Updates — Post IDO
Hi everyone! We’re in the midst of our IDO with CrossPad still at the moment. Currently at Phase 2, with a Phase 3 coming the next day, potentially ending the IDO achieving the hard cap.
Nonetheless, I’d like to address some issues, such as the BNB price changes before the IDO, and what we plan to do after the IDO.
Sharp decline of the cryptocurrency market on Sunday
With the sudden decline across the weekend, Dbook had made some calculations and decided that the IDO couldn’t be done with the original numbers due to the vast difference in $BNB price, from $391 earlier, to $250 and below when the IDO started.
However, to ensure the IDO could continue without too many changes, we’ve decided to take in $BNB at revised pricing, at $280. It was still higher than the current price at the moment, but it was decided at that price to ensure that IDO participants will not be too badly affected by the changes.
Please rest assured that, the amount(in USD) we’re trying to raise has not been adjusted, and we will stick to our target. The changes were made only to account for the drastic price change of $BNB.
No doubt, better solutions could have been implemented, such as the use of $BUSD instead of $BNB for the IDO. We apologize for the inconvenience caused during this IDO period, and we hope to make things up in the future as we launch and move forward into other exciting development Dbook can offer.
- Injecting and locking liquidity
Once we’ve received the funds from CrossPad at the end of the IDO. We will be using 357 $BNB and 83,333 $DBK for liquidity. This will result in the listing price of $DBK on PancakeSwap be 0.00428 BNB/DBK.
LP tokens received, will then be locked with locking smart contracts provided by team.finance for a year.
- Selling $BNB for required expenses
Total required for Dbook Platform — $93,500
$BNB will be released to Rigi’s wallet for this execution. A total of $93,500 BUSD should be received by Rigi and redeposited in DbookDAO Treasury immediately after the execution.
Breakdown of funds available here in Updates — Order of business
- Remaining $BNB in DbookDAO Treasury
As Dbook Platform only requires $93,500 for operations. The remaining $BNB(assuming there will be any left) will be handled based on the decision of the community.
We can potentially use the $BNB and return it to the community using the staking contract. However, we’ll have to wait for the staking contract to be audited.
Alternatively, $BNB can be held, sold to $BUSD and held in the DbookDAO Treasury.
The solution will be open for discussions after the IDO with all IDO participants. Alternative solutions can also be proposed by the community.
See you guys after the IDO!