As scheduled, on Tuesday 21 September 2021 at 9:00 a.m. Pacific Time (GMT - 7) the OTOCO token pre-booking site went live.
A purpose-built, audited smart contract on the Ethereum blockchain is now taking reservations for a first batch of up to 8 million OTOCO tokens.
Anyone who connects their Ethereum wallet can participate by staking in an automated pre-order process designed to ensure maximum fairness and price integrity.
The sooner you stake, the lower the price at which you will receive your OTOCO tokens. The pre-order period is set to close at 8 A.M. on Tuesday 21 December 2021.
In this post, we give a summary of the key terms of the pre-order process, including a continually updated list of FAQs.
In a second post, we provide a 3-steps guide how to connect your wallet to our pre-order site and start staking.
HOW LONG CAN I PRE-ORDER?
The pre-order window opened at 9:00 a.m. Pacific Time (GMT - 7) on Tuesday 21 September 2021 and last token reservations have to be in by 8:00 a.m. Pacific Time on Tuesday, 21 December 2021.
HOW DO I PRE-ORDER?
You can reserve your allocation of OtoCo tokens by simply staking any amount of DAI, USDC or USDT with a minimum of only USD 100 and a maximum of USD 200,000 per wallet.
Our 3-steps guide shows how to connect your wallet to our pre-order site and start staking.
DO I NEED TO MAKE A PAYMENT?
No. All you do is stake your preferred amount of DAI/USDC/USDT from whichever Ethereum wallet you connect with.
Funds never leave your wallet and you can unstake at any time.
However, unstaking will make you lose your place in the order queue and forfeit the price you locked in at the time you staked.
HOW IS THE PRICE SET?
The price is set algorithmically using a bonding curve, which ranks stakers according to the time they joined the pre-order queue and links each position in the queue with a price.
This price ticks up higher as more people join the queue. As a result, the sooner you stake, the better your price, provided you remain staked when the pre-order period closes on 21 December.
At that moment, the smart contract will make a tally of all stakers’ place in the queue and their corresponding price. This price will then be used to calculate the number of tokens you receive in return for the amount you staked.
When somebody who was ahead of you in the queue leaves by unstaking, you’ll move up a place and your price will be better than the one you originally locked in.
Under no circumstances will your final price move against you and be higher than the one you locked-in when staking!
WHAT IS THE OPENING PRICE AND HOW MUCH CAN I STAKE?
The opening price is the DAI/USDC/USDT equivalent of USD 0.5. The minimum stake is USD 100 and the maximum is USD 200,000 per wallet.
Since we do not ask for stakers’ identity, users could use several wallets if they wanted to stake more than the maximum amount.
HOW MANY TOKENS ARE AVAILABLE FOR PRE-ORDER?
The token pool can be locked as soon as USD 1MM worth of tokens has been pre-ordered and will automatically close when USD 4MM worth of tokens have been reserved.
The exact number of tokens to be distributed to stakers when the pre-order window closes will depend on the average price, which in turn will depend on the number of stakers and the respective amounts they stake.
Mathematically, the maximum number of tokens that can be reserved is 4,588,062.
HOW MANY TOKENS HAVE BEEN CREATED IN TOTAL?
At this stage, 8 million tokens have been created.
Any tokens that remain in this contract at the time the pre-order window closes will fall back into the community pool, after distribution of some tokens to existing users of OtoCo who ordered a company before 31 August 2021.
The use of the balance of the 8 million tokens in this pool, together with the rate and conditions at which the smart contract can mint new OTOCO tokens, will be subject to a community vote in which anybody who holds tokens at the time of the vote can participate.
WHY PRE-ORDER THE OTOCO TOKEN?
OtoCo started out as a quasi-hobby project to engineer real-world companies on blockchain.
Now, just over a year ago and more than 300 onchain LLCs later, we’ve gone from product to platform: From the narrow use case of instantly incorporating companies on blockchain towards building a decentralized marketplace that lets users add the components they need for their crypto DAO or legal entity, no matter where they are around the world.
For this, we need a token to grow and reward OtoCo’s community of users and developers.
By staking Otoco today, you help making sure we build the decentralized tools of tomorrow that will allow anybody to entrepreneur from anywhere.
Read our documentation for more details on the triple use for the OtoCo token and the origin and vision of OtoCo. There are also more details on our pre-order smart contract including links to its code on GitHub, and proposals related to OtoCo’s governance as a community project.
Join our official Telegram group to hang out with our community of users and fans.
