Note: This post was updated on 05/04/22 to reflect community feedback
Citadel DAO’s highly anticipated initial sale is fast approaching! As such, the team has been hard at work finalizing the sale parameters to ensure a fair and successful launch of the world’s first community owned Bitcoin Treasury DAO. This post will outline the structure and flow of the initial sale.
- Citadel’s initial sale will be exclusive to whitelisted users from our partner protocols
- Participants of the initial sale can purchase xCTDL for a price of $21 and will have NO purchase cap
- The accepted purchase assets are: BTC (wBTC, renBTC, ibBTC), ETH, Stables (FRAX, UST, USDC), and yield influence assets (Badger, CVX, bveCVX)
- The ratio of purchasing assets per xCTDL will be fixed and adjusted at the start of each 24 hour period
- Once the initial sale is complete, Citadel’s treasury will be rebalanced to reflect the target composition tailored to our initial treasury strategies
- Following the completion of the initial sale, wBTC/CTDL LP will be deployed at a price of $25 per CTDL on Curve v2
- xCTDL minted in the initial sale will be delivered to participants at the same time the LP is deployed
Initial Sale Event
During the initial sale, whitelisted users will be able to mint xCTDL using BTC (wBTC, renBTC, ibBTC), ETH, Stables (FRAX, UST, USDC), and yield influence assets (Badger, CVX, bveCVX). The initial sale will have an uncapped supply at a fixed price of $21. The round will last for 3 days. Once the initial sale concludes, the treasury will be rebalanced to reflect the target composition tailored to our initial treasury strategies.
Note: Strategic assets from our partner DAOs (such as FXS) may also be accepted in the initial sale, but will only be available as purchase assets for the partner DAOs themselves.
The initial sale is limited to users who were whitelisted by the Knights of the Citadel. These users have demonstrated a history of supportive behaviors within the ecosystems of the Citadel Knights. Because of this exemplary behavior, each whitelisted user will have uncapped access to the initial minting event — creating the basis of the Citadel treasury.
Funding Tokens: BTC (wBTC, renBTC, ibBTC), ETH, Stables (FRAX, UST, USDC), and yield influence assets (Badger, CVX, bveCVX)
Sale length: 3 days
Pricing mechanism: Fixed ratio recalculated every 24 hours
Following the completion of the initial sale, Citadel DAO will deposit CTDL (10% of the total supply) along with wBTC raised in the initial sale into a Curve v2 LP. The LP will be initialized at a starting price of $25 per CTDL.
Note: In the initial sale, users will be minting xCTDL, which is subject to a 7-day vested exit, while the initial LP will be for CTDL. The xCTDL minted will be delivered to participants at the same moment the LP is deployed.
Location: Curve v2