$AKA Whitelist Offering and Launch Update
The past week or so has been great, we are very pleased with the growth of Akame DAO and all contributions and participation from the community.
We are excited about the Akame launch and we are striving to deliver the best launch we can. We want Akame to be a long-term project that branches away simply from being an Olympus DAO fork. We believe that Olympus has built a very useful lego block that can be utilized to build all sorts of money legos, and that is exactly what we will do.
In this article, we will give you a few updates on what we have been working on and we will go over exactly how the launch will play out.
A few updates
🩸 We have completed the testing phase of all contracts and we are ready to deploy at any time.
🩸 Frontend Integration has been completed (contracts + subgraph).
🩸 We have managed to organize a 3/5 multisig (signers will be revealed closer to launch but with ample time for everyone to assess risk).
🩸 Merch design is underway and we have received some design samples back.
What are we working on now?
🩸 We are working to onboard 2 more people, preferably reputable people (e.g Dani Sesta) in order to have a 5/7 multisig. We will update you on this.
🩸 Initially we planned to host the sale by instructing users to interact with the contracts directly. However, we realized that this is a terrible idea and instead we are working on finalizing (testing) the sale contracts and integrating them with a simple frontend so the UX is improved for everyone.
🩸 We have begun ideating and setting up an Official Akame DAO Governance Forum
🩸 We are in talks with one of the biggest growing projects on Arbitrum to set up a partnership/integration of some sort.
🩸 We have begun the ideation phase of the planned Protocol Owned Liquidity DEX that will be in the Akame ecosystem.
🩸 Finalizing our documentation to include our roadmap and plans for OTU (Optimized Treasury Utilization)
🩸 The free to mint 10k NFT collection of the Draw-Your-Waifu contest college is almost ready
🩸 We have onboarded an artist to design the commemorative NFT for Whitelist Participants.
As we communicated previously, the $AKA Whitelist Sale was scheduled to begin on Saturday, December 4th. However, this is no longer the case. We have decided to delay the sale and launch (7 days max).
This decision was largely influenced by the current state of the market at the moment as well as allowing us some time to set up the sale frontend and onboard 2 more multisig signers.
After discussions with the community in the Akame DAO Discord Server, we have decided to lower the raid allocation and remove vesting. The launch process will be straightforward, each raid will have a fixed period of time to mint $AKA before the next raid. This will be done through our front end.
All that users need to do is to have MIM ready. So basically, you are depositing MIM to mint $AKA. The funds raised through the sale will be used to add to the initial treasury backing as well as token liquidity.
Below are the details on the $AKA prices and allocations for each Raid.
Max Allocation: 3,000 MIM
$AKA Price: $45/AKA (45% of $AKA Initial Price)
Unlock: 100% unlock at launch
Max Allocation: 2,000 MIM
$AKA Price: $60/AKA (60% of $AKA Initial Price)
Unlock: 100% unlock at launch
Max Allocation: 1,000 MIM
$AKA Price: $75/AKA (75% of $AKA Initial Price)
Unlock: 100% unlock at launch
What is the $AKA Initial Price?
We calculated the $AKA sale prices by assuming a sale subscription of 30%, assuming that 111 people from each raid contribute max allocation. This would give us an average contribution of 2,000 per participant.
This would mean the following:
Total MIM Raised: 666,000 MIM
Total $AKA Minted by Raid Members: 12,580 $AKA
Total $AKA Minted for Initial Liquidity: 3,000 $AKA
Total $AKA Minted for Development and Team Allocation: 2,740 $AKA
Total Initial Supply: 18,320 $AKA
In this case, and most likely — $AKA will have an initial price of $100.
With the subscription calculations above this would mean that $300,000 will be added into initial liquidity. $150,000 will be added to the treasury.
Over a period of 3 rebases (24 hours) — the remaining $216,000 will be used to purchase about $108,000 worth of $AKA on the market and pair it with about 108,000 MIM in total.
Will initial liquidity be locked?
Yes, liquidity will be locked up for as long as we can (i.e forever).
Development and Team Allocation
Amount: 15% of the total $AKA supply
Team tokens will be minted after the $AKA whitelist sale and liquidity mint, as we need to calculate the percentage with reference to the amount of $AKA minted by whitelist participants.
Unlock at launch: 30%
Vesting Schedule: drip vested over 369 days (this does not mean that 369 days after launch, all the tokens are unlocked and available to redeem, it means that a percentage of tokens will be emitted every second and will be claimable)
In order to avoid dilution, the vested development and team tokens will be staked immediately via a vesting contract.
Of course, the sale subscription could be greater than we are expecting — meaning that more $AKA will be minted and more MIM will be raised. In this case, we will mint $AKA for liquidity accordingly to ensure a starting price of $100/AKA.
As explained before, the remaining MIM will be used to purchase $AKA over a period of 3 rebases (24 hours) and will be added to liquidity.
🩸 Instructional Article
🩸 Strategy Article
Always do your due diligence before investing in new projects. Always remember that any outcome good or bad is your responsibility. That said, here at Akame, we will focus on building a community founded on trust and transparency.
Keep up to date with all things Akame DAO by following our Twitter and joining our discord server.
Akame DAO Twitter: https://twitter.com/akamedao_io
Akame DAO Discord: https://discord.gg/akamedao