PNK minting and 2nd token sale - exact pricing tiers and numbers

Proposal
#1

You should check the main thread: PNK minting and 2nd token sale

You should also check the bounty proposal: PNK minting and 2nd token sale - affiliate, bounty, referral

These numbers appear random to me

strange_numbers
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Here is a proposal how to make them more intuitive

A few days before the sale (how many) a weighted moving average formula (which) should establish the exact baseline.

Assuming baseline of 20k PNK per ETH, 1 PNK = 0.00005 ETH, here is the pricing table:

Price Amount Comment
0.000045 10m promo
0.000050 50m main no fomo
0.000055 10m
0.000060 10m
0.000065 10m
0.000070 10m
0.000075 10m
0.000080 10m
0.000085 10m
0.000090 10m
0.000095 10m
0.000100 10m

You can notice the round numbers, as well as the incentive to be early.

This can play nicely with the affiliate, bounty, referral program.

PNK minting and 2nd token sale - rights issue - preferential treatment for current holders
PNK minting and 2nd token sale
PNK minting and 2nd token sale
#2

Thanks for the proposal. I’d put more money close to 0.00005. Because with the proposal of the previous post, that would mean 60m to be sold if price remains constant.
Something like:

Price Amount Comment
0.0000480 10m promo
0.0000500 50m main no fomo
0.0000502 10m
0.0000504 10m
0.0000506 10m
0.0000508 10m
0.0000510 10m
0.0000530 10m
0.0000570 10m
0.0000580 10m
0.0000600 10m
1 Like
#3

What would happen if there are remaining unsold PNK after the initial sale period?

#4

Most likely the unsold tokens will returned to the seller, the Kleros Cooperative. See the relevant code: https://github.com/kleros/ERC20Seller/blob/4186c5024ceba6907c852bce350256e966b954d0/contracts/ERC20Seller.sol#L107-L115

Initial post is option :one:, Clement post is option :two:

Option :three:

No promo.

Linear increment all the way.

Large chunk at the baseline.

Price Amount Comment
0.000050 60m main no fomo
0.000051 10m
0.000052 10m
0.000053 10m
0.000054 10m
0.000055 10m
0.000056 10m
0.000057 10m
0.000058 10m
0.000059 10m
0.000060 10m

Option :four:

No promo.

Linear increment.

50% of the round to be sold between 0.00005 and 0.000055 in 5 tiers.

50% of the round to be sold between 0.000055 and 0.000075 in 5 tiers.

Price Amount Comment
0.000050 16m
0.000051 16m increase by 0.000001
0.000052 16m
0.000053 16m
0.000054 16m
0.000055 16m
0.000060 16m increase by 0.000005
0.000065 16m
0.000070 16m
0.000075 16m

Option :five:

Increments are not linear, increments are exponential. 5 pricing tiers, each next pricing tier is multiplied by 1.02.

Followed by that, 5 more pricing multiplied by 1.05

Price Amount Comment
0.000050 16m
0.000051 16m ×1.02
0.00005202 16m
0.0000530604 16m
0.000054121608 16m
0.0000568276884 16m ×1.05
0.00005966907282 16m
0.00006265252646 16m
0.00006578515278 16m
0.00006907441042 16m

(actually, the exponential element is hardly noticeable, we could simply pick 2 significant digits)

Option :six:

Time.

Previous proposals mention the amount of PNK sold, not the flow of time.

Just like Ethereum did back in 2014: https://cointelegraph.com/news/ethereum-raises-3700-btc-in-first-12-hours-of-ether-presale

The presale will run for 42 days, thus through September 2 [until 11:59 PM local time in Switzerland, GMT +1]. For the first 14 days, 1 BTC will buy you 2,000 ETH. Afterward, the price will go up linearly so that, on the final day, 1 BTC will buy you 1,337 ETH.

Would require a new contract, tests, review - unlikely.

Option :seven:

In option :one: the highest amount was ×2 the initial.
In option :two: the highest amount was ×1.2 the initial.

Maybe we can put some more incentives towards early purchase…

50% sold between 0.00005 and 0.00006 (×1.2 range)
40% sold between 0.00006 and 0.0001 (×2 range)
10% sold above (or not sold at all as too expensive, a substantial secondary market would be created)

Maybe we can design a hockey stick distribution?

hockey%20stick%20chart
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Currently, trading PNK is rather uneventful. Chicken-egg liquidity issue. With 160m coming into circulation…

Which of the :one::two::three::four::five::six::seven:options is your favorite?

We can pick and choose the favortite properties of each of the proposals…

Also how exactly do we establish the baseline?

A few days before the sale ( how many ) a weighted moving average formula ( which ) should establish the exact baseline.

#5

Sale opens: 11th of January 2020 16:00 UTC

PNK holders one extra day: 10th of January 2020 16:00 UTC

NOPE: voted against KIP-18: Allow current holders to start buying 24h before the sale start time

Baseline price

Baseline price to be established as:

  • weighted average
  • 5 previous days (9th, 8th, 7th, 6th, 5th January)
  • 5 3 2 1 1 (weights, Fibonacci sequence)
  • close price
  • CoinMarketCap 50%
  • CoinGecko 50%
  • 3 significant digits

Source data (replace 2019 with 2020 in due course)

CoinMarketCap PNK: https://coinmarketcap.com/currencies/kleros/historical-data/?start=20190101&end=20191210

CMC%20PNK
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CoinGecko PNK: https://www.coingecko.com/en/coins/kleros/historical_data/usd?start_date=2019-01-01&end_date=2019-12-10#panel

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PROBLEM: price is in USD, not ETH. Need to obtain the price of ETH and do some math.

CoinMarketCap ETH: https://coinmarketcap.com/currencies/ethereum/historical-data/?start=20190101&end=20191210

CMC%20ETH
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CoinGecko ETH: https://www.coingecko.com/en/coins/ethereum/historical_data/usd?end_date=2019-12-10&start_date=2018-12-10#panel

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Calculated baseline: 0.0000460

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Pricing tiers

Once we establish the baseline, we can establish pricing tiers.

The initial proposal contained seemingly random increments.

I suggest the main chunk to contain 50m at the baseline price.

Then ten 10m PNK tiers, with the last one being 1.618 (golden ratio) more expensive than the baseline, in equal increments.

There is also a promo tier - thank you to existing holders those who were super fast.

Tier Price Amount Φ
promo 0.0000432 10m -0.0618
main 0.0000460 50m baseline
1 0.0000488 10m 0.0618
2 0.0000517 10m 0.1236
3 0.0000545 10m 0.1854
4 0.0000574 10m 0.2472
5 0.0000602 10m 0.3090
6 0.0000631 10m 0.3708
7 0.0000659 10m 0.4326
8 0.0000687 10m 0.4944
9 0.0000716 10m 0.5562
10 0.0000744 10m 0.6180

(check the Google Sheet for calculations)

Variations

If the community decides “no promo tier” then expand the baseline to contain 60m PNK and keep 10 golden ratio increments.

If the community decides that 61.8% increase above the baseline is too steep, then pick half of it 30.9% - the increment is required to put some pressure and incentivize prompt decision making. On the other hand - there is whole entire month to plan - you either do or do not, there it no try!

#6

Some good discussion: https://t.me/kleros/72453

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A reasonable strategy is to cancel your orders from exchanges during the sale, or maybe earn some profit market making.

Interesting discussion.

Will Kleros “sale wall” will change in reaction to market? I don’t think so… It will just stay is it is, if you think it’s a good buying opportunity you’ll simply buy :slight_smile:

#7

Now we know: https://sale.kleros.io/

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