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Initial Supply
Size and distribution of initial KLIMA supply
IDO
On August 17, 2021, KlimaDAO began its fair launch by distributing the initial supply of Klima using an Initial Discord Offering (IDO). Any Discord members who helped beta test KlimaDAO before launch and received the appropriate role, were able to participate in the IDO by buying an NFT.
Two classes of NFT were offered to IDO participants:
Of the eligible Discord members, 613 chose to participate. 58,050 KLIMA was allocated to IDO participants at an effective price of $10/KLIMA (including additional KLIMA allocated after the IDO sale to match Crucible prelaunch rewards - see below for details).
IDO participants had their KLIMA allocation airdropped to the same address holding their NFT directly on Polygon after KlimaDAO launched. In order to ensure the airdrop went to the same wallet that purchased the IDO NFT, the NFTs were non-transferable until after the airdrop was completed when the protocol launched. The IDO NFTs are now fully transferable.
Copper Fair Launch Auction
The IDO bootstrapped the next stage of KlimaDAO’s fair launch. On September 14, 2021, we launched a Liquidity Bootstrapping Pool (LBP) available to the public using the Copper Fair Launch platform. The LBP enabled KlimaDAO:
- To distribute KLIMA into the hands of as many people as possible;
- Achieve sufficient liquidity to bootstrap our Sushi pools at full launch of the protocol; and
- Enable the market to determine a “fair price” of KLIMA.
KlimaDAO raised ~$18MM and distributed ~113,800 aKLIMA of the available 120k aKLIMA at a final price of $323.47. 1 aKLIMA became redeemable for 1 KLIMA at launch. See the aKLIMA auction page on Copper for more details on the LBP.
The ~6,200 aKLIMA that were not sold in the auction were retained by the Klima core team for use as part of the initial liquidity pools for KLIMA at launch.
After the LBP, aKLIMA holders could stake their aKLIMA in the Alchemist Crucible Aludel reward program. 2000 alKLIMA (also redeemable for 1 KLIMA at launch) were distributed each day amongst all aKLIMA deposited until the launch of the protocol, with the proportion distributed to each Crucible based on an 18 day linear multiplier.
NOTE: Since the KLIMA allocated to IDO participants was effectively locked until launch, IDOers also received equivalent KLIMA rewards as if they had been staking their IDO KLIMA in the Crucible rewards program.
42,000 alKLIMA (for aKLIMA Crucible stakers) and 21,425 KLIMA (for IDOers who effectively staked) were distributed in association with this prelaunch rewards program.
Token Distribution at Launch
Combining the IDO and LBP community distributions, plus the prelaunch rewards, results in an initial circulating supply of 235,274 KLIMA
In addition to the community distribution, the KLIMA/BCT liquidity pool was seeded with ~6200 aKLIMA left over from the LBP, combined with an additional ~11k KLIMA minted by the core team using some of the BCT they sourced for launch.
Summing up, the total initial supply of KLIMA was 252,586.
For a detailed analysis and breakdown of initial KLIMA supply, see this spreadsheet used by the policy team to plan for launch.
* NOTE: this initial distribution does not include pKLIMA allocations, since pKLIMA has to be redeemed by hand after launch to receive KLIMA. pKLIMA redemptions are limited to a total of 15.8% of KLIMA supply at any point in time, see the pKLIMA section of the emission mechanisms page for more details.
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