Step Token Launch Mechanics
The Step Finance team has been hard at work on the upcoming STEP token Launch. Today we will go into more details on the mechanics of the launch.
We have been back and forth with a few of the IDO launchpad type projects on Solana. Ultimately after much confusion on process, mechanics and time ticking on we decided these methods were not for us and we wanted to bring it back to simplicity. Locks, whitelists, caps, limits all of these things in our opinion dont enhance the value of a project and can often exclude people for arbitrary reasons. We decided we didnt want to go down that path and therefore we have the following launch schedule:
April 25th midnight 00:00 HKT — A STEP / USDC pool will be deployed on the Serum AMM dex on test.step.finance
This pool will be tradable immediately, Initial liquidity will be 200 000 USDC and 4 000 000 STEP tokens at an implied price of 0.05 USDC and 50m FDV. There is likely to be high slippage so please ensure you adjust your slippage tolerance on the Swaps UI beforehand.
*Tentative Rewards Pool Schedule, not final, to be confirmed*
April 25th 8 PM HKT — An incentivised STEP pool will be created and users will be able to add liquidity to the Raydium AMM Fusion pool for STEP-USDC.
April 25th 8:10 PM HKT — STEP-USDC live on Fusion Pool with STEP incentives.
As you can see from the above timeline, STEP will be immediately tradable on the 25th at 00:00 midnight HKT on the Serum DEX. There will be no incentives dropped on the Serum pools at this stage. We are currently working with the Raydium team for the emissions pools. A day later the plan is new STEP will enter circulation via the incentivised (via STEP emissions) pools on Raydium. We expect liquidity to migrate to Raydium at that stage given it is the same pair but with incentives however Serum pools will remain active.
We believe this is the ‘fairest’ launch mechanic that is simple and open to everyone. No caps, no limits, no lists, just a simple launch via AMMs like most DeFi projects for the last year. Coins available for everyone. We have an upcoming announcement due next week followed by the tokenomics paper and value accrual for STEP token shortly after that, stay tuned!