GhostMarket will conduct an initial DEX offering of its GM token via Flamingo on Jan. 10, 2022, becoming the first project to use Flamingo’s new IDO module. An IDO is a fundraising method where projects can list new tokens on a DEX for purchase from within a liquidity pool. The IDO follows GhostMarket’s recently completed US $2 million fundraise through a strategic and private sale.
GM token
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. The IDO module will offer swapping functionality so that participants can use other cryptocurrencies supported on Flamingo to purchase GM tokens.
GhostMarket intends to release a step-by-step guide to participate in the IDO.
Following the IDO, GM will be tradable in a GM and FLM pool on the Flamingo DeFi platform, with plans to list on centralized exchanges.
Flamingo IDO module
Flamingo’s IDO module plans were first announced in May 2021, when the (then) MyMingo team applied to assume responsibility for the DeFi project. The IDO module was previewed in Sep. 2021 during an update to the community following Flamingo’s transfer from Neo Global Development to the MyMingo team.
IDOs on Flamingo will feature a pre-sale and public sale phase. To participate in a pre-sale phase, users must first stake FLM tokens. The amount of FLM staked will place a participant into a tiered system that determines how much they can purchase in the token sale. Additionally, each tier carries a different lock-up period for participants, denoted by block times. If a user chooses to withdraw their IDO tokens before the lockup period ends, they’ll pay a 20% fee for withdrawing the staked FLM.
Once the pre-sale is over, the remaining tokens in the IDO’s liquidity pool will become available for the public phase.
The full GM IDO announcement can be found at the link below:
https://medium.com/ghostmarket/ghostmarket-announces-public-ido-on-flamingo-finance-8c13a5b66414
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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