To provide funds for the Sovryn protocol treasury, it is proposed to approve a sale of SOV tokens to protocol supporters prior to SOV tokens becoming transferable and liquid. 2,000,000 SOV would be tendered. The Origins pre-deposit process collected deposits in the total of 200 BTC. It is proposed to forgo the Dutch Auction process as outlined in in the SIP-0006 Draft which can be referenced here, and approve the sale at the proposed opening price of 10,000 satoshis per SOV tendered.
On Thursday January 11th, the Origins pre-sale opened for pre-deposits. Within approximately 48 hours, a total of 200 BTC were pre-deposited and the proposed Origins pre-sale became fully subscribed at the proposed auction price of 10,000 satoshis, as outlined here. There is therefore no requirement to hold the proposed auction, as the sale is fully subscribed and such an auction would close at the opening price, were it held.
- Provide for the sale of up-to 2,000,000 SOV to participants that deposisting BTC in the Origins pre-deposit, at a clearing price of 10,000 sats per SOV.
- SOV tendered under the Origins pre-sale will be non-transferable for a period of six weeks after TGE, to allow for completion of any further sales.
- The 2,000,000 SOV allocated to the Origins pre-sale will be transferred from the Governance Vault (0x05f4f068df59a5aa7911f57ce4f41ebfbcb8e247) to the Exchequer multisig (0x924f5ad34698fd20c90fe5d5a8a0abd3b42dc711) to be held until the technical preparations for allowing Origins participants to claim their SOV have been completed. The Exchequer multisig will transfer the SOV to the SOV Origins pre-sale claiming smart contract immediately after deployment.