Conclusion of the PRIME IDO

A Summary of Events

After an intense 2 week period, the PRIME Initial Decentralized Offering (IDO) has come to an end. This blog summarizes and discusses PrimeDAO’s next steps.

The Initial Decentralized Offering

The PRIME IDO commenced on Monday, November 16th on an IDO-specific fork of Mesa. Over a period of two weeks, up to 24M (26.67%) of the PRIME total supply was put available for public auction to raise funds for PrimeDAO’s Growth stage development. The Prime IDO occurred in coordination with the launch of the PRIME Router and Liquidity Pool.

📈 Mesa Raise

Over the 2 week period, 1.69M PRIME Tokens distributed through the IDO Interface. The IDO ranged in price from $.30 USDC/PRIME to $.50 USDC. The majority of the volume was seen in the first 24 hours of the offering. A Dune analytics dashboard created by the community with more details can be found here.

💿 Current Token Circulation
Multiple community members have asked about the circulating supply of PRIME:

  • 1,690,000 PRIME have been distributed via the Mesa interface
  • 500,000 PRIME will be distributed through Prime’s first liquidity mining experiment.
  • 161,290 PRIME was provided by PrimeDAO to bootstrap the BPRIME Pool
  • 2,351,290 is the current circulating supply of PRIME at the moment of writing

PRIME has been added to Etherscan and CoinGecko.

🌊PRIME Liquidity Mining

To further incentivize liquidity for the PRIME token and to reward the early ecosystem supporters, the PRIME Liquidity Mining campaign was launched for all liquidity providers of the PRIME Pool on Balancer. Over 300K value has been staked.

🔄PrimeDAO Development Cycle — Prime’s next steps

With the conclusion of the PRIME IDO PrimeDAO will transition to the Growth Stage, the second stage of PrimeDAO’s evolution towards Maturity.

Transition to PrimeDAO’s Growth Phase

Example development cycle.

”In this phase, PrimeDAO should develop several tactical governable primitives for itself. Development of the primitives will be matched by the DAO’s governance to an ecosystem of development teams according to their strengths and capabilities, with a designated team dynamically maintaining and reporting on a holistic ecosystem roadmap to all DAO stakeholders.”

Reputation in Growth

This Growth phase starts this week with the deployment and launch of PrimeDAO’s mainnet and transfer of raised IDO resources to it. PrimeDAO will utilize the Alchemy platform by DAOstack at the beginning of this phase.

According to the Litepaper, during this phase, the dual primary objectives are:

(1) To mature PrimeDAO by expanding its suite of products, achieving much-needed economic sustainability, and…
(2) Designing and improving Decentralized Governance and Operations specific to the needs and requirements of PrimeDAO.

PrimeDAO organizes its development in Builder Cycles — periods of 4–8 weeks where different groups propose and execute work in synergy. The main advantage of this rhythmic process is streamlining attention: if the collective is aligned in its virtuous, value-creating cycles, it can achieve optimal levels of efficiency, transparency, and co-accountability. Over time, the DAO should adapt these cycles to best represent its organic processes and rhythms that emerge.

Current Aspirations

PrimeDAO’s mission is to facilitate the wide adoption of open finance by coordinating and cultivating projects that promote safety, reliability, liquidity, and open access, while avoiding centralized appropriation of critical financial infrastructure through decentralized governance.

PrimeDAO’s ecosystem aims to cultivate competent and well-funded builder teams, establish coordination mechanisms that sustain ongoing operations, and become a much-needed Schelling point for open finance ecosystem coordination.

If you are an individual or organization who wants to join PrimeDAO in its mission to move open finance forward in a safe and inclusive fashion, come to say hi in Discord.

🕸 Site | 📄 Docs | 💬 Discord | 🐤 Twitter | 📨 Newsletter

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