Yanush Ali | July 8 2020
Yanush Ali | July 8 2020
The first phase of Orion's public sale is the first-ever blockchain-based, non-custodial token sale lottery.
$30,000 (75%) of the Orion Protocol public sale quota will be allocated to $ERD holders through a lottery on the DYCO platform.
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.
> PARTICIPATION SIGN-UP
Connect your ERC-20 wallet
Wait for the blockchain scanner to assess your (ERC-20) ERD ownership, ERD staked in Genesis Staking contracts will also be calculated
Lottery tickets will be automatically rewarded
Wait for lottery draw
> LOTTERY PROCESS
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.
Hodl Index = (Tokens in Wallet) x (Time Tokens have been in Wallet)
The more tokens you hodl, the higher your index.
The longer you hodl tokens, the higher your index
> LOTTERY TICKET DISTRIBUTION
Participants will be ranked based on their hodl index.
10% of participants, who have the highest hodl index, will receive 10 tickets.
The next 10% will receive 9 tickets.
The next 10% will receive 8 tickets.
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.