SHILL Issue 39

IDO
Our IDO will follow the very successful Mango auction style model, used by Solend,
Parrot, Aurory, GenesysGo, and many more. This model tends to be an incredibly fair
way to distribute the token, as everybody buys it for the same price, and any bots are
rendered obsolete.
TL;DR Auction IDOs — Investors deposit USDC into a smart contract during a 24 hour
period. The price of the IDO token will fluctuate as the ratio between tokens/USDC
changes with each deposit. The final price is decided
fairly, by the market, and without bots.
veHONEY
The protocol uses the ve (vote-escrowed) model to
manage governance which allows votes to be weighed
by how long someone is willing to vest their tokens. This
allows us to distribute governance on the basis of long
term interests instead of the amount of tokens that an
individual has.
The model is also greatly resistant against governance
attacks as anybody wishing to manipulate votes must
lock up their liquidity in the protocol for significant
amounts of time.
veHONEY is also how we involve DAOs to play a more
meaningful role in our governance. DAOs or communities
can buy HONEY and vest it for their community to have
a larger share of governance, and thus allocate liquidity
and rewards accordingly.
pHONEY
pre-IDO HONEY, also referred to as pHONEY is rewarded
to early stakers in the protocol and NFT communities.
The token is not tradeable on any exchange and is not
officially backed by any liquidity until the IDO.
pHONEY will have a conversion rate of 1:1 with Honey.
You will need to deposit your pHONEY on the honey.finance website before
the IDO and once the pHONEY pool is live. HONEY will then be distributed to
pHONEY stakers over a period of 4 weeks.
HONEY can then either be locked up to earn fees or sold on the open market
after the IDO.
SHILL Issue #39 17