HELI Community Lockdrop
The first ever Community Lockdrop on Hedera concluded. This page is for future reference only.
We want to say a big thank you to every single of our lockdrop contributors. During the Community Lockdrop phase (16-23 Feb 2023), the HeliSwap community has decided to contribute over 15 million HBAR that have been matched with 20 million HELI tokens. This resulted in a launch price of $0.063115689 for the HELI token. All in all it can be said, that the first ever lockdrop that took place within the Hedera ecosystem was a success.
We value our community and those that want to contribute to the growth and success of HeliSwap. As such, we also see the HELI token as an integral part of HeliSwap, that will grow together with the platform as we actively drive value to it. But first, we want to launch the token - through a community focused lockdrop approach that rewards our early supporters, while helping to bootstrap early liquidity for the HELI token. Here is how we are going to do it:
Simply explained, we give out a large amount of HELI to anyone who deposits their HBAR on the lockdrop page. We then merge the pre-announced amount of HELI (20,000,000) with the received HBAR to create an HBAR <> HELI Liquidity Pool. ALL LP tokens that are generated throughout this process will be redistributed to participants and vest linearly over a 3 months period. This mechanism helps HeliSwap to create a large initial HBAR <> HELI pool with deep liquidity and allows for a community driven natural price discovery process. In a further step, your already vested LP tokens can then be used to earn additional token rewards by staking them into the HELI <> HBAR yield farming campaign. (no financial advice). It is up to you, what you do with your vested tokens.
Step 1: The Lockdrop Pool
20,000,000 HELI tokens will be allocated to a so called "lockdrop pool".
Participants (you) may then decide to lock up their HBAR while the lockdrop-deposit window is open.
The entire lockdrop process lasts for 7 days. During the first 5 days, anyone may deposit or withdraw their HBAR at will and as many times as desired.
On days 6 & 7, no more deposits will be accepted. You may withdraw up to 50% of your investment on day 6 and a linearly decreasing amount on day 7 (50%-0%).
Each participant can only withdraw once after day 5 has ended.
On the Lockdrop website, you will see the total contributed HBAR and what share of HELI you would be receiving at the end - while also showing an indication of the HELI price after launching the HBAR <> HELI pool.
Step 2: Allocation and LP token creation
Depending on your share of the overall HBAR contribution, we allocate a proportional amount of the 20,000,000 HELI to your position. You can see the overall amount on the vesting page throughout the entire week.
We then take the HBAR and HELI and turn them into an LP token that will be used on the HBAR <> HELI pool to bootstrap liquidity.
Over the next 3 months, your LP tokens will vest linearly and you can retrieve them on the same page as you originally deposited your HBAR. The amount of LP tokens you will receive will be directly proportional to the amount of HBAR you have contributed in relation to the total amount of HBAR contributed.
Note: Since swaps happen during the lock period, the asset proportions within your LP tokens may shift and you may not receive the exact same amount of HBAR back. Depending on swap directions, you may receive more or less HBAR and more or less HELI. This is how all LPs work.
Step 3: Claiming your vested LP Tokens
During the 3 month linear vesting period, you may decide to vest and redeem portions of your allocated LP tokens.
Those redeemed LP tokens are yours and you have full ownership of them.
To make it easy for you, you can also directly stake your claimed LP tokens into our Yield Farm and benefit of the HBAR <> HELI APRs (no financial advice).
Note: By participating in the Lockdrop, we also include you in our Claimdrop token distribution, where we distribute tokens to reward users. More on that in this section
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