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Why we use Mango IDO Model?

Newsletter of Circlepod Protocol
Why we use Mango IDO Model?
It’s our pleasure to have a chance to have an in-depth conversation with you. We won the fourth place in SOLANA IGNITION [email protected]. It also ushered in the need to expand the team, marketing and business. We need more software engineers, UI/UX designers and 3D graphics artists. If you are qualified, please send email to [email protected].
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Our opinions about Mango IDO
First of all, many people resist the Mango Markets model because of the pain of the decline after Parrot IDO. But we think the Mango Markets model is still a great way to distribute tokens. Their design method allows all interested people to participate in the purchase of tokens in a fair, just and open manner. No matter what the buyer’s intention is. We hope that the sold tokens can be distributed to every interested person as much as possible, rather than concentrated on institutions or venture capitalists.
The Mango Markets model is the tool that can best help us accomplish this at the lowest cost and price. Mango Markets has proposed an improved auction mechanism in which buyers can deposit and withdraw USDC from smart contracts. At the same time, it affects the rise or fall of the price of tokens. The auction is divided into two stages, and each stage has its own timetable. The first stage allows deposits and withdrawals, while the second and final stages only allow withdrawals (so if you don’t like the final price, you can technically withdraw all funds safely).
On top of this, we added the time limit again for the first time. Withdrawal of USDC will be stored in the contract first, and the USDC can be transferred to the wallet after the auction is over. We hope to reduce the frequent interference with the price of giant whales, so we have added the withdrawal time cost
Why do many projects choose this sales method?
The significance of this sales method is to obtain the fair value view of the overall market in the most equal and easiest way. Looking at it another way, the market can determine the initial price of the token sale. In particular, we observed earlier projects that used the Mango Markets model to establish this point. The drop in project tokens has indeed caused a lot of problems. We observe that the selling pressure in the market is likely to come from earlier investors. Therefore, the selling pressure caused by this model method largely depends on whether someone has a lower acquisition cost than IDO.
Aurory mentioned their views on Mango and Parrot, the following excerpt is from Aurory-IDO Explain:
Mango had 5% of the team’s supply in circulation and 5% available in the IDO (ie for the public). Think about that for a bit. 50% of the circulating supply at token release was held by the team-guess what happened ? The half from the public IDO raised the price, thus creating selling pressure for the remaining half.
Now let’s look at Parrot-Parrot had 2% for VCs and 2% for the team (unlocked during launch) with 10% going to the IDO. That’s a little bit better but still not great since the price nosedived after release from selling pressure . Parrot also had their tokens listed and actively traded on exchanges whilst their auction was still ongoing.
From the price point of view, Mango is considered a success. We guess the reason is that Mango did not sell the tokens to other institutions or venture capitalists in advance. Although 50% of the team holds it, the results did not produce a certain degree of selling pressure on $MNGO.
Parrot $PRT is not so lucky. Perhaps due to the relationship between private equity and team unlocking, the price of the token dropped by more than 70% after the listing.
Of course, we will not know the real reason for the market decline. We can only learn from the lessons, evaluate and learn, and then become better.
When we understand these issues, how do we see our IDO?
First of all, Circlepod does not have the issue of “first token holders”. Since the creation of Token, we have insisted not to sell tokens to any institutions or investors. Institutions and investors are holding and investing in the company’s traditional methods. . IDO is the first time we will transfer to and sell to other people. Simply put, no one’s acquisition cost is lower than IDO. The evidence is clearly clear on the blockchain browser. Of course, please note that there are still people in the community with strong financial resources. They can still use their advantages, but you can control your investment risks and decide how much you should invest.
After doing this, what will happen to the token price?
We don’t know. Of course, we cannot guarantee that the market price after IDO will rise. The rise and fall are the results of the game presented by the market and countless invisible hands. There is only one thing we can be sure of. Regardless of the price of the token, we at Circlepod will actively and diligently build a community, build products with the highest efficiency under limited resources, and cultivate the entire community at the same time to improve the overall value.
Thanks for seeing here! Stay tuned for our IDO news!
p.s. Sponsors will have different idol pools, which will be held after the community sales
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