Forthewin Network is hosting an initial DEX offering of its NEP governance and utility token. The public token sale will take place on FTW’s IDO module beginning at 6:00 p.m. (UTC) on June 14, 2022.
The NEP token was designed for two primary purposes. The first, to vote on the direction of the Forthewin Network platform. Second, to use on the platform’s various dApps, including FTWSmith, plus the forthcoming FTWSwap, FTWDao, and FTWRaffle modules.
For swaps, the Forthewin Network IDO will accept NEO, bNEO, GAS, FLM, GM, and LRB. Swap rates are concrete for NEO, bNEO, and GAS but will be determined for the other three tokens on the launch of the IDO. The firm swap rates are listed below:
- 1 NEO = 1,200 NEP
- 1 bNEO = 1,200 NEP
- 1 GAS = 300 NEP
The total supply of the NEP token is 1 billion, which will be allocated accordingly:
- Staking rewards: 870,000,000 (87% of supply)
- IDO: 50,000,000 (5% of supply)
- Team tokens with vesting: 50,000,000 (5% of supply)
- Initial NEP pools: 25,000,000 (2.5% of supply)
- Tokens for marketing and advisors: 5,000,000 (0.5% of supply)
Forthewin Network is also conducting a bug bounty program that will reward developers with 5 billion NUDES tokens for submitting bugs found on TestNet. Bug submissions can be made on the Forthewin Github Repo.
About Forthewin Network
Forthewin Network is developed and maintained by Ed, a Neo community developer. Ed first joined the Neo ecosystem in 2018 with his decentralized lottery and raffle application. However, Forthewin’s dApp development on Legacy stalled shortly after Neo N3 was announced in Q1 2019. In Dec. 2021, Forthewin Network launched a new platform with the FTWSmith NEP-17 token generator, and Rune NFTs.
The full announcement can be found at the link below: