The Impossible Finance SDO #1 — IDIA Secondary Sale

Why Multichain?
At Impossible Finance they’ve always held the thesis that crypto as an industry will eventually result in a multichain future. As L1 chains, such as Avalanche and Solana continually see more developers building on these chains, more quality projects start to arise, resulting in greater user adoption.

The main reason Impossible Finance is bullish on a multichain future is due to the different user preferences each chain will experience. If security and decentralisation were the sole underlying reasons for using a chain, then ETH would be the ideal solution, but with rising gas fees becoming a significant barrier to entry, it creates a chain where substantial capital is needed to operate on-chain. Therefore, having L1s such as Moonriver and Avalanche can help accommodate other users who want to live on-chain without having to pay hundreds of dollars, carving out different use cases and demographics specific to each chain.

Why Moonriver and how can it benefit you?
By deploying on Moonriver, Impossible Finance can leverage their early “movr” advantage, enabling us to gain access to new projects native to Moonriver and the greater Kusama and Polkadot ecosystem. As such, Impossible Finance will be well positioned to take on these projects, providing a platform where the community will be able to benefit from high quality projects that aren’t only on BSC, producing greater opportunities for IDIA holders and for future participants native to Moonriver.

What is a BSC Launchpad v.s. MOVR Launchpad?
The Binance Smart Chain (“BSC”) Launchpad is the current version which you are using to stake (BSC IDIA tokens), purchase (BSC BUSD) and claim in project IDOs. The MOVR Launchpad will have the exact same experience except the underlying network will be MOVR instead of BSC. This means that you will need to use tokens using the MOVR network (MOVR IDIA or MOVR BUSD tokens).

Why they are offering IDIA tokens at an 8% discount?
As a thank you for our loyal and active users, are offering IDIA tokens at a slight discount to allow users to feel comfortable in testing their new product on Moonriver. The launchpad’s code has been audited as it is with their BSC offering, but they want to always put security and safety first when they encourage users to try something new. Please do note that everything is still new and that they will be working to improve the process and learn from user feedback before they launch a third-party new project team on the Moonriver launchpad. Impossible will circulate more feedback forms, so please stay tuned via social channels to earn potential future whitelisting Gleam entries for providing your feedback. As the first step, Impossible will sell they IDIA tokens at a 8% discount via a Secondary Dex Offering (SDO) on the MOVR Launchpad. Details below:

How to join in 2 simple steps?

Step 1: Get IDIA Tokens on Moonriver Network — How to buy IDIA on Moonriver Network (Step-by-step guide)
Step 2: Use that MOVR IDIA to stake on a Moonriver IDO — How to participate in a Moonriver IDO (Step-by-step Guide)

Pro Tip: Use Metamask for the easiest experience

If you have further questions, they have created a few guides to help you through this process:

Subscription Timeline:

KYC Preparation Period: Rolling ongoing basis. Users can submit their information and pass KYC anytime during the entire IDO timeline. Only users that have completed KYC & are from accepted countries will be able to participate in this sale.
Staking Period: 23/12/2021 04:00 PM (UTC) to 10/01/2022 10:00 AM (UTC). After completing KYC, stake IDIA into Impossible’s Launchpad staking contract which will record user’s staked IDIA balances. User’s IDIA balance will be captured on-chain, and allocation is calculated based on the amount staked and the length of time staked relative to all participating users.
Purchase Period: 10/01/2022 02:00 PM (UTC) to 11/01/2022 02:00 PM (UTC). Subscription will open at this time for all eligible users for approximately 24 hours. Users may elect to purchase any amount of $IDIA up to the allocation derived from the staking period.
Claiming Period: Exact timing and details to be confirmed by Impossible closer to the time. Users will be able to claim their IDIA tokens on the Impossible Launchpad.

Impossible Finance Secondary Sale Details:

Token Ticker: IDIA
Launchpad Secondary Sale: $200,000 worth of IDIA tokens
– Standard pool: Tokens amount to be confirmed 24hrs before purchase period
Token Vesting: 100% claimable just before next IDO
Total Token Supply: 1,000,000,000 $IDIA
Sale Token Price: 1 $IDIA = TBC* BUSD
Token Sale Format: Staking Subscription
Sector: DeFi Sector
Supported Staking Tracks: IDIA staking only
MOVR IDIA token contract address: 0x2d28aa28fa1e5e6bf121cf688309bf3faaae3c70
BSC IDIA token contract address: 0x0b15Ddf19D47E6a86A56148fb4aFFFc6929BcB89
KYC requirements: Residents from countries or regions such as US, Mainland China, and UN-sanctioned countries are excluded from participating

*Token Price Calculation

Payment type: BUSD on the MOVR network
The price will reference the TWAP price (i.e. average price of IDIA over the staking period) and be confirmed 24hrs before the start of the payment period
The confirmed price will be given an 8% discount PLUS the lowest price of either staking TWAP OR the token price the day before sale

Launchpad Pools (Sale cards)

For the Impossible Finance IDO, we will be having 1 sale card:

Standard Sale: Stake limit — Users can stake a maximum of 20,000 IDIA tokens at any one time as consideration for allocation. The maximum $IDIA a user is able to purchase is capped at the user’s allocation which is calculated after the staking period.

How to purchase MOVR IDIA Tokens

If users do not have IDIA tokens on the MOVR network yet, you can acquire it via the below venues or check out this guide:

Purchase: Solarbeam
Purchase: Sushiswap
Transfer existing tokens between BSC and MOVR network: Anyway bridge (available soon)

Token Allocation Calculation

The token sale for $IDIA will follow the standard Impossible Launchpad staking subscription format whereby users’ stakeWeight is calculated based on the proportional amount of IDIA they stake and the duration they stake relative to the total amount and staking duration of the entire pool, with users’ staked IDIA balances recorded at the start of the stake period.
This design is currently selected to ensure that all users can have a proportionate access into the $IDIA token depending on which pool they enter into. As they develop the Impossible Llaunchpad product offering, they will enable other fair, smart allocation mechanisms which will further decentralize token distribution.

KYC Details

KYC Preparation Period: Rolling ongoing basis. We require 100 IDIA or 25 IF tokens to start KYC to prevent $IDIAs from spamming our KYC partner. Users can KYC anytime during the entire IDO timeline, but will not be able to stake until their KYC is completed. To maximize the staking utility of users’ IDIA, users have to pass KYC before the staking period begins. In other words:
If users pass KYC after the end of the staking period, they will miss the opportunity to participate
If users pass KYC during staking period, they will only be able to stake for the remaining staking period and receive a lesser allocation than if they were to start staking from the beginning of the staking period

About Impossible Finance

Impossible Finance is a multi-chain incubator, launchpad, and swap platform led by Ex-Binance & DeFi veterans. It offers a robust product-first ecosystem that supports top-tier blockchain projects to targeted user audiences. With extensive support from key leaders in the crypto industry, Impossible Finance simplifies DeFi for users to enjoy fairer investing, cheaper trading and better yields.