Impossible x Quoll Finance Buy-back Protection Program

Users who are eligible for the buy-back program consist of “eligible users” who are users whose wallet addresses participated in the Token Sale. Under the Program, eligible 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:

1. Users who transferred their tokens to any Centralized Exchange (“CEX”) or Decentralized Exchange (“DEX”)
2. Users who have transferred their tokens out of the Sale Wallet
   

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 (assuming the tokens are fully unlocked).

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.

Subject to the above conditions under Q2

Examples below are purely to demonstrate the concept of the buy-back program. It is not a reflection of the current/past token prices.

Example 1 (10 months after TGE) - Forgo the buy-back because QUO price goes up

Token Public Sale Price = US$0.01

• User Wallet 1 - Buys 1,000 QUO tokens = net worth US$10
• User Wallet 2 - Buys 10,000 QUO tokens = net worth US$100

September 2023 - Token Market Price = US$0.016 (price increased 60% from IDO)

• User Wallet 1 - Eligible to sell 1,000 QUO at US$0.016 but will forgo the buy-back as the price is US$0.005 = net worth US$5
• User Wallet 2 - Eligible to sell 10,000 QUO at US$0.016 but will forgo the buy-back as the price is US$0.005 = net worth US$50
  

Example 2 (10 months after TGE) - Participate in the buy-back because QUO price goes down

Token Public Sale Price = US$0.01

• User Wallet 1 - Buys 1,000 QUO tokens = net worth US$10
• User Wallet 2 - Buys 10,000 QUO tokens = net worth US$100 

September 2023 - Token Market Price = US$0.004 (price fell 60% from IDO)

• User Wallet 1 - Eligible to sell 1,000 QUO at US$0.005= US$5
• User Wallet 2 - Eligible to sell 10,000 QUO at US$0.005= US$50
• Users above lose 10% - avoid losing an additional 50% because they are protected.

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.

For transparency, respective proceeds from the Token Sale (“Proceeds”) for the Program will be held in a multisig wallet protected by both Quoll 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 Quoll Finance so they can use it to build out their ecosystem.

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. 

• 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 users that have participated in Impossible’s IDO#18 Quoll Finance Token Sale will be eligible for this buy-back protection. Specifically, only KYC’ed wallet addresses that have purchased and claimed QUO tokens on the Impossible Finance Launchpad will be protected.
• Users need to complete their KYC and also be from an eligible jurisdiction to participate in this token sale.