GhostMarket founder Vincent Geneste will join Flamingo’s Community Lagoon AMA to discuss the upcoming GM initial DEX offering. The audio-based AMA will begin at 7:00 p.m. (UTC) on Monday, Jan. 10, and ten participants will be eligible for rewards of 300 GM each. Additionally, there is an ongoing community campaign offering more GM rewards for participants.
In Dec. 2021, GhostMarket completed a US $2 million fundraise through the strategic and private sale of the GM governance token. The team also announced plans to offer 2 million GM through an initial DEX offering. An IDO is a fundraising method where projects can list new tokens on a DEX for purchase from within a liquidity pool.
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.
A total of two million GM will be available for purchase using fUSDT at $0.13 per token.
Stake FLM to Participate in IDO
To participate in the upcoming IDO pre-sale on Flamingo, users will first need to stake FLM and join the minimum pre-sale tier, Bronze. Flamingo’s tier system determines how much a participant can purchase in an IDO. All FLM staked in a tier will be locked up for four days. This lockup period initially varied between one and two days, but was extended to minimize the potential of multiple entries. If FLM is unstaked before the four-day lockup, the user will incur an early withdrawal penalty of 20% of staked FLM.
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.
Additional GM Giveaway
GhostMarket is also running a community reward campaign where participants will share from a pool equivalent to $10,000 in GM tokens.
To register, users must visit the GhostMarket Gleam portal and perform tasks such as signing up for email updates, following social media accounts, and more. Registration for the community reward campaign can be found below: