ORAO: UniSwap and gate.io listing May 3rd, Tokenomics Explained
Dear community. We are pleased to announce that in addition to the gate.io listing, we will also be listing on Uniswap, at approximately 18:00 UTC on May 3rd. With the upcoming listings, we also wanted to do a deep dive on the tokenomics of ORAO.
The TGE has completed successfully. Our token address is 0xEE1CeA7665bA7aa97e982EdeaeCb26B59a04d035.
A Brief Thank You to our Community
We want to thank everyone who participated in our sales for your support. Our sale on gate.io reached the target staking amount 72 times over, and each of you had to settle for buying far fewer tokens than originally estimated. For the team of course this is a good problem to have, but we understand a lot of you wish you could have secured more tokens. We want you to know that we appreciate your patience and your support.
Listing on Gate.io
Trading will start on gate.io at 18:00 UTC, May 3rd. For those of you who bought tokens on gate.io, 15% of tokens will unlock immediately, as per the vesting schedule. From there, 15% will unlock per month, and your final tokens will unlock in six months. ORAO will trade against USDT and against ETH.
For those who purchased tokens through DAO Maker, the DAO team are handling the distribution of your tokens. Please direct all inquiries to them.
Listing on Uniswap
We will also be listing on Uniswap. Trading will start at about the same time as on gate.io, though it may be a little earlier or a little later. However, we must warn you that several scams have popped up pretending to be ORAO, trying to trick traders into sending them their money. If you decide to trade on Uniswap, make sure the contract address for the token is 0xEE1CeA7665bA7aa97e982EdeaeCb26B59a04d035. If it’s ANYTHING else, it’s a scam and you will lose your money.
A Close Look at ORAO’s Tokenomics
With trading about to go live, here is a writeup on the tokenomics of ORAO. The information has of course been available in our whitepaper and on the wiki, but we want to make it as accessible as possible. So here it is again.
The Sales
With the success of our sales on DAO Maker and gate.io, ORAO has raised, in total, a little over 2 million USD, for 35.7% of the total supply. $1 million from earlier private sales, and $1 million from the March sales. This money has been essential to attract and keep a strong development team, as well as to pay for other tools and services, from security audits to artists, writers etc. Going forward, we are already expanding our team to speed up development, as well as to secure new expertise.
The price paid per token during the sales in March 2021 was $0.015. Earlier rounds of private sales saw lower prices; naturally, as those early investors had to wait longer to receive tokens, and invested at far earlier stages of development, before ORAO had interesting functional code, or even a whitepaper and website.
Team & Advisor Tokens
20% of the supply is given to Team and 10% to Advisor/Partnership allocations. Support from our advisors has been invaluable in securing important expertise and industry contacts, and we would not be where we are now without them. Team tokens cut down on a lot of upfront and ongoing costs to pay developers and team members, many of whom work considerably more than 40 hours a week. In addition, the 12 month lock-up and subsequent vesting period serve as powerful incentives for each member of the team to work hard on ORAO for years to come.
Network Incentives
20% of the total supply is set aside for Validator rewards, with an additional 6% for buyer rewards. These serve the dual purposes of helping to secure the network and to grow it. They are subject to a brief lockup period, and will be paid out gradually after ORAO launches. Anyone will be able to secure a slice of these rewards if they participate in the network. Which yes, could include you, dear reader, as running a validator node will not require developer knowledge or experience. More on that as we get closer to the public launch of the oracle network.
In addition, 5% of the supply is dedicated to liquidity, to ensure that the token can be painlessly bought and sold by investors and network participants. Lastly, 3.3% are held in a reserve, with a lockup period of 18 months.
Lock-ups and Vesting
At TGE (Token Generation Event), the circulating supply of ORAO was around 46 million tokens. March sales participants will unlock their final tokens six months after the TGE, while earlier private sale investors unlock their tokens more slowly.
Team and Advisor tokens begin to vest after 12 months, but will not be fully unlocked until another 18 months after that. The final reserve of 3.33% of the supply begins to vest after 18 months, and will be fully released after a total of 36 months from the TGE.
Although network incentive tokens will begin vesting after only three months, they will in fact be the last tokens to fully unlock, with a vesting period of up to five years, to ensure a sustainable incentive structure for the growth and security of the network. Once these tokens have fully unlocked, we will reach our maximum supply of 1 billion tokens.
If you would like to learn more about ORAO, you can check out our website, dig into our whitepaper, or join our Telegram channel to speak directly to members of the team and our community.
