Orion Protocol’s private round demand was so significant that the DYCO reached 300% oversubscription in less than 2 weeks - making ORN’s public round well-suited for a lottery. The purpose of the DYCO’s refund factor is attracting strong, supportive communities that feel comfortable with holding tokens.
Orion's recent integration with Elrond made for a clear opportunity: an IEO-like fundraising platform that enables interested participants to access investment opportunities using staked collateral as eligibility criteria. As part of this technical experiment, a small portion of the Orion Protocol public allocation will be available to interested Elrond stakeholders, based on the amount of $ERD staked in the Genesis Staking contracts. Qualification for lottery tickets will be dependent on applicants’ proven ability to hold.
After applicants’ blockchain wallet has been scanned for ERD, they will be allotted a hodl index. The hodl index is a product of the number of tokens held and the amount of time the tokens have been held for. The index is automatically calculated for each person, and it decides how many lottery tickets you get.
Participants will be ranked based on their hodl index.
And so on. For example: If person A scores a hodl index that places them in the highest 10% block, they will receive 10 tickets. On the other hand, if person B scores a hodl index that places them in the third 10% block, they will receive 7 tickets. Meanwhile, if a person scores a hodl index that places them in the tenth 10% block, they will receive 1 ticket.