The countdown is on and the IndiGG team is preparing for our upcoming token IEO. Our guild is ecstatic to have FTX host our IEO and we’re ready to share the details on how you can participate.
$INDI will have a total supply of 1,000,000,000 with 12,000,000 tokens planned to be sold during the IEO. Once the IEO is completed the tokens will be unlocked for trade.
This is definitely an exciting time for the team, our scholars, and all community members. We’re happy to share it with all of you.
NB: THE SALE OF $INDI TOKENS WILL NOT BE OFFERED IN THE UNITED STATES. RESIDENTS OF THE UNITED STATES OF AMERICA ARE NOT PERMITTED TO PARTICIPATE IN THE INDIGG SALE OR ANY PURCHASE OF INDI TOKENS.
Steps to take part in the IEO
Before the IEO occurs, you have to complete the following steps in order to be eligible:
1. Register for an FTX account
2. Complete level 2 KYC
3. Make sure you’ve 1) Staked FTT or 2) Purchased YGG or MATIC
4. Set your alarm for 13:00 UTC, March 8th when the sale starts
5. Have between 350 USD(T) - 400 USD(T) and 5 FTT per ticket ready to bid
6. Place your bid between 13:00 UTC - 14:00 UTC, March 8th. You’ll have 1 hour to do so.
8. Await the results
Let’s now look at the process for each of these steps in detail
Step-by-step Guide
Creating an FTX Account
If you don’t already have an account, start by clicking on register on the FTX homepage. Follow the instructions to create an account.
Complete Level 2 KYC
Only those who complete level 2 KYC are eligible to take part in the IEO. Ensure you do the same by first opening your wallet and then clicking on verify identity.
NB: Any account that signs up on FTX past 13:00 UTC March 1, 2022 will NOT be guaranteed an entry
Stake FTT or purchase YGG or MATIC
There are two ways to take part in the INDI IEO:
Staking FTT
Purchasing MATIC or YGG
Stake FTT
Every approved account with KYC level 2 and 150 FTT staked will receive 1 ticket. Additional tickets can be purchased based upon the amount of FTT staked before 13:00 UTC, March 7th:
The minimum amount of FTT needed for each additional ticket is as follows:
≥ 150: 1 ticket
≥ 290: 2 tickets
≥ 420: 3 tickets
≥ 540: 4 tickets
≥ 650: 5 tickets
≥ 750: 6 tickets
Every filled bid ticket results in a trade for 4,000 INDI tokens. You’ll be able to enter additional entries for another 4,000 INDI tokens.
The FTT staked will be summed across all your FTX subaccounts. Your maximum number of tickets will be locked based on the amount of FTT staked 24 hours before the sale.
The final number of allocated tickets will be displayed on this page a few hours after the tickets are locked in.
Before staking FTT, one has to purchase it. You can purchase FTT against USD or USDT.
In case you don’t have USDT (or any other currency) on FTX, you will have to deposit some from another exchange or wallet. Open your wallet, search for USDT, and hit deposit. Follow the instructions to deposit USDT.
To stake FTT, click on “FTT” on the banner. Then click on “Stake FTT”. Enter the amount of FTT you want to stake and click on Stake.
MATIC and YGG campaign
Another way to participate in the IEO is through our limited-time campaign where those holding MATIC or YGG tokens will be randomly drawn. To join this promotion you’ll need to complete two steps:
1. Have KYC level 2 verification on your FTX account
2. Deposit at least 1000 MATIC or 500 YGG tokens during this period
This promotion runs from 2022-02-23 - 2022-03-07 13:00 (UTC).
500 eligible FTX users who have completed level 2 KYC and have deposited 1000 MATIC tokens will be drawn to receive 1 IndiGG IEO ticket.
300 FTX users who also have completed KYC level 2 and deposited 500 YGG tokens will be drawn to receive a ticket.
You can purchase YGG with USD here and MATIC with USD here.
Creating and funding your INDI-IEO subaccount
Go to the INDI IEO page on the FTX website. Create your INDI-IEO subaccount.
Post this, you have to fund your newly created subaccount. These are funds used to place bids for the INDI token. You can either fund this by transferring funds from your main account, or by directly depositing funds into the subaccount.
Place your bid
The IEO starts at 08/03/2022, 13:00 UTC. You can only submit bids between 13:00 UTC and 14:00 UTC. Submit your bids in this window on the INDI IEO website.
There will be a total of 3,000 accepted tickets each for 4,000 INDI. The minimum bid is $350 and the max is $400 + 5 FTT ($0.1 per INDI token + 5 FTT).
These allocations will go to the highest bidders. In the event that there are over 3,000 tickets, each bidding $400 per ticket + 5 FTT, FTX will randomly allocate the amounts between them.
Await the results
There are 3,000 accepted tickets (so 12,000,000 INDI tokens total). Before 15:00 UTC, we will raffle off the allocations. They will go to the highest bidders; in the event that there are 3,000 tickets each bidding US$0.100 per INDI + 5 FTT, we’ll allocate randomly between them.
Within a few hours of determining the allocations, the trades will print to the winning buyers’ subaccounts, and you will be able to transfer (non-INDI) funds out of the INDI-IEO subaccount.
If you do not win your funds will be returned
If you bid FTT but would have won the auction without it, the FTT will be returned. All FTT from accepted bids will be burned.
That’s it
These are all the details you’ll need to know about the token sale. If you have any questions feel free to jump into our Discord and ask away. For more information and terms and conditions of the IEO, please visit the INDI IEO page.
Get excited! This is a huge moment in IndiGG history. See you on the other side!