BaySwap Public Sale (May 5th) — All you need to know
[TLDR;] 20.000.000 $BSWT with 100% of them unlocked at Mainnet launch (expected May 25th), no locking period, no vesting, no WL/OG requirements, everyone is able to buy.
Foundation:
BaySwap team started to put a very brick in November 2022. Six months passed, BaySwap team is proud to say that BaySwap is one of the most active DEXs in terms of both product and community development.
What are BaySwap's achievements?
- One of the first DEXs released on Sui Testnet Wave 1
- The first DEX launch on Permanent Testnet after many major breaking changes from Sui team. This is the best proof to tell you that BaySwap is always ready for any difficult changes.
- One of the most featured-rich DEXs (iOS/Android app, Explorer, Swap, Add Liquidity, IDO platform, Limit Order, Yield Farming, Zap, Trading View, Faucet bot …) which are stable and running on Permanent Testnet.
- Built a good community who are always ready to give BaySwap team feedback and suggestions. Some numbers: Twitter Followers: 101.000, Discord members: 90.415, Medium subscribers: 10.400.
- Partner with many great projects who build on Sui: Martian Wallet, Ethos Wallet, Sui Ecosystem,… and much more (We can’t list all of our partners here because it’s too long, sorry any partners not mentioned).
What’s the next milestone?
- Release the Lending/Borrowing feature
- Perpetual trading
- Multichain integration
You always can find them in our Roadmap. From the beginning, BaySwap set the roadmap and always try our best to follow it. It s one of the commitments with Bay Community and allows those who strongly support BaySwap from the early stage to know what are next steps, progress, and milestones are.
Reason and goal:
Working during the past six months is not easy for a non-fund-raised project. BaySwap Core is a team of 5 engineers with only 2 full-time engineers, all of 5 worked without any single salary. To compete with VC-funded projects, we spent all our personal time, no holiday, no Saturdays, and no Sundays through six months putting 100% effort into improving the BaySwap product day by day.
Until now, BaySwap had no presale, private sale, or VC sale. 100% of the total supply is in reserve. Public Sale is the FIRST and LAST chance to buy $BSWT. It allowed Bay Community to join the Public Sale (May 5) without any concern about the price pump/dump scheme.
Through this Public Sale, BaySwap has a small of funds to expand the team size, continue to make the iOS/Android application better as well as BaySwap web app, and start many marketing campaigns to attract TVL as our goal to be #1 TVL on Sui.
Public Sale detail:
There is all information about Public Sale which happen on May 5th.
- Total $BSWT for sale: 20,000,000 $BSWT (20 million = 2% of total supply) taken from Development Allocation.
- Where to buy: https://app.bayswap.io/ido
- Locking, vesting: No locking, no vesting. All of 20,000,000 $BSWT is unlocked at mainnet launch. You can learn why we unlock 100% in our Tweet
- When to buy: From May 5th to the end of May 12th.
- Total Supply: 1,000,000,000 $BSWT (1 billion)
- Initial Circulating supply: 30,000,000 $BSWT (30 million = 3% of total supply)
- Sale Method: Price Discovery (included 2 phases: Bootstrapping and Discovery). If you don’t know how the Price Discovery Method work, we invite you to join our mock Public Sale on Testnet to have an idea about it.
- Supported currencies: $SUI (Sui network) and $USDT (BEP20 and Polygon networks)
- Starting price: 1 $BSWT = 0.01 $SUI (during Bootstrapping phase)
- End price = (Total deposited SUI / 20,000,000) $SUI if Discovery Phase is triggered. Or 0.01 $SUI if Discovery Phase is never triggered.
- Min buy = 0.01 $SUI. Max buy = 100,000 $SUI
- Max total $SUI deposited during Bootstrapping phase = (20,000,000 * 0.01) = 200,000 $SUI
- Max total $SUI deposited during Discovery Phase: Unlimited because we use the “Price Discovery” method.
- Your $BSWT received at the end of sale = 20,000,000 * your deposited $SUI / total deposited $SUI
- Tokenomics: You can find this in our docs
For LBE, you can find the general idea in BaySwap docs. 10,000,000 $BSWT (taken from DAO allocation) is allocated for this LBE. The Public Sale price is used for the floor price of LBE. Don’t worry if you didn’t know any LBE-similar before, we will publish another Medium post to give you full detail about LBE on May 15th.
Frequently Asked Questions (FAQ):
- Question: What is the $BSWT price? Answer: The price of $BSWT is unpredictable, it’s based on the total deposited $SUI during Discover Phase. During the whole Discovery phase, $BSWT prices will constantly increase after every purchase.
- Question: What do I need to do before the Public Sale? Answer: There are two ways to buy $BSWT. prepare your $SUI in your Sui Wallet/Ethos Wallet/Maritan Wallet, … or prepare your $USDT in your TrustWallet/Metamask (network BEP20 or Polygon).
- Question: I don’t have an OG role, can I join this Public Sale? Answer: Yes, it’s a “Public Sale”, everyone is able to buy.
- Question: I buy $BSWT later than other guys, is it matter? Answer: No difference between early buyers and later buyers because at the end of the sale, your $BSWT received is calculated based on your amount of deposited $SUI, not based on when you deposited $SUI. Btw, we encourage you should buy $SUI for depositing early because of the high demands in starting days of the SUI network launching, the price of $SUI might increase unpredictably.
5. Question: I don’t have $SUI, how I can buy $BSWT? Answer: you can buy $BSWT by $USDT on BSC/Polygon network via Metamask/Trust Wallet.
6. Question: After I deposited $SUI, what’s next? Answer: you will receive $recSUI with a rate 1 $SUI = 1 $RECSUI. On May 25th, you burn $RECSUI to claim $BSWT.
7. Question: Is there any mock Public Sale for me to easily understand? Answer: we invite you to join our mock Public Sale which is happening at https://app.bayswap.io/ido.
8. Question: any difference between buying by $SUI and buying by $USDT? Answer: No any different in terms of economics. If you buy by $USDT, we’ll convert your $USDT to $RECSUI at the time you bought it. After that, we will MANUALLY send you $RECSUI to your linked SUI address within 48h from the moment you bought
9. Question: What is the difference between Bootstrapping Phase and Discovery Phase? Answer: Bootstrapping Phase happens when the Public Sale starts. During Bootstrapping Phase, 1 $BSWT = Starting price = 0.01 $SUI. After 200,000 $SUI was sold, we will enter Discovery Phase. In Discovery Phase, $BSWT price constantly increases after every purchase.
10. Question: can you give me an example?
Answer: This is an example taken from mock IDO Testnet wave 1.
- Fixed BSWT for sale: 2,000 $BSWT
- Total deposited $SUI = 141,670 $SUI
- Your deposited $SUI = 5 $SUI
- Your BSWT received = 2,000 * 5 / 141,670 = 0.0705 $BSWT
11. Question: I want to invite my friends to join Public Sale, what are the benefits? Answer: You can use your referral link to invite your friends. After the sale ended, we will distribute USDT as a reward based on your refs.
