🎁EDET Dutch Auction
Burn EDE to acquire EDET, and gain access to the EDE DAO.
Introducing the EDET Dutch Auction: A state-of-the-art mechanism which integrates theories from science, finance, and economics to protect existing EDE holders from potential dilution stemming from the EDET Dutch Auction. This auction not only fortifies the relationship between EDET and EDE tokens but also amplifies EDE demand and enhances EDET accessibility by offering an additional acquisition route.
Here's how it operates:
Auction Asset: EDET Bid Asset: EDE Duration: 24 hours Start Time: To be announced A predetermined amount of newly minted EDET is offered to the community, providing users with an opportunity to acquire EDET.
Rules of the Game:
The starting and floor prices are predefined by the protocol for the auction's initiation and conclusion respectively, the latter being the lowest conceivable price.
The clearing price undergoes a linear decrement every second throughout the 24-hour auction, beginning from the start time.
Each additional EDE commitment results in a live token price increment.
Token price is calculated as: amount raised / token supply.
Successful auction conclusion occurs when the current token price matches the clearing price.
In the event of auction failure to meet completion criteria, all committed EDE tokens are refunded to the participants.
Post-auction finalization, EDET tokens are distributed to all participants, proportionate to their pool contributions at the last reached price.
EDET tokens acquired through the auction can be claimed immediately after the auction concludes.
EDE tokens supplied to the auction are incinerated.
If the final bidder commits an EDE amount exceeding the available auction amount to reach the clearing price, the surplus will be reimbursed.
Who's Eligible to Participate? Any and all EDE token holders.
