Aurora IDO allocation explainer
The Aurora has almost arrived to SmartPad and it’s time to share some of the details of how exactly the IDO will be conducted.
The Aurora team has provided us with an allocation of 50,000 $AURORA. During IDO their token will be priced at the equivalent of 0.00025 ETH, which is around $1.
For this particular IDO, the allocation structure will differ from the tier system and will take the form of the public sale. So let us explain how exactly it will work.
Any user can participate in the Aurora IDO without the requirements for PAD or aPAD ownership. Users will be able to deposit 0.0125 ETH into the lottery contract in exchange for an lAURORA lottery ticket. The IDO will begin on November 4th at 13:00 UTC and last for 24h.
The contract will determine the lottery winners on November 18th at 13:00 UTC. During withdrawal a user will burn their lAURORA ticket in exchange for either 50 Aurora tokens, or, if they didn’t win the lottery, users will simply withdraw the deposited funds back.
So, for example, if 5000 users decide to participate, then on November 18th, 1000 of them will get 50 AURORA each, while the remaining 4000 will get their allocation back. We believe that this gives a fair chance to everyone who joins the SmartPad.
We cannot wait to see you on November 4th and take part in the highly anticipated IDO of Aurora.
Disclaimer: lottery structure applies to this particular IDO, the following IDOs coming on Aurora will utilize the SmartPad tier system.
Aurora is an EVM built on the NEAR Protocol, delivering a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users. Recently Aurora has closed its first funding round raising $12mln from over 100 investors who represent the Ethereum and NEAR ecosystems, VCs, and DeFi projects.