As the MCDEX V3 launch approaches, we propose to raise $6 million from institutional investors and $1 million from current MCB holders to collect bootstrap liquidity as well as to become well-rounded with reputable resources. Upon our profound communications with potential investors, they fully recognize the mission and vision of MCDEX, thoroughly understand the design logic, and are willing to provide support throughout the growth of the ecosystem as they firmly believe in the upcoming success. We would like to propose this fundraising plan for community discussion and vote later.
All raised funds will be transferred to the MCDEX DAO vault and be managed by all MCB holders. Here we propose that funds raised from this round mainly become the V3 bootstrap liquidity. After the V3 launch, it will be added to the V3 AMM. As we are forming collaborations with trenching projects like BarnBridge and Saffron, these funds will enter the junior tranche to maximize capital efficiency.
$7M in total, among which $6M will be allocated to institutional investors and $1M to current MCB holders.
This price is equivalent to the 30-day TWAP price with a 50% discount. The fully diluted valuation is $100M. We have set a strict vesting rule for investors. Meanwhile, there is a $1M allocation for current holders to protect their benefits.
The MCB of this round is from the community incentive issued in the future.
Since the MCB’s new tokenomics is performance-based, tokens for this round are restricted by this model. Details are :
R = MIN(MAX((V - 0.2) * 0.75, 0), 0.64614)) R: MCB Vested to investors per Ethereum Block V: Value Captured in the block
Since the major source of the DAO value capture is the 0.015% vault fee, the formula can be written as:
Daily Vested MCB = MIN(MAX((Daily Volume * 0.015% - 1300) * 0.75, 0), 4200)
|Daily Trading Volume||Daily MCB may be issued||MCB for investors|
When the trading volume is lower than $8.7M/day, investors cannot get any MCB. When the trading volume grows more than $8.7M, investors will start to collect according to the above rule. When the trading volume is above $46M/day, the investors will enjoy the maximum speed of vesting. The shortest time for investors to collect all tokens is 6 months.
This model closely binds investors’ benefits to MCDEX performance hence encouraging all investors to make continuous efforts to help MCDEX to achieve its long-term value.
We have reached a preliminary intention with the following investors:
Lead investors: Delphi Ventures, Alameda Research
Other investors: Multicoin, Fenbushi Capital, Defiance, Incuba Alpha, D1 Ventures, Defi Alliance, NGC, IOSG, Zeuth, OKEx Blockdream Ventures, Horizon Capital, Bixin Ventures, Digital Renaissance Foundation, Mask Network, Shata Capital, Finlink, Plutus.vc, Magic Ventures, ZBS Capital, Meltem Demirors
To maximize the benefits of current MCB holders, we propose to give current MCB holders the right to follow up on the investment. Both the price and vesting schedule are the same with the institutional investors.
a) MCB holders can participate by staking MCB and USDC. For each 1MCB and 2.5USDC staked, they can subscribe for 0.25MCB.
b) If the subscription amount exceeds 100,000 MCB, the allocation of the investors will be proportionally decreased. For example, assuming that the total amount of subscription is 200,000 MCB, each investor’s allocation is 50% of the subscription amount;
c) After the subscription is finished, the staked MCB and excess USDC will be returned to community investors in 7 days;
d) Dev team shall deploy audited smart contracts for on-chain subscription;