Tokemak: The DeGenesis
Tags: Decentralized, Tokemak, Dao, Degenesis, Defi

Potential Outcomes

The end state conversion rate (price) of TOKE and potential eligibility for private farming is determined by total commitments by all participants at the end of the DeGenesis.

There are three potential outcomes of the DeGenesis, outlined below.

Outcome One:

If total commitments by the end of the DeGenesis are less than or equal to $6M USD:

100% of commitment swapped for TOKE

Conversion rate is $2 per TOKE

Outcome Two:

If total commitments by the end of the DeGenesis is between $6M USD and $24M USD:

100% of commitment swapped for TOKE

Conversion rate is between $2 and $8 per TOKE, according to the equation below:

Outcome Three:

If total commitments by the end of the DeGenesis is between $24M USD and $48M USD:

% of commitment swapped for TOKE for all participants:

% of commitment whitelisted for private TOKE farming for all participants:

Conversion rate is $8 per TOKE

Outcome One Example:

An individual commits $10,000 and the total USD value of commitments at the end of the commitment period is $5M. Then: Individual commitment % swapped for TOKE: 100% Swap TOKE conversion rate: $2 per TOKE

Outcome Two Example:

An individual commits $10,000 and total USD value of commitments at the end of the commitment period is $15M. Then: Individual commitment % swapped for TOKE: 100% Swap TOKE conversion rate: $5 per TOKE according to the equation below

Outcome Three Example:

An individual commits $10,000 and total USD value of commitments at the end of the commitment period is $32M. Then: Individual commitment % swapped for TOKE: 75% Swap ($7,500)

Individual commitment % eligible for private farming: 25% Farm ($2,500)

TOKE conversion rate: $8 per TOKE

The max split possible at the full commitment cap of $48M is a 50/50 split of TOKE swap and private farming eligibility in the Genesis Pools.

It’s important to note that the private TOKE farming period of the Genesis Pools will offer an attractive returns, giving participants a chance to acquire more TOKE before anyone else and effectively lower their cost basis. Participants can decide to migrate their unswapped assets into the private farms, or else withdraw those assets, once the Last Look period has concluded.

The Last Look Period

The Last Look gives participants 24 hours to see the final state of the commitment period, including the TOKE conversion rate and the swap/private farm split (if applicable). The ETH will be marked to market through a Chainlink oracle call at this time.

The Last Look gives participants the opportunity to withdraw funds without making any swap for TOKE if they wish to opt out. Participants can withdraw up to their full commitment. If a participant removes only a portion of their assets, this will not change the price or ratio of any applicable swap/farm split.

If participants are happy with the final state of their commitment, no action is necessary during the Last Look, and the commitment will be automatically confirmed.

How to Participate

The live DeGenesis site will be shared in the Discord and on Twitter on Tuesday, July 27th.

Upon accessing the DeGenesis website and agreeing to the Terms of Participation, you’ll be prompted to connect your browser wallet (Metamask and others).

If you haven’t whitelisted your ETH address, you’ll receive an error message, so please don’t forget to head to the #degenesis-whitelist channel before July 27th in our Discord here.

Once your wallet is connected, you’ll clearly see fields to commit either ETH or USDC on the left side of the website.

Committing assets will trigger a wallet transaction for approval and commitment. Once your funds are committed, you’ll see the following successful transaction message:

We encourage everyone to check back during the Last Look period to make sure they’re happy with the final state of the event.

When the event has concluded, users will be redirected from the DeGenesis website to the main Tokemak website (www.tokemak.xyz):