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.
Last updated