The Swash team is excited to announce that the private sale has officially closed, with a total of $7MM being raised in an oversubscribed round. The raise included leading venture capitalists and angels, including KuCoin, Gate.io, Outlier Ventures, and Streamr, with 60 others from 25 countries in total, showing keen enthusiasm and belief in the Swash mission.
The Swash public sale will begin on October 29 for all whitelisted participants. It will close one day later (October 30), and auction winners will be able to claim their $SWASH tokens immediately after the auction ends.
Keep reading for more on why they chose a fair batch auction model, how they work, and how to participate in the $SWASH public sale on Oct 29.
Learn about the $SWASH token.
Start time — 29 Oct at 00:00:01 UTC
End time — 30 Oct at 23:59:59 UTC
Token distribution — 31 Oct at 00:15:00 UTC
The team will not contact you first on any channel. Beware of scams. If in doubt, support is available 24/7 in the Swash Telegram channel.
How to participate (steps & video)
1. When the public sale is live, join the auction
Make sure your wallet is funded with the amount you want to spend in USDT plus some ETH for gas fees. The official link to the auction will be updated here on October 29. The Swash auction will also be listed here as one of the ‘Featured Auctions’ on the day the auction goes live.
2. Connect your wallet
Now, you need to connect your wallet. You must make sure that this wallet is the same one that you registered during the whitelisting and KYC process with Fractal. You cannot use another wallet or your Swash wallet.
Once connected, go to the ‘Featured Auctions’ section and find the Swash auction. Click on it to be taken to the auction dashboard.
3. Place your bid
In the dashboard, you can find everything you need to know to participate in the public sale.
When you’re ready to make your bid, you should first unlock your wallet. Click ‘Unlock’ in the ‘Place Order’ section, confirm it and be patient as it processes.
Add the amount you want to spend in USDT in the ‘Amount’ section of the ‘Place Order’ section.
Then, in the ‘Max Bidding Price’ section, you need to specify what you think one $SWASH token is worth. The minimum you can bid is 0.09 USDT per token. That’s because the minimum sell price for the auction is 0.09 USDT.
❗NOTE: Do not make irrational bids! Be smart and informed by reading this article and watching the video above.
When you place the order, confirm, and scroll down to view your order history.
You can cancel your bid during the first 12 hours of the auction. After this point, all bids are final.
4. Wait for the auction to end
Once the auction is over, you need to allow some time for the clearing price to be determined. Once final, anyone who made a bid below that clearing price will not receive any $SWASH tokens and their unspent funds will be available to claim back.
For the winners of the auction, the $SWASH token will then be allocated to them and made available to claim at the clearing price.
Why choose a fair batch auction?
Fair price discovery based on supply/demand principlesWith batch auctions, the auctioneer (Swash) sets the total amount of tokens sold at the auction and the minimum bidding price for each token (0.09 USDT per token). However, you (the bidder) have total freedom to decide how much you want to spend (in USDT) and how much you think one $SWASH is worth.
The fair batch auction model allows the community to determine the price of the token, making it a fair, decentralised model for token price discovery.
No front running and manipulation
The only factors that influence the outcome are the price you want to pay per token and the amount you are going to spend during the auction. Every bidder starts in the same position and gets a token allocation based on the clearing price that the aggregated bidders deemed fair during the auction. All winners will receive their $SWASH tokens at the same clearing price.
Unspent tokens claimed back if not selected
If your bid is below the final clearing price at the end of the auction, your funds will be available to claim immediately. In some cases, partial refunds will happen because bidders will not receive the full amount of tokens they expected due to higher clearing prices.
Claim tokens immediately after the auction
At the end of the auction, tokens are allocated to the winners. Tokens can be claimed immediately after the auction has finished. If you didn’t win, you can claim your unspent funds to be sent to the wallet you used to participate in the auction.Here is a comprehensive overview of Batch Auction models compared to other common auction structures; Dutch Auctions and English Auctions:
✅ Understanding the benefits
After months of research, the Swash team chose to conduct its IDO on Gnosis Auction due to their fair batch auction model. As a community-driven project, Swash’s priority is to ensure the community are satisfied and have an active role in determining the value of $SWASH.
This auction mechanism allows for fair distribution rather than FOMO, determined by the community of bidders.
Here are the 4 key benefits:
- Fair pricing: All winners will receive their tokens at the same clearing price, determined by the community and available to claim once the auction finishes.
- Front running resistant: Bots are unable to extract value by purchasing tokens early and selling at a higher price later, contrary to AMM solutions.
- Full control over participation price: Bidders are free to limit the price at which they are willing to buy.
- User-friendly bidding experience: Bidders do not have to rush or time their bid for the best price. Instead, they are free to place their bid at any time while the auction is live.