Users will need to first stake FLM to participate in the upcoming GhostMarket public token pre-sale on Flamingo, GhostMarket confirmed in a recent announcement. The GM token initial DEX offering begins Jan. 10, 2022, and is the first project to use Flamingo’s new IDO module. A total of 2 million GM will be available at a price of $0.13 per token.
In order to participate, users must join the minimum pre-sale tier, Bronze. Flamingo’s tier system determines how much a participant can purchase in an IDO. Once a user stakes their FLM, there is a four-day lockup period where there is an early withdrawal penalty of 20% of staked FLM. The four day countdown begins as soon as the FLM is staked.
FLM requirements per tier are as follows:
- Bronze: 1,000 FLM
- Silver: 2,500 FLM
- Gold: 5,000 FLM
- Platinum: 25,000 FLM
- Diamond: 50,000 FLM
- Kryptonite: 100,000 FLM
Once a tier has been established, GM tokens can be purchased using fUSDT. However, the IDO module will offer swapping functionality so that participants can purchase GM using other cryptocurrencies supported on Flamingo.
The IDO Schedule
The registration period for the GM IDO begins on Monday, Jan. 10, when participants can stake FLM and establish a tier.
The pre-sale for tiered participants will take place on Jan. 14, 15, and 16. Afterward, provided that the IDO has not already sold out, any Flamingo user can participate in a public sale that will run through Jan. 18 or until all GM are purchased.
Once the IDO concludes, Flamingo will add an FLM and GM liquidity pool with incentivized rewards for early contribution. Further, GhostMarket has stated that GM tokens will be available on other exchanges after the IDO. Dates and times will be announced after the sale concludes.
The GM token will have a total supply of 100 million and will be used for fees, governance, rewards, and promotions. It will have a shared supply across the various blockchains supported by GhostMarket and can be swapped between different chains.
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