The uGMC Launch
Edit: Added the link to the sale and update the day and time
Dear MoonCat Community,
As we outlined in our previous article, we successfully completed the governance proposal to withdraw the GMC24 cats from NIFTEX and are now in the process of launching the uGMC Token on Unicly. Today we are announcing how the launch and the token swap will work.
Claiming new uGMC shards
The 24 Genesis MoonCats will be locked in a Unicly smart contract, from which we will issue 10million uGMC tokens. We will then add these newly issued uGMC Tokens into a smart contract which will allow everyone to swap their GMC24 for uGMC at a 1:1 ratio.
If you owned GMC24 shards before the migration, you can go to:
and swap your GMC24 for uGMC shards at a 1:1 ratio. To do that, simply visit the website, click “Convert Token”, connect your wallet and swap your shards. We recommend everyone who owns GMC24 to participate in the swap, because uGMC will be the new token for the underlying 24 Genesis MoonCat collection after it has been moved to Unicly.
As part of our move to Unicly, we will hold an IDO on SushiSwap’s new MISO launchpad where RedCave Ventures will sell an additional 10% of our shards. The MISO auction mechanism will allow for better price discovery and benefit buyers and sellers alike. It will also create wide exposure of uGMC to the DeFi community, which will not only benefit uGMC but also the MoonCatRescue project as a whole.
The MISO Launch will occur as a batch auction for 1,000,000 uGMC. To learn more about this sale event format, please visit the MISO Documentation. In short, the batch auction is a method where a defined amount of tokens is divided amongst all the contributors weighted according to the contribution to the pool.
MISO Sale Details
- Sale Time: July 12th at 18:00 UTC to July 14th at 18:00 UTC
- Minimum Raise: 75 ETH (all contributions will be refunded if <75 ETH is raised)
- Amount of tokens available: 1,000,000 uGMC
- Min & Max price per token: Minimum of 0.000075 ETH per uGMC, maximum uncapped
- Min & Max purchase amounts: No minimum, no maximum
During the sale period anyone can contribute ETH to the auction. They will receive uGMC at the ratio determined at the end of the sale based on the total amount raised, regardless of when during the sale they contributed their ETH.
The minimum-raise valuation would place the overall collection at a value of 750 ETH (31.25 ETH per cat), and a price of 0.000075 ETH per uGMC. The price will rise proportionally if additional ETH is contributed: For example, if 100 ETH were contributed, the final price would be 0.0001 per uGMC, valuing the collection at 1000 ETH.
To improve liquidity of the uGMC token, RedCave Ventures plans to add at least 5% of the total uGMC tokens as liquidity on SushiSwap (with the corresponding ETH necessary). This will enable frictionless trading in and out of the uGMC token for every participant.
Liquidity will also be added by RedCave Ventures on Unicly, again with the necessary ETH required. This liquidity on Unicly will be more than 5%.
Below you will find a pie chart with the updated tokenomics after the MISO Launch:
- Launch on MISO, the Sushiswap Launchpad
- Auction type: Batch Auction
- uGMC for sale: 1 million uGMC
- uGMC liquidity: >10% or more (5% on SushiSwap, and 5% or greater on Unicly)
- Date: July 12th 2021
- Start Time of the Sale on MISO:18:00 UTC
- Duration of the Sale: 2 days — Ends 18:00 UTC on July 14th 2021
- Tokenswap: https://www.ugmc.xyz/
We are very pleased with the continued support of ponderware and the MoonCat Community and are excited to continue the Journey of the 24 fractionalized Genesis MoonCats with Unicly.