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We take the view that token sales should be simple, transparent and minimize randomness and luck in the distribution.
Users deposit USDC into a vault during the event period to set their contribution amount.
The event will span over a 2 day period split into two sections,{' '} Unrestricted {' '} and{' '} Restricted.
Unrestricted
During the unrestricted period users may deposit or withdraw their USDC from the vault. During the unrestricted period price can fluctuate.
Restricted
After 24 hours deposits will be restricted and only withdrawals allowed. During the restricted period price can only go down.
Simple mechanisms are easier to build, explain, understand and are harder to exploit. A transparent mechanism increases participation because buyers are more confident there are no hidden tricks that could harm them.
Elements of luck engineered into the mechanism distribute value randomly to those who are most willing to do the arbitrary, worthless tasks to get the free value.
{/*We believe all "excess" value should be captured by token holders in the DAO.
*/}At event conclusion $MNGO gets distributed in propotion to a users USDC contribution.{' '}