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November 4, 2021

THORSwap $THOR IDO Debrief and Next Steps

The THORSwap team has released a debrief on the recent $THOR IDO on THORChain.

What Happened:

  • Large traffic toward THORSwap’s website brought down the front-end
  • The $THOR token’s faucet contract was spammed by bots, resulting in a delay of the IDO
  • Because of this delay, the THORChain Treasury unintentionally added liquidity to the $THOR pool before other investors had the opportunity
  • The treasury made 6 transactions over a 20 minute period which can be viewed here
  • Additionally, a handful of whale bots entered the pool early, pushing up the token price
  • These issues resulted in many investors being unable to participate in the IDO at low prices
  • In the end, the IDO saw around 1200 participants deploy over $100 in liquidity

The Intention:

  • The THORSwap team intended the $THOR IDO on THORChain to be open and fair to all
  • The THORChain treasury participated in the IDO to support THORSwap
  • The treasury did not intend to front-run the community

The Remedy:

  • THORChain’s treasury has donated 100% of their $THOR to other LPs in the $THOR-$RUNE pool
  • THORSwap will provide a large airdrop to any LP in the $THOR-$RUNE pool
  • Addresses that interacted with the faucet but could not provide liquidity will also receive a $THOR airdrop
  • $THOR LPs, stakers, and farmers will receive very large block rewards
  • THORSwap will create a community feedback campaign to hear directly from the community. This will conclude with a public report of findings and next steps

Details on these remediation steps will be released by the THORSwap team soon.

$THOR’s launch on Sushiswap was intended for today, but is now delayed until the $THOR pool is activated on THORChain (estimated Nov 5th-6th).

The full article can be found here.

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