How the IDO works
The Solend IDO is modeled after Mango’s. It consists of two consecutive 24 hour phases: a sale period in which USDC may be deposited or withdrawn, and a grace period in which USDC may only be withdrawn. Afterwards, depositors can redeem an amount of SLND tokens proportional to their share of the pool.
The IDO will be live at ido.solend.fi. A total of 5% of the SLND total supply is set aside for the IDO: 4% for the IDO itself and 1% to LP SLND-USDC after the IDO has ended. (A quarter of the IDO proceeds will also be used to LP.)
The timing of the IDO is as follows:
- Nov 1 12:00pm UTC: Sale period (deposit and withdraw)
- Nov 2 12:00pm UTC: Grace period (withdraw only)
- Nov 3 12:00pm UTC: IDO ends
- Nov 3 16:00pm UTC: Tokens become redeemable