0/ Some thoughts & numbers on the $XPL token sale
1/ Fundraising details
• Selling 10% of $XPL at $500M FDV
• Deposit cap is $250M
• $50M deposit cap/person
• KYC required (accredited only +12mo vesting for US)
• $USDC $USDC $USDS $DAI accepted on ETH mainnet
• Veda is the vault infra provider
• Vault is locked for at least 40-d following the public sale
• All stables are converted to USDT
2/ Earning "units"
• Units -> time-weighted share of total vault deposits
• Final # units determine your allocation in the $XPL sale
• Any unused allocations will be made available for purchase, pro-rata, for others.
Keep in mind that deposit cap is different than the % of $XPL being sold. Refer to the model above to guestimate your allocation.
3/ Thoughts
• $50M cap is not effective: I don't see the point of doing this instead of just a private round/pre-deposit deals via @turtleclubhouse or @roycoprotocol
• Positioning itself as an L1: "Hot recent launches" like Bera only sustained in the $2-3B range, so IMO a $5B valuation at the open is already a pretty bullish scenario. This isn't PumpFun, and there's no metrics yet on payment volume, etc.
• @SplitCapital is offering 18% for $5M via @WildcatFi. His cost of capital is $900k/year, which is very good considering that even at a measly $800M-$1B FDV range he'll be up 60-100% + there'll be a lot of OTC and PB infra that can provide hedging
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