Coin98 x Arken Finance Buy-back Protection Program
As part of Impossible’s continued efforts to ensure the protection of Coin98 community, we are thrilled to announce that Impossible has secured a token buy-back protection program for Coin98's users who participated in Arken Finance IDO.
As part of Impossible’s continued efforts to ensure the protection of Coin98 community, we are thrilled to announce that Impossible has secured a token buy-back protection program (“Program”) for Coin98's users who participated in Arken Finance IDO. Only C98 users who participated in Impossible’s Arken Finance token sale (“Token Sale”) can access this downside protection. Kindly refer to section “2. Who is eligible to participate in the Program?” for more information on eligibility.
Through our close partnership with the Arken Finance team, we are confident they will deliver on their protocol, roadmap and vision of becoming the all-in-one trading portal and DeFi Abstraction Layer for the multi-chain future. This token buy-back protection conveys the same confidence to all those who have participated in the Token Sale.
The Impossible Buy-back Protection Program Details
1. How does Impossible Finance protect users?
Simple Explanation
3 months after TGE
- Arken Finance has pledged, on-chain, to buy-back your ARKEN tokens at a price US$0.0036 / valuation of US$36,000,000 or approximately 10% from the Token Sale price, subject to the conditions below.
This means that if you are eligible (user meets the conditions stated in Q2 below), you can sell back the amount of ARKEN tokens purchased during the Impossible Launchpad sale, thus protecting you from potential downside price risk of ARKEN after 3 months.
Technical Explanation
- Under the Program, eligible users may sell back the ARKEN token, subject to the conditions set out below:
*Subject to token distribution & listing date
Impossible Finance reserves the right to not activate the Program or run it on OpenSwap, if the market price of the token is expected to be above the buy-back price during the buy-back valid time period.
2. Who is eligible to participate in the Program?
C98 users who are eligible for the buy-back program consist of “eligible users” who are users whose wallet addresses participated in the Token Sale by staking C98 under the Coin98 staking track. Under the Program, eligible C98 users can only sell back the tokens, which were bought during the Token Sale and held at the same wallet address used in the Token Sale (“Sale Wallet”) until the Buy-Back Valid Time.
To clarify, users who are NOT eligible for the buy-back program consist of:
- Users who transferred their tokens to any Centralized Exchange (“CEX”)
Unless otherwise provided by the scenarios above, the tokens that have been sold or transferred out of the Sale Wallet are not eligible for buy-back under the Program. For example, if $100 of tokens were bought in the Token Sale and only $40 were held until the Program starts, only $40 can be sold back in the Program. However, eligible users are not disqualified if they transferred out tokens for the purpose of participating in the ARKEN token liquidity pool on Arken Finance. This is to ensure fairness among the strong stakers, LPers, and HODLers of the community.
Impossible Finance and the project team reserve the right to modify the eligibility conditions before the buy-back valid time period, and will notify the community if so modified. Eligible users may contact the Impossible Finance team if they believe there is any error in the number of tokens they could sell back under the Program.
Note that OpenSwap may charge users a small fee to complete the buy-back process.
3. When can I use this?
Subject to the above conditions under Q2
Example 1 (3 months after TGE) - Forgo the buy-back because ARKEN price goes up
Early-April 2023 - Token Public Sale Price = US$0.004
- User Wallet 1 - Buys 100 ARKEN tokens = net worth US$0.40
- User Wallet 2 - Buys 1000 ARKEN tokens = net worth US$4.00
Late-April 2023 - Token Market Price = US$0.0056 (price increased 40% from IDO)
- User Wallet 1 - Eligible to sell 100 ARKEN at US$0.0036 but will forgo the buy-back as the price is US$0.0056 = net worth US$0.56
- User Wallet 2 - Eligible to sell 1000 ARKEN at US$0.0036 but will forgo the buy-back as the price is US$0.0056 = net worth US$5.60
Example 2 ((3 months after TGE) - Participate in the buy-back because ARKEN price goes down
Early-April 2023 - Token Public Sale Price = US$0.004
- User Wallet 1 - Buys 100 ARKEN tokens = net worth US$0.40
- User Wallet 2 - Buys 1000 ARKEN tokens = net worth US$4.00
Late-April 2023 - Token Market Price = US$0.0024 (price fell 40% from IDO)
- User Wallet 1 - Eligible to sell 100 ARKEN at US$0.0036 = US$0.36
- User Wallet 2 - Eligible to sell 1000 ARKEN at US$0.0036 = US$3.60
- Users above lose 10% - avoid losing an additional 30% because they are protected.
4. Mechanism: How can you access the program?
We will be implementing the buy-back mechanism on OpenSwap’s whitelisting limit order feature. OpenSwap was Impossible’s second IDO project, and we are firm believers to continue helping our past and present projects to integrate together to build a stronger Impossible ecosystem.
The OpenSwap feature that allows us to make this program a reality is called “Buyback Queue”. The feature is audited by CerTik, and transparent on-chain for users to see the buy-back protection. You can read more about the mechanism here.
Kindly refer to this guide to aid your process.
5. Fundraise Custody
For transparency, respective proceeds from the Token Sale (“Proceeds”) for the Program will be held in a multisig wallet protected by both Arken Finance and Impossible Finance council members to fund the Program. Address may be publicly shared later.
The remaining Proceeds not required for the Program will be returned to Arken Finance so they can use it to build out their ecosystem.
6. Why is Impossible Finance doing this?
At Impossible Finance, we want to set the tone for what Launchpads should be. We treasure our community, first and foremost. We aim to find the best crypto opportunities for you and at the same time try to protect you against risks.
By reserving part of the Proceeds to fund the Program, we are actually taking the first step in creating something mentioned in our original whitepaper, the SSIDO - a self-sustaining IDO.
While the funds are held in escrow and the team works to deliver on its milestones, they can also be used to earn yield in safe DeFi protocols, allowing for projects to build with confidence and garner support from the community. The community then has peace of mind in knowing that their hard-earned dollars are being put to good work and not just distributed to project teams that could run away with funds. We now have run a few Programs and we believe it’s a good way to make sure all users have less risk when backing those who are BUIDLers.
About Arken Finance
Arken Finance is the Abstraction Layer for DeFi Protocols & User Experience. Arken helps abstract the complexity and unified liquidity and protocols to accelerate software development, making it easier for developers to build and create. On the user side, Arken provides the best user experience abstraction into a single user-friendly system over multiple networks, thousands of protocols, and millions of liquidity pools to make the transition to DeFi easy and painless.
Website | Twitter | Discord | Telegram | Medium
About Impossible Finance
Impossible Finance is the go-to crypto investment platform that empowers you with high-quality, fair and accessible crypto opportunities. We simplify DeFi so you can enjoy fairer investing, cheaper trading and better yields through our accelerator, launchpad, and swap platform.
Website | Twitter | Discord | Telegram | Medium
Terms & Conditions:
- DISCLAIMERS, TERMS, and RISKS
- Impossible reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
- Only C98 users that have participated in Impossible’s IDO#18 Arken Finance Token Sale will be eligible for this buy-back protection. Specifically, only KYC’ed wallet addresses that have purchased and claimed ARKEN tokens on the Impossible Finance Launchpad will be protected.
