As we're approaching Mainnet launching phase, we’re glad to share a few details about Tsunami governance and utility token - TSN and the upcoming Initial Liquidity Offering (ILO) process.

TSN is a token, that will allow you to participate in protocol governance, such as voting for new exchange pairs, and earn a share in protocol fees distribution. All fees, collected to a protocol, as well as any interest earned through staking USDN that serves as collateral on Tsunami will be distributed between TSN stakers.

Overall terms

As a crypto enthusiasts and investors, we highly appreciate fairness and transparency during token offerings. In line with our values, we’re offering TSN tokens under a ‘Fair Launch’ model. Fair launch means that any participants may participate in the even on equal terms. Tsunami have not attracted any VC capital and had no private round prior to ILO phase.

Furthermore, Tsunami team has decided to lock ALL team tokens in contract, with a cliff period of 6 months and a vesting period of 24 months. This way, we minimize the possibility of downwards price pressure after launch. Additionally, in this bear market, we’ve decided to reduce initial price per token to 0.2 USDN which means an initial market cap of 200,000 USDN.

ILO Process

Initial Liquidity Offering (ILO) - is a new fundraising mechanism through which many projects and startups raise funds by selling tokens on the DeFi based Decentralized Exchanges (DEX’s). During ILO, team will stake own capital to provide initial liquidity to DEX (Puzzle Swap) to bootstrap liquidity. All tokens will immediately be put to circulation, reducing the possibility of price manipulations by large holders.

To put things simply, we will create trading pair (liquidity pool) on Puzzle Swap, provide 60% of TSN total supply to liquidity pool, along with enough USDN to make TSN price on exchange 0.2 USDN.

Afters this process, everyone will have a change to buy TSN at minimum price - no external manipulation is allowed. Of course, as per AMM formula - the more tokens get bought, the higher the price - so be quick and try to jump in as soon as possible! You may also sell your tokens as soon as you wish, all tokens are immediately fully liquid.

After an ILO team may withdraw some liquidity from the pool to finance future development. Also note, that the airdrop to the testnet users will take place in 3 days after beginning of ILO.

We will announce an exact date of ILO later, after finishing Testnet phase.

ILO Platform

Our strategic partner for ILO is Puzzle Swap. Puzzle Swap is the most innovative decentralized exchange on Waves, offering many features to make ILO successful.

After an ILO team will concentrate all resources on moving on with project roadmap. This includes, most importantly, mainnet launch. After launching mainnet we will introduce staking, that will allow users to stake their TSN tokens and earn rewards. Next, we will add more crypto trading pairs, gamification features and work on expanding our leverage up to x10 and continue with our mission to bring leveraged NFT and commodities trading to Waves ecosystem.

From a business development perspectives, we will work on listing TSN token on as many exchanges as possible and integrating 3rd party oracles for NFT and commodities price feeds.