KiX
  • GETTING STARTED
    • 👁️KiX Vision - An Introduction
    • 📣Onboarding Simplified: Wallet or No-Wallet
      • Onboarding using a Social Login
      • Onboarding using a Wallet
    • 🌠KiX Token Ecosystem
      • Buying $KIX platform token
        • Step by step buying KIX with USDT
      • Built on Ethereum & Polygon
  • THE BASICS
    • 🪙KiX Platform Token
      • On-Demand $KiX Issuance Mechanism
      • $KIX Liquidity Program
    • ⚽DAT Footballer NFTs
      • Trading DAT
        • DAT Sales Ticket
        • DAT Liquidity
        • DAT NFT Standard
        • DAT Bonding Curve
        • DAT Commissions
      • Portfolios
      • IPOing Footballers
    • 🪙Rewards
      • KiX Node Runner Program
      • KiX Rewards Contest
      • Game Groups
      • Sustainability
    • 📊Performance Scores
      • Performance Matrix
    • 💰KiX Economy
      • Economy Schematic
      • KiX Tokenomics
      • Locking $KIX
      • Fees & Commissions
  • FURTHER INFORMATION
    • Why KiX is a DAO
      • DAO Voting & Governance
    • KiX Team
    • KiX vs The Competition
      • We're a DAO
      • Trading Tokens vs Collecting NFTs
      • The Importance of Liquidity
      • Complete Ecosystem
      • KiX vs Alt Coins
    • KiX Revenue
    • Roadmap
    • FAQ
    • Glossary
    • Account Abstraction
    • KiX Constitution
Powered by GitBook
On this page
  1. THE BASICS
  2. DAT Footballer NFTs

IPOing Footballers

IPO = Initial Player Offering

PreviousPortfoliosNextRewards

Last updated 3 months ago

During the launch phase, the platform will only have 30 footballers available and their price will be 0.5$KIX/DAT NFT.

Our post-launch strategy involves introducing footballers to the platform through a type of blind process. This method, widely respected in DeFi and TradFi, is not only a dependable way to gauge demand accurately but also a testament to our commitment to fairness. It effectively prevents traders from engaging in 'fast finger' bidding, ensuring a fair and accurate IPO price, thereby instilling confidence and security in our traders.

The KiX version of this type of auction will have the following process:

  • All DATs will have a reserve price. For example, the reserve price could be the pre-launch introduced price of 0.5 $KIX/DAT NFT.

  • Traders will need to bid above this reserve for the bid to be successfully accepted by the system.

  • All bids for DAT NFTs must be in $KIX, i.e. 1 $KIX per DAT. Other traders will not see these bids as they are blind.

  • The auction will last up to a maximum of 2 weeks and the total allocation permitted for an IPO will be decided closer to launch.

  • Once all bids are submitted, the system will cross the confirmed bids until the total allocation of DATs eligible for sale is sold.

  • Crossing is when the system that counts the number of tokens being bid for by traders and then stops once the total allocation has been filled.

  • This process will generate a crossing price, which will be the volume-weighted average of all the bids filled. The volume-weighted average considers the number of tokens bid and the price they were bid, providing a fair representation of the market's valuation.

  • A maximum of 10 DAT NFTs will be awarded to each trader from an IPO.

Using the above process, every trader, regardless of their experience or portfolio size, will have an equal opportunity to bid in an IPO. All successful bidders will receive the same price, ensuring a level playing field. The 10 DAT cap ensures that the open interest generated by the auction is manageable, and allows for a healthy open market price discovery once it is over, fostering a sense of inclusivity and fairness.

IPOs are for DAT NFTs only and will therefore have the same guaranteed liquidity as explained in . This commitment will still be in place during IPOs because the full deduction of $KIX will be a condition of bid submission during the bidding process.

Continuing from the above example, if a trader bids 1 $KIX/DAT for 10 DATs, the whole 10 $KIX will be deducted from their smart account to submit the bid successfully.

The total deduction of $KIX for bid submission during the IPO will be placed in the liquidity pool, ensuring transparency and security.

From that point on, the Bonding Curve Automated Market Maker (AMM) will provide the token pricing. The AMM is a smart contract that adjusts the price of tokens based on supply and demand, further enhancing the transparency of our process.

* PLEASE NOTE: Under regulation KiX is not offered or promoted to UK users or residents. *

⚽
Dutch auction
Trading DAT