> For the complete documentation index, see [llms.txt](https://docs.glue.net/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.glue.net/white-papers/white-paper-governance/valuation-and-token-distribution.md). # Valuation and Token Distribution ### Fjord Foundry LBP and Market Valuation The Fjord Foundry LBP set a market-based price for Glue tokens. This LBP was the first round that established a market price for the tokens and consequently a conversion rate for the seed stage contributions. ### Conversion and Fair Treatment of Seed Stage Contributors To calculate the discount for seed stage contributors, we took the bottom decile of prices paid during the LBP and applied the agreed 30% discount. This approach ensured that early contributors were adequately and fairly compensated for their patience, having waited over two years for their returns. The calculated conversion price for seed contributors was $0.253 per token. ### Token Owner Table and Distribution The outcomes of these fundraising efforts and conversions have resulted in the following distribution for Glue's token ownership: **1. Seed Contributors** * Total Contribution: $2.5 million * Conversion Price: $0.253 per token * Total Tokens Sold: 9,881,422 * Percentage of Total Supply: 0.99% **2. LBP Contributors** * Total Contribution: $2.5 million * Average Price: $0.668 per token * Total tokens Sold: 3,738,525 * Percentage of Total Supply: 0.37% Additionally, some expenses were paid in tokens, amounting to approximately $500,000 at the seed pricing of $0.253 per token, ensuring fair compensation for services rendered during the early stages of the network's development. **3. Other Expenses Paid in Tokens** * Expected Total Contribution: $500,000 * Conversion Price: $0.253 per token * Total Tokens Sold: 1,976,284 * Percentage of Total Supply: 0.20% Total tokens sold to date: 15,596,231 which is approximately 1.57% of total supply. {% hint style="info" %} The above maths will not be exact as there are final expenses to be accounted for, but it will be within a 10% margin of error. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.glue.net/white-papers/white-paper-governance/valuation-and-token-distribution.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.