CLNY sale key facts
The sale will start at 12:00 UTC on 14th December 2021 and run until all 20m CLNY have been sold. This will take a minimum of 40 hours, but as explained below, in practise we expect it to take longer.
Coin Machine will sell wrapped CLNY (wCLNY). CLNY needs to be wrapped so that we can prevent it from being transferred while the token sale is ongoing. Once the Coin Machine sale has concluded, wCLNY may be unwrapped so that it can be freely transferred.
Parameters of the $CLNY Coin Machine
Token to be sold: wCLNY
Purchase token: xDai
Batch Period Length: 1 hour
Each batch of the sale will last one hour. If the tokens of a batch sell out, it will be necessary to wait for the next batch to begin.
Averaging Window Size: 16 periods
This is the number of periods over which the moving average of the token’s price is be calculated. In the long term, 86% of the weighting is in this window size. The higher the number, the slower the price will be to adjust.
Target per Period: 250,000 wCLNY
This is the number of wCLNY Coin Machine will be aiming to sell per hour. If it exceeds this target, then the price in the next batch will increase, if it does not reach the target then the price in the next batch will decrease. The amount of the increase or decrease is a function of the amount by which the target has been exceeded or missed in the preceding 16 periods (i.e. the averaging window size).
Maximum per Period: 500,000 wCLNY
This is the maximum number of tokens that can be sold in a period.
Per user purchase limit: 5%
The maximum % an individual could purchase would be 5% of 20m, so 1m CLNY. They would need to do this over a minimum of two batches due to the maximum per period.
Starting Price: 50 XDAI
The starting price. In a Coin Machine sale there are several initial price strategies one could take. We have chosen to start with a price we think is very high, and hope and expect that the price will fall until the market does its thing and finds a fair price.