Frens! The GameSwap token auction is here! During the next couple of days we will be distributing 1,200,000 GSWAP (6% of supply) via Bounce.Finance sealed-bid auction starting at posting time, and with a duration of exactly 36h.
In this post we explain step by step how to participate in the distribution.
Let’s get started!
Disclaimer: The presented information is not investment advice. Please make sure you read and understand our terms of service before participating in the Shroom ecosystem.
Details
- Symbol: GSWAP
- Max supply: 20,000,000
- Supply for Auction: 1,200,000 (6%)
- Bounce Pool: Link
- Token contract: etherscan.io address
- Token type: DEX governance token and base currency
- Allowed participants: all users except those from restricted jurisdictions
What is a sealed bid auction?
Bounce.finance’s sealed bid is an innovative distributed auction tool, which helps tokens with the “price discovery” process.
During this type of auction all bidders submit sealed bids to the smart contract auctioneer. The sealed bid is not opened until the stated date, at which time all bids will be opened at once. Then the smart contract will automatically rank bid orders from the highest bid price ratio until all the token allocations are full.
Floor Price and minimum bid
The floor price is the minimum price you can use in the bid. In a sealed-bid auction, bidders know the floor price but not the bid price of others which introduces game theory and market dynamics.
For GSWAP the floor price will maintain a ratio of 1 ETH = 2000 GSWAP, so that should be around $0.18 to $0.22 per token depending on $ETH price fluctuations (currently $0.19).
You will need to place the bid higher than the floor price, and at the same time try to get as much GSWAP as possible with the least ETH spent. The allocated supply is quite big and we believe there will be enough for everybody given the current market conditions, so try to be smart with your bids!
Getting GSWAP (step by step process)
In order to get GSWAP there are 4 main steps:
1. Install MetaMask
2. Get some ETH
3. Navigate to our Bounce.Finance pool
4. Swap ETH for GSWAP via sealed bids
Step 1. Install MetaMask
We recommend using MetaMask, the most popular Ethereum wallet.
You can download the MetaMask from here. It’s an extension used directly in browsers such as Google Chrome, Firefox.
2. Get some ETH
Once you have created your Metamask wallet you need to buy some ETH, you can buy it directly from the Metamask interface pressing the buy button or in a crypto exchange.
3. Navigate to our Bounce.Finance pool
Go to our GSWAP pool following this link: https://app.bounce.finance/sealed-bid/266
4. Swap ETH for GSWAP via sealed bids
Once you are in the bounce site you will see this form. Swap Ratio for Bid is your bid price, it should be higher (in $) than the floor price. We know the auction Floor Swap Ratio is 1 ETH = 2000 GSWAP, thus, we can only introduce values smaller than 2000.
Think carefully about the specific price. At the end of the time, the smart contract will select the highest bidding orders. If your price is too low, the auction may not succeed and your funds will be returned.
Bid Example:
The current ETH price is $400, and Bob decides that a fair price of GSWAP is $0.25 so that would be:
GSWAP Amount = 400 / 0.25 = 1600
Bob introduces 1600 as his Swap Ratio.
Some notes:
- Please ensure that the transaction was successful (not pending) before it ends. (Keep attention on ETH gas fee)
- You can make only one bid transaction and you can check your bid in a specific pool by clicking the “check your bids” button.
- Once a bid transaction is executed, you cannot cancel it or claim your bid ETH back during the auction time. So please think carefully before you bid.
- When the auction is closed, you will need to claim back your swapped tokens and unswapped ETH (if any).
That’s it! You have successfully entered your bid for a piece of the most exciting DEX yet! You are also fully equipped to get even more GSWAP in our upcoming farms.
Disclaimer: The presented information is not investment advice. Please make sure you read and understand our terms of service before participating in our ecosystem.
Further Reading
- About the Shroom Protocol and its mission
- About GameSwap, a community owned DEX for in-game assets.
Join us!
Are you game?
We are just starting this amazing journey and we invite anyone who shares our vision and ethos to join our community of builders. Feel free to reach out for additional info through hey@shroom.finance or via our social media channels:
- Game Devs: We will help you promote your game, bootstrap your assets, and link them to the crypto world and its vast liquidity.
- Yield Farmers: Participate in our upcoming LP program(s), helping bootstrap cool games where you will be driving governance and getting interesting token rewards.
- Developers: If you would like to work at the intersection of gaming and DeFi, come and help us build the future, we have several grants and funds lined up.
- Designers: Bring your artistic input! There will be a separate token fund for design tasks. We are starting from a blank canvas without creative limits.
- Marketers & Influencers: Use your skills and influence for creating real tangible value in a battle-tested industry. Become an ambassador; share our success.
💬 Social Media
- Join discussion in our Telegram at https://t.me/shroomfinance
- Discord at https://discord.gg/eZcFahS
- Don’t miss any update by following our twitter at twitter.com/ShroomFinance
