In this brand new article, the Tempo DAO team provides you with updates about the presale and public launch of the TEMPO token.
ICO (presale) — November 25, 2021
In order to fundraise for the development of Tempo DAO protocol, we will host an initial pre-sale of TEMPO tokens for certain whitelisted users with the goal of raising $300,000.
The cost of TEMPO tokens during the presale will be 4 MIM and we will release 75,000 TEMPO tokens.
The funds of the initial pre-sale will satisfy the following project needs:
- $100,000 to fund a MIM/TEMPO liquidity pool on Trader Joe at a rate of 1 TEMPO = 10 MIM. The LP tokens will be permanently locked inside the Tempo DAO’s treasury to ensure that TEMPO is in fact a reserve-backed currency.
- $100,000 to support the core development team’s operations and project development.
- An additional $100,000 will be kept in Tempo DAO’s treasury to ensure a minimum value of 2.50 MIM per TEMPO.
Presale launch — Thursday, November 25 at 3:00 PM UTC
The presale will be held on Thursday, November 25 at 3:00 PM UTC. The presale will take place on our website. We will announce the URL 3 hours beforehand on our Discord and Twitter.
If you are confused about the time, use the Time Zone Converter to figure out what time it is in your country.
During the presale, all whitelisted community members will have the opportunity to purchase up to a full allocation of 1,000 MIM (250 TEMPO).
The first phase of the presale will end after 24 hours.
After this time, the presale will automatically transition to its second, public phase. In this phase, anyone can participate. Both whitelisted and non-whitelisted community members may participate and contribute up to 1,000 MIM (250 TEMPO).
The public phase of the presale will continue until the fundraiser of 300,000 MIM is complete.
Using Avalanche for the presale
The presale will be held on Avalanche, an EVM-compatible chain with incredibly fast transaction times (just seconds) and cheap transaction fees (below 30 cents). Tempo DAO will operate entirely on the Avalanche C-Chain.
To add Avalanche to MetaMask, click on the list of networks at the top of the extension window and select “Custom RPC.” Input the following parameters:
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- ChainID: 43114
- Symbol: AVAX
- Explorer: https://snowtrace.io/
Here’s a tutorial to help you set up MetaMask on Avalanche.
The easiest way to add funds to your wallet on Avalanche is to withdraw AVAX (the native token) directly from a centralized exchange (Crypto.com, Coinbase, etc.). You can also bridge from other chains using any of the following popular options:
- Avalanche Bridge: https://bridge.avax.network/
- Synapse Bridge: https://synapseprotocol.com/
- AnySwap: https://stable.anyswap.exchange/
- xPollinate: https://www.xpollinate.io/
- ElkDex: https://app.elk.finance/
Important: You will need AVAX in your wallet to perform transactions on the Avalanche C-Chain. If you bridge non-AVAX funds (USDC, WETH, etc.) onto Avalanche and have no AVAX in your wallet, you will not be able to perform any transactions with those funds.
Currently, there is no “faucet” for the Avalanche chain for supplying small amounts of AVAX. However, if you bridge over more than approximately $75 worth of tokens via the Avalanche Bridge (which only connects the Ethereum mainnet to the Avalanche C-Chain), the bridge will automatically airdrop a small amount of AVAX into your wallet. Another alternative is ElkDex. ElkDex provides the option to swap a small amount of the bridged token into the native chain token for transaction fees.
Where to obtain MIM
Once you have successfully transferred funds to the Avalanche network, you will need to swap for the stablecoin MIM to participate in Tempo DAO’s presale. We recommend swapping on the Trader Joe decentralized exchange (https://traderjoexyz.com/).
Public launch — November 28, 2021
During our public launch, Tempo DAO will aim to raise funds and accumulate a $20 million treasury within the first year.
1 TEMPO will be worth 10 MIM at launch.
However, as soon as the token launches, it will be subject to the market, meaning its price could increase or decrease depending on demand.
We aim to have an early staking APY of ~500,000% to reward early adopters, increase the treasury reserve, and raise funds for further development of our Play to Earn ecosystem.
Once the initial milestone of $20 million is reached, the Tempo DAO team will find a more sustainable APY (minimum of ~25,000%), which will allow users to benefit from both capital appreciation and passive income.
Tokenomics (updated)
The initial presale will authorize the mint of 75,000 TEMPO.
In order to protect the community from extreme volatility, all users who participate in the pre-sale must agree to a vesting period of 5 days. During the 5 days after the public launch (date to be determined), they can sell 20% of the total TEMPO they bought per day up to a 1,000 MIM cap.
An additional 12,000 time-locked TEMPO are allocated to the development team. These tokens will be subject to a locked vesting schedule and released to the development team over 5 months. 5% of the tokens will be released per week. This measure has been established to ensure the long-term viability of the project and to instill trust in the community.
Beyond the Tempo DAO public launch
After Tempo DAO’s public launch, we have two main goals.
First, develop and launch our minting platform.
Minting will be another way Tempo DAO will provide the community with a value growth opportunity.
How does minting work?
- When users mint TEMPO tokens, they are buying a bond from the protocol, exactly the same as they would on Olympus DAO or Wonderland!
- The Tempo DAO protocol will quotes the minter with terms for a trade at a future date.
- These terms include 1) a predefined amount of TEMPO the minter will mint and 2) the time when vesting is complete.
- Your bond becomes redeemable as it vests. For example, in a 10-day term, 3 days into the term, can claim 30% of the rewards.
- By allowing our community to buy bonds through minting, Tempo DAO accumulates our own liquidity. Having more liquidity in the protocol helps ensure that there is always locked exit liquidity in our trading pools to facilitate market operations and protect token holders.
- Since Tempo DAO becomes its own market, on top of additional certainty for TEMPO investors, the protocol accrues more and more revenue from LP rewards bolstering our treasury.
Second, create the first ever game studio DAO where games are created by the community, for the community.
As mentioned in our initial Medium article, Tempo DAO aims to revolutionize the Earn2Play and Gamefi space with the first reserve-backed currency used to support multiple projects related to gaming, NFTs and skins. This will be similar to the Steam model created by Valve, but focused more heavily on rewarding users with real assets.
The way we will ensure the games are made for our community is by making major development decisions with TEMPO token holders by voting. Therefore, holding and staking TEMPO is the best way to participate in creating a game that you love.
How can you contact the Tempo DAO team?
There are two ways to interact with the active Tempo DAO team and community.
- Twitter: https://twitter.com/TempoDAO
- Discord: https://discord.com/invite/TempoDAO
