Impossible x Zyfi Buy-back Protection Program
Hi Penguins,
As part of Impossible’s continued efforts to ensure the protection of our community, we are thrilled to announce Impossible has secured a token buy-back protection program (“Program”) for Zyfi participants. Only users who participated in Impossible’s Zyfi token sale (“Token Sale”) can access the downside protection. Kindly refer to section “3. Who is eligible to participate in the Program?” for more information on eligibility.
Through our close partnership with the Zyfi team, we are confident they will deliver on their protocol, roadmap and vision of providing volatility-protected yield opportunities on crypto. This token buy-back protection conveys the same confidence to all those who have participated in the Token Sale.
The Impossible IDO #25 Zyfi token sale is currently ongoing, now is the time to start your purchase!
The Impossible Buy-back Protection Program Details
1. How do we protect users?
1 week after TGE
- Zyfi has pledged, on-chain, to buy-back your ZFI tokens at a price of US$0.04 (100% protection), subject to the conditions below.
- This means that if you are eligible (user meets the conditions stated in Q2 below), you can opt-in to sell back the amount of ZFI tokens purchased during the public sale, thus limiting potential downside price risk of ZFI after 1 week, during the ‘Opt-in Time Window’ 19/11/2024 - 26/11/2024.
- Additionally, Zyfi team has decided to provide users with 5% cash back of their investment in ZK tokens, only if they DO NOT opt into the Buy-back Program.
For example: User purchased US$1,000 worth of ZFI. User decided not to join the buy-back program and hold their ZFI tokens. Zyfi team will distribute US$50 of ZK to the user, after the 'Opt-in Time Window’, 26/11/2024.
- The execution of the refund will happen during the ‘Refund Time Window’ for those users that chose to opt-in. Key details below.
2. Mechanism: How can you access the program?
Buy-back #1 — Unlocked Tokens
To participate in the buy-back #1 for unlocked ZFI tokens, users MUST opt-in on the Claim page on the Impossible Finance platform. Then, during the Buy-back Period (aka “Refund Window”), users are able to complete the process via OpenSwap’s feature called “Buy-back 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.
Buy-back #2 — Locked Tokens
To participate in the buy-back #2 for locked ZFI tokens, users MUST opt-in on the Claim page on the Impossible Finance platform. Once doing so, eligible wallets will receive their tokens during the "Buy-back Period (aka “Refund Window”)" 29/11/2024 - 06/12/2024.
Users will only be able to opt-in for the buy-back during the period of 19/11/2024 - 26/11/2024. Once the buy-back opt-in period ends, users will no longer be able to swap their locked ZFI tokens for stablecoins and must see their ZFI tokens to maturity.
3. Who is eligible to participate in the 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:
- Users who transferred their tokens to any Centralized Exchange (“CEX”) or Decentralized Exchange (“DEX”)
- 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. The Program is only applicable if the user holds 100% of the tokens purchased. For example, if $100 of tokens were bought in the Token Sale and only $40 were held until the Program starts, then NONE of the tokens can be sold back in the Program.
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.
4. Fundraise Custody
For transparency, respective proceeds from the Token Sale (“Proceeds”) for the Program will be held in a multisig wallet protected by both Zyfi 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 Zyfi so they can use it to build out their ecosystem.
5. Why are we 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 Zyfi
ZyFi is the leading Gas Abstraction layer on ZKsync leveraging Intents and Paymasters for every wallet (EOAs and smart wallets included) to allow users to pay gas fees with any token and dApps to sponsor transactions for their users based on custom logic.
Website | Docs | Twitter | Youtube | Discord
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 users that have participated in Impossible’s IDO#25 Zyfi Token Sale will be eligible for this buy-back protection. Specifically, only KYC’ed wallet addresses that have purchased and claimed ZFI 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.
