Fortress DAO’s tokenomics, liquidity bootstrapping event & whitelist details
Welcome Travelers, One and All, to Fortress DAO!
Today Fortress DAO provides clarity regarding the project’s tokenomics, our upcoming Liquidity Bootstrapping Event (LBE), and qualification criteria for the LBE whitelist.
Avalanche chain launch
Fortress DAO has chosen to launch on Avalanche, which is consistent with our goals of democratization and community access. Avalanche provides the following advantages to our community:
- Speed: The Avalanche chain is blazingly fast. Transactions are processed and settled in seconds.
- Affordability: Transaction fees on Avalanche are extremely low cost, generally around 25–40 cents per transaction.
- Accessibility: There are numerous options to bridge funds to Avalanche, including trusted dApps such as Synapse, AnySwap, and cBRIDGE.
- Eco-friendly: Avalanche, which is built around PoS, consumes much less electricity than traditional PoW chains. Fortress DAO knows full well that “health is wealth” — thus we are committed to ensuring a brighter, greener, and wealthier future for all.
As we approach our launch date, we will publish resources to aid our community with onboarding their funds to Avalanche.
Liquidity Bootstrapping Event (LBE)
We plan on holding an LBE to raise $350,000 at a valuation of $5 per $FORT. The maximum contribution per person will be $1,000.
- Our LBE will be conducted using the stablecoin MIM on Avalanche.
- We will select up to 300 whitelisted users who will have access to the LBE for a 24-hour period. Note: because the maximum amount of funds raised through whitelisted users is $300,000, every whitelisted LBE participant is guaranteed to be able to contribute up to their $1,000 limit.
- After the 24-hour whitelisted LBE closes, the LBE will open access to the public to fill in the remainder of the $350,000. Public LBE access is limited to a maximum contribution of $500 per wallet. This limit will deter sniping and help enable full community participation.
- Upon release of Fortress DAO’s bonding/staking dApp, FORT tokens acquired in the LBE will be subject to a 24-hour auto-staked lockup period. FORT acquired in the LBE can be unstaked and claimed at any time after the bonding/staking dApp is released. If FORT is unstaked and claimed before the 24-hour lockup period has elapsed, the holder will forfeit all staking rewards which would have accrued during that time.
The funds raised in the LBE will be used for the following purposes:
- $100,000 to bootstrap a MIM/FORT liquidity pool on Trader Joe at a rate of 1 $FORT = 10 $MIM. The LP tokens will be permanently locked inside the Fortress DAO’s treasury.
- $120,000 to the project team for daily operational costs and continued development.
- $130,000 to the Fortress DAO’s treasury, securing the value of the protocol.
Fortress DAO’s LBE is tentatively scheduled to take place late next week. Stay tuned for exact dates and further announcements.
The LBE will mint 70,000 FORT. This ensures that each participant will be able to claim at most 0.286% of the initial supply.
Our treasury will be initialized with MIM/FORT LP tokens valued at $200,000 as well as MIM valued at $130,000 for a total of $330,000. Therefore, each of the 70,000 initial FORT tokens will be backed by $4.72 of value!
An additional 10,000 time-locked FORT are allocated to the development team. These tokens will be subject to a locked vesting schedule, with 25% unlocking after 1, 2, 4, and 6 months.
As our community grows, it will necessarily become more challenging to secure a seat as a Knight of Fortress DAO. Knights will be awarded a whitelist spot.
- 300 members will traverse the ranks from Page, to Squire, and finally to Knight.
- All members must incorporate [🏰,🏰] into their server profile name in order to be eligible for a whitelist spot.
- 100 WLs will be awarded to those intrepid few, the first 100 entrants of the Fortress DAO Discord.
- 50 WLs will be awarded to members who Boost the Fortress DAO server and remain engaged and active in the community.
- 50 WLs will be awarded in an upcoming Twitter contest. Stay tuned and be ready to Like & RT.
- 50 WLs will be awarded to those with the most invites and referrals of real community members. Details of referral contests will be announced.
- 50 WLs will be awarded to members who provide extraordinary service to our community. This service could come in the form of regional language community mods, translation services, outstanding memes and GIFs that spark joy, or whatever the community needs to grow and thrive.