to the most promising blockchain networks.

How does it work?

The core product of DarumaDAO is $DRM, an algorithms-aided stable currency. Each $DRM is backed by a basket of assets in the treasury, which gives it a floor value that it can not fall below. $DRM is an interest-bearing asset, meaning the balance of DRM will grow in time, so does its value as the treasury guarantees the intrinsic value.

To mint $DRM, users who hold a treasury accepted token will commit their tokens and receive a discounted amount of $DRM in exchange. This works like the most common bond, and these bonds pay periodic (8 hours) returns and mature at a specific window (5 days). The returns can be additionally used to stake and earn the inflation rewards in compounding.

The treasury will be further used to capture yields and increase the $DRM token’s underlying value. The first assets in the treasury are USDC and CKB. By initially focusing on stablecoins and the native token on the network, the protocol can balance out the risks and potentially attract the most capital at launch. The flexibility of the Daruma Protocol means that almost any kind of asset that can be tokenized on the Nervos network can be accepted as treasury assets. We are working with the Cardano ecosystem to make ADA available as the strategic treasury asset.

Why Nervos and Cardano?

The Nervos and Cardano community are working closely on various aspects from token standards, cross-chain asset bridges, and novel crypto primitives. DarumaDAO is the early contributor focusing on creating money legos furnishing the two networks.

Both Nervos and Cardano blockchains adopted the UTXO model, the defacto accounting model for digital cash such as Bitcoin. We believe Layer-1 UTXO-based blockchains can provide improved security, privacy, and scalability, to enhance DeFi innovation to a more robust extent.

How is Daruma different?

DarumaDAO works similarly to OlympusDAO on the code level, with extra user-favoured attributes.

Being one of the first whitelisted projects to build on the Godwoken (Nervos Layer2 solution), the Daruma protocol does not require gas to interact and remains fully EVM compatible.

Daruma protocol is a 100% fair launch, the team has no upper hand in token distribution, i.e., the cost of the team getting $DRM tokens is higher than the public price. The team revenue comes from the fees and aggregated yields of the treasury, bonding the team’s interest to the long term success of the protocol.

DarumaDAO ILB

To bootstrap the initial liquidity and distribute the supply of $DRM as fairly as possible, we will launch an ILB (Initial Liquidity Bootstrap)event at YokaiSwap on 17 Jan.

Compared to unlimited fundraising giving front-runners or malicious whales advantages over newcomers, Daruma ILB ensures all users are on an equal playing field and provide the genesis tokens to the hands of those who early contributed to and believe in the success of the project. The team will use the raised fund to construct the initial $DRM liquidity pairs and lock them in the treasury when it launches.

There will be a post in the #announcements channel of our community Discord about how to become eligible to participate.

DRM Token

The core product of DarumaDAO is $DRM, an algorithms-aided reserved currency.

Each $DRM is backed by a basket of assets in the treasury, which gives it a floor value that it can not fall below. $DRM is an interest-bearing asset, meaning the balance of DRM will grow in time, so does its value as the treasury guarantees the intrinsic value.

Launchpad

To bootstrap the initial liquidity and distribute the supply of $DRM as fairly as possible, we will launch an ILB (Initial Liquidity Bootstrap)event at YokaiSwap on 17 Jan.
Compared to unlimited fundraising giving front-runners or malicious whales advantages over newcomers, Daruma ILB ensures all users are on an equal playing field and provide the genesis tokens to the hands of those who early contributed to and believe in the success of the project.
There will be 20,000 $DRM tokens available at $15 per each (16,000 for the community whitelist pool and 4,000 for the public overflow pool).

 


REGISTER ACCOUNT TO GET BIG BONUS 💰!

BINANCE | HUOBI | MEXC | KUCOIN | BYBIT | GATE | FTX | COINLIST


Follow us to get the best Whitelist Alerts:
Join Telegram: https://t.me/whitelist_alert
Follow Twiter: https://twitter.com/whitelistalert
Join Facebook Group: www.facebook.com/groups/whitelistalert
Bookmark the website: https://whitelistalert.com/

Leave a Reply

Your email address will not be published.