TCR Public DistributionTCR can now be purchased via Gnosis Auction
Gnosis Auction provides a fair mechanism for the public to value and purchase an asset. Following a successful proposal, Tracer DAO will use a batch auction to distribute 5% of its governance token, TCR. That means 50,000,000 TCR will be allocated to bidders from highest to lowest price, until all units are sold. The auction will commence at 9am UTC, September 10. Bidding is open for 5 days and concludes September 15.
Introducing TCR, Tracer’s native governance token. Gnosis Auction will distribute 50,000,000 TCR governance tokens (5% of the total supply). The auction begins September 10, 2021 at 9am UTC, as decided by governance, and will last for 5 days. Access Gnosis Auction here to participate.
What is TCR?
TCR is the unique token that governs the Tracer DAO; it's used by DAO members to vote on proposals that determine Tracer's growth and trajectory. By virtue of holding (and staking) TCR, you are entitled to participate in these votes and govern Tracer's peer-to-peer financial ecosystem. DAO members decide when and if to deploy new code, or whether existing code needs to be modified. They also control the use of treasury funds and employment of service providers.
For the avoidance of doubt, the TCR token provides no ownership, financial or economic rights of any kind.
What is the Gnosis Auction?
Gnosis Auction is a suite of smart contracts that makes a public distribution fair, transparent and decentralised. These open-source contracts allow the public to value and purchase tokens. Gnosis batch auctions settle on a fair price to allocate TCR to participants based on the demand for the token. To find out more, see: Gnosis FAQ.
A batch auction is a way to allocate a set amount of tokens, in this case 50,000,000 TCR, to the Tracer community. Participants place a limit order bid, where they specify an amount of TCR and the price they are willing to pay per token. If a participant's bid price is greater than the clearing price (the bid price at which the last unit is sold), they will be allocated TCR at the clearing price. If a participant's bid is less than the clearing price, they won't receive an allocation. See here for further explanation from Gnosis as to how batch auctions calculate the clearing price.
- Once the auction begins, participants can start bidding.
- The duration of the sale is 5 days (120 hours).
- The auction has a minimum requirement of a $2,500,000 DAI receipt. If the requirement is not met, the event will fail. Bidders will be reimbursed their DAI, and Tracer DAO will recollect the 50,000,000 TCR. No exchange will take place. Please note the ether (gas) spent to submit the bid order cannot be claimed as it is not held by Gnosis Auction.
- When the auction is finished, participants can claim their TCR at https://gnosis-auction.eth.limo/.
How do I use Gnosis Auction?
Follow along with Gnosis' 'How to participate as a bidder' guide for a walkthrough of the platform.
You'll need to connect a Web3 wallet such as MetaMask. Once you've connected a wallet, ensure you have the following cryptocurrencies:
- DAI – to bid on TCR; and
- ETH – to cover the network transaction fees when interacting with the auction contract.
You can only bid with DAI, so ensure you have the amount you wish to commit when you choose to participate.
The Gnosis Auction goes live at 9:00 AM (UTC) September 10th. Below is a preview of the Gnosis portal, which will show the TCR auction under the 'Auctions' tab.
Successful participants can only claim TCR once the auction has concluded on September 15th. In the event the auction fails to reach the minimum requirement, participants will need to return to the Gnosis portal post-auction to confirm their DAI refund.
Auction parameters decided by Tracer DAO
- Total Distribution: 50,000,000 TCR (5% TCR total supply)
- Auction token: TCR
- Bidding Token: DAI
- Minimum price per token: $0.05 DAI = implied minimum receipt of $2,500,000 DAI (min. fully diluted valuation = $50,000,000 DAI)
- Auction commences: September 10th 09:00 UTC
- Auction concludes: September 15th
Tracer DAO's community members and contributors can be found on Discord. They'll be happy to direct you to relevant information should you encounter a problem.
Legal and Financial Advice Disclaimer:
The information provided in this article is for informational purposes only. Any material in this article should not be considered as legal or financial advice. Tracer DAO is not an investment advisor and this is not a place for the giving or receiving of financial, tax or legal advice or investment strategy. Tracer DAO is not regulated by any financial services authority. You should consult with a financial advisor, attorney or other professional to determine what may be best for your individual needs.
Accordingly, Tracer DAO will not be liable, whether in contract, tort (including negligence) or otherwise, in respect of any damage, expense or other loss you may suffer arising out of such information or any reliance you may place upon such information. Any arrangements between you and any third party contacted via Tracer DAO’s website are at your sole risk.