BLK Finance Fair Launch I: Initial NFT Offering
0x5E19
May 28th, 2022

In anticipation of our upcoming launch, we’re officially announcing our Initial NFT Offering which is the first part of a two part Fair Launch strategy, and aims to distribute supply of BLKD as fairly as possible among our early on-chain supporters and supporters of Black and African builders across Web3 alike.

By participating in the primary mint of Abstract Diaspora Club (formerly ‘Friends of Basquiat’), users can secure a bag of BLKD, at initial price discovery, in a non-competitive environment. The public sale will be through custom contracts, on our native website, created and facilitated by our friends over at Nervous Net. This sale will not only allow for an easy way to conduct a presale to bootstrap the protocol’s liquidity, it’ll also help us identify our earliest users and adopters. NFT holders will also be the first beneficiaries of the rewards and additional permissions offered through our DeFi arm.

"Friends of Basquiat" is now "Abstract Diaspora Club"
"Friends of Basquiat" is now "Abstract Diaspora Club"

Abstract Diaspora Club Overview

As our first NFT collection, we will focus on honoring one of the most prominent and highest selling, post-mortem, Black painters and artists of all time, Jean Michael-Basquiat, in collaboration with Animation artist, and musician HighWestHus.

These generative pieces will include elements inspired by his signature style of abstract expressionism, while also including attributes representing diversity and inclusion. Effectively giving our platform an aesthetic identity outside of our economic structure and mission, while also providing initial liquidity to treasury and LPs.

Mint Price: 0.05 ETH
Editions: 10,000
Attributes: 200+

No Roadmap
No Whitelists No Private Sale
No Discord Grinding

Similar to popular art generating reserve currency projects, such as Squid DAO and NOUNS, this collection aims to bring a stream of revenue to our DAO’s treasury, and support our commitment to funding Black and African creatives. In addition, these tokens will act as a non-inflationary tool and an effective alternative to excessive rebasing tokenomics.

Fair Launch Strategy Part I

Public mint purchases will be done Ethereum mainnet.

It will open on June 10th, 2022 at 06:00 UTC, and will run until June 16th, 2022 at 06:00 UTC.

On the presale public mint launch date, there will be a post in the #announcements channel of our community Discord and Twitter detailing how to participate. Users will have until the end of the pre-sale period to mint an NFT (Mint price around 0.05 ETH) on our native website, to be eligible to receive the initial token.

The Primary Sale Allocation:

10% - The Artist
10% - Nervous Net
10% - Team & Partnerships
70% - Treasury (SLPs)

Users will then be airdropped BLKD tokens once the protocol is deployed to mainnet. While the pre-sale period will only last a week, mint will be ongoing until the collection sells out. Once the presale is complete, additional primary sale allocations will be subject to governance. Again its important to note that the NFTs will also act as a signifier of our platform's earliest supporters which will lead to future rewards and permissions within the ecosystem.

The majority of contributed ETH will then be paired with BLKD tokens in our treasury and added to SushiSwap Liquidity Pools (SLPs). Note that once added, liquidity tokens will not be removed from the LP pools and will be locked in perpetuity in the Treasury. Once the presale is complete, additional primary sale allocations will be subject to governance.

In practice this means that the pre-sale mint will be the first price discovery event for BLKD. See our documentation for more information on the breakdown of the initial mint and token allocation. For more details on the Abstract Diaspora collection, check out our previous post here.

Bootstrapping Liquidity

By contributing to the presale you are funding the SLPs, and bootstrapping the protocol’s liquidity pools.

Initial NFT Offerings have been used successfully by many teams to successfully distribute tokens to their community, and they provide powerful tools for doing so in a capital efficient manner, but they also require capital in order to bootstrap them. This cost has up until this point been handled internally by our core contributors and through the support of our partners over at The Raid Guild and OlympusDAO.

Deploying our Fair Launch Strategy in the coming weeks will enable The Black DAO to efficiently bootstrap and reward community participation, without the need for external funding (from VCs, etc) to kick start the protocol.

Risks and Disclaimers

**RISKS:

Please keep in mind that this is a high risk economic experiment, and like all crypto investments, we do no recommend to contribute to BLK Finance with funds that you can’t afford to lose**. No statements made by the Black DAO in any capacity, or medium, should be viewed as financial advice.

The smart contracts for BLK Finance are currently undergoing audits by Spade Solidity Audits. They have also undergone thorough informal internal and external review by multiple 3rd-parties. While results of the audit are optimistic, the report wont be released to the public until after contract deployment. However, the report will be released prior to the protocol.

DISCLAIMER:

THIS POST IS NOT INTENDED TO CONSTITUTE AN OFFER TO SELL, OR SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES. ANY AND ALL SECURITIES REFERRED TO HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER APPLICABLE U.S. STATE OR FOREIGN SECURITIES LAWS. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY U.S. STATE OR FOREIGN SECURITIES COMMISSION HAS PASSED UPON THE ACCURACY OR ADEQUACY OF THE CONTENTS HEREOF. NO REPRESENTATION, WARRANTY OR ASSURANCE IS MADE REGARDING THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND IT IS NOT INTENDED TO BE RELIED UPON BY ANY PERSON. THE INFORMATION CONTAINED HEREIN MAY NOT REFLECT SUBSEQUENT DEVELOPMENTS. NOTHING SET FORTH HEREIN IS INTENDED TO BE LEGAL, TAX OR FINANCIAL ADVICE TO ANY PERSON.

THE FORWARD-LOOKING STATEMENTS IN THIS PAPER ARE SUBJECT TO NUMEROUS ASSUMPTIONS, RISKS AND UNCERTAINTIES WHICH ARE SUBJECT TO CHANGE OVER TIME. THERE ARE MANY RISK FACTORS, INCLUDING THOSE RELATING TO BLOCKCHAIN AND CRYPTOGRAPHIC TECHNOLOGY GENERALLY, AS WELL THE BLACK DAO’S (PAN-AFRICAN WEALTH DAO,LLC) BUSINESS, OPERATIONS AND RESULTS OF OPERATIONS, THAT COULD CAUSE ACTUAL RESULTS OR DEVELOPMENTS ANTICIPATED BY US NOT TO BE REALIZED IN WHOLE OR IN PART OR, EVEN IF SUBSTANTIALLY REALIZED, TO FAIL TO ACHIEVE ANY OR ALL OF THE BENEFITS THAT COULD BE EXPECTED THEREFROM. WE RESERVE THE RIGHT TO CHANGE THE PLANS, EXPECTATIONS AND INTENTIONS STATED HEREIN AT ANY TIME AND FOR ANY REASON, IN OUR SOLE AND ABSOLUTE DISCRETION, AND, EXCEPT AS MAY BE OTHERWISE REQUIRED BY APPLICABLE LAW,  WE UNDERTAKE NO OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE. ACCORDINGLY, WE RECOMMEND THAT YOU DO NOT RELY ON, AND DO NOT MAKE ANY FINANCIAL DECISION OR INVESTMENT BASED ON, THE STATEMENTS CONTAINED IN THIS PAPER --- INCLUDING BUT NOT LIMITED TO ANY SELLING OR TRADING OF  ETHER OR ANY OTHER CRYPTOGRAPHIC OR BLOCKCHAIN TOKEN, OR THE SECURITIES OF ANY COMPANY OR OTHER ORGANIZATION OR GROUP.


Legal Disclaimers

The information provided in this Medium Post pertaining to The Black DAO, (“Pan-African Wealth DAO, LLC” or the “Company”), its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Mirror Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Mirror Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. The Black DAO and its agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and The Black DAO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. The Black DAO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Mirror Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither The Black DAO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Mirror Post by you or any of your representatives or for omissions from the information in this Mirror Post. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Mirror Post.

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