Instructions for participating in the Balancer Liquidity Bootstrapping Pool (BLBP) for The APIS (API)
The $API token auction will be underway in less than a week! We hope to share all the necessary details to help you navigate the launch. This article will explain the auction method, the $API Liquidity Bootstrapping Pool (LBP) auction parameters, users’ participation method, and the LBP price curve.
Parameter Overview
$API Liquidity Bootstrapping Pool (LBP)
- Start Date: 8:00pm,UTC, 24th Feb
- End Date: 8:00pm,UTC, 1st Mar
- Duration: 5 days (120 hours)
- Starting Price: $2.07
- Minimum purchase amount: None
- Blockchain Network: Ethereum
- Initial pool: 11,500,000 $API
- Starting weights: $API 98%: $USDC 2%
As additional information on the APIS project’s information and tokenomics, please see our medium here.
LBP Preparation
- Wallet: Create an Ethereum compatible wallet, such as MetaMask or Gnosis Safe.
- Cryptocurrencies: Obtain on-chain stores of value: either ETH, WETH, USDC, or DAI.USDC is highly recommended.
- Purchase amount: There will be no minimum threshold token amount for participation in the LBP auction, but please carefully consider the cost of gas required during your participation. You don’t want to pay more for gas than for $API tokens.
- Enough Gas: Regardless of which store of value you choose, please make sure you have sufficient ETH in your wallet to pay for gas. If you do not have enough ETH in your wallet to pay for the LBP Auction transaction, your transaction will fail (but you will still lose your gas!).
How to Participate
- To participate in API LBP Auction, visit copperlaunch, the official website of Copper, the platform where the $API Auction will take place.
- Click the button on the top-right corner to connect your wallet.
- Once you have successfully connected to your wallet, input the amount of API tokens you would like to buy, and proceed with two steps as follow:
- Click the “Approve” button on your screen. You will also notice a prompt to allow the Copper Launch to spend your tokens of choice.
- Once you have approved, the Auction Page will show the “Get API” button, and you will be able to click “Get API”.
Note: You may click the “Settings” button to adjust your slippage tolerance if needed.
4. After you have swapped, wait for the confirmation from your wallet that the transaction has been confirmed on Ethereum (which can take several minutes, but you can monitor the state of the transaction from its linked Etherscan address). Once completed, you will receive your API tokens in your wallet.
How $API Pricing Works
The linear graph shows the $API predicted price without any swaps. The LBP is a variant of dutch auction, also known as a reverse auction. Please read how dutch auctions work before participating in any LBP, and make sure to stay within reasonable price ranges for your $API bids. The initial price is designed to be high, such that trading bots cannot frontrun real users.
To summarize, when there is no trade, the price gradually decreases over time, automatically adjusting the weight of the assets in the LBP ($API and $USDC). Then, when a user completes an $API swap, the price of the API token will increase, with the slippage dependent on the size of the $API purchase.
Any investor or supporter will be able to freely swap for $API tokens at any price they deem most appropriate, should the market allow for the $API price to fall to that level. When the auction is over, the price of API tokens will be settled at what the entire market deems most appropriate.
Just first step of our journey
Thank you for reading. The investors and supporters who participate in the $API LBP auction will be able freely trade $API tokens directly on the open market without any lock-up period, barring the aforementioned countries in the Disclaimer above (selling $API tokens to actors in the listed countries may constitute a freezing of $API tokens, as The APIS seeks to fully comply with all AML, KYC, and investor protection regulations). As referenced extensively in our whitepaper, $API holders have ultimate control over the API ecosystem, at both the smart contract and front-end application layer, via token-based governance, staking as API nodes and gateways, staking as an API rollup validator, staking on the $API dispute resolution factory, and the rights to fees earned by the protocol or its applications.
Today’s leading blockchain data analysis platforms are either non-interactive or technologically complex, with neither meeting the needs of most mainstream users. The APIS has taken a keen interest in the ability of blockchain-based non-fungible token (NFT) data analytics to create intuitive, customized user experiences. Visit our website here: https://www.theapis.xyz/.
Disclaimer: $API tokens, issued on the Ethereum public blockchain, are not being offered or sold and may not be offered or sold, directly or indirectly, in whole or in part, in jurisdictions or to whom such an offer would be unlawful. Consequently, the LBP is not available to residents of the United States, China, Iran, North Korea, Syrian Arab Republic, Cuba and Crimea region of Ukraine.
The APIS is an indexing protocol for reading and writing to open networks. Making APIs open and accessible to power a decentralized world.
