We are just a few days away from our Phase 1 token launch and it is important for us to explain in detail about the mechanics of the token launch. As explained in the earlier medium article, the phase 1 of our token launch will be streaming of tokens and giving the participants the ability to stake their tokens to get Pana tokens as rewards. The main objectives for us in phase 1 are:
- Get Pana into everyone’s hands through the free streaming option so as to build protocol liquidity
- Make the token available to as many people and reduce the possibility of whales accumulating a disproportionate number of assets so that they do not distress the protocol at the later date
- Enable easy adoption
We will be creating an initial USDC/Pana liquidity pool in which we will pair $20,000 USDC with 2,000,000 of PANA (1Pana = 0.01 USDC) to create the pool with $40,000 worth of liquidity. We understand that this is a small liquidity pool, but we are bootstrapping this with our own funds. As explained earlier, the objective is to get the community support and get the Pana tokens into as many hands as possible. We are running a very high risk of people cashing out their free Pana tokens and draining the liquidity out of the USDC/Pana liquidity pool which will distress the protocol, as we have limited funds to replenish the liquidity pools. We request the community to support us and make this a success.
Some salient points about the phase 1 token launch:
- Phase 1 (Streaming) Launch date — 15th August 2022, 12PM EST (4PM GMT)
- Liquidity pool — USDC/Pana pool with $40,000 worth liquidity ($20,000 USDC with 2,000,000 Pana at 1 Pana = 0.01 USDC)
- Reward rate — 50,000 Pana per day
- Phase 1 (Streaming) end date — TBD. (This will be timed with Phase 2 and Phase 3 bonding readiness)
Join us in celebrating the launch of democratized insurance!