Announcing our Presale, whitelist details and tokens explanation

Here we go! This is what you have been waiting for, right? Pre-sale and whitelist details.
For Ice DAO’s launch, we whitelisted 300 members in our Discord, but we are going to operate a bit differently with North Pole.

Presale

Fund goal

7% of the $NORTH maximum supply is allocated to our IDO (19,120,500 $NORTH) as mentioned in the previous Medium article.

We will raise 500,000 $USDT.e ($500,000) with our presale event. Here is how we will use these funds:

• 40% ($200,000) — NORTH/USDT.e liquidity (TraderJoe DEX)
• 40% ($200,000) — POLE/USDT.e liquidity (Locked, Curve DEX)
• 20% ($100,000) — Team allocation

We will create solid liquidity for both pairs, this will ensure users are able to easily exchange $NORTH and $POLE.

IDO Price: 0.03269 USDT.e/NORTH*

Initial launching price: 0.05230 USDT.e/NORTH

Whitelist

The first 400,000 $USDT.e worth of $NORTH tokens will be allocated to $GLAZE holders.

Every holder of at least 10 $GLAZE will be whitelisted for our IDO, the maximum contribution for each holder will be of 500 USDT.e, it means at least 800 $GLAZE holders will be able to contribute in our presale.

You can receive a maximum of approximately 15295 $NORTH.

This means if you hold $GLAZE, make sure you are fast for the IDO, it will be filled really fast!

We will have 100 White Lists spots available for discord members who will be left to fill the remaining 100,000 $USDT.e. Max contribution for each of these 100 members will be 1,000 USDT.e.

You can receive a maximum of approximately 30590 $NORTH.

Note: You will only be able to contribute in our IDO with 1 transaction, so make sure to contribute with the correct amount the first time!

The whitelist positions will be rare and high in demand, so here is how we are going to distribute them:

• 20 WLs for our Moderators in North Pole Discord
• 30 WLs for members reporting bugs, and making constructive feedback on our beta Dapp (BSC testnet)
• 20 WLs for members contributing to our community (partnerships, influencers etc.)
• 15 WLs for the members with the most invites (we will filter bots)
• 15 WLs for the most active members in our discord (we will filter bots and members that spam)

How will you benefit from the $NORTH token ?

You can stake and lock your $NORTH to get $sNORTH, Staking $NORTH has a 24 hour time lock (Every time a user stakes a $NORTH token, he will not be able to withdraw for the next 24 hours).

Firstly fees (interest, borrow fee and 10% of the liquidation fee for certain markets) are deposited in the $NORTH fee pool in the form of $NORTH tokens. When users single-side stake their $NORTH tokens they receive $sNORTH tokens.

$sNORTH tokens represent your share of the $NORTH fee pool with a mechanism similar to SUSHI/xSUSHI on SushiSwap.

10% of all liquidation fees are also hardcoded to be withdrawn and used to purchase $NORTH tokens in certain markets. These $NORTH tokens are also added to the $NORTH fee pool.

Your $sNORTH tokens are continuously compounding! When you unstake, you will receive all the originally deposited $NORTH tokens plus any additional $NORTH earned from the fee distribution.

What is $POLE?

The $POLE token is a USD pegged stable coin that is backed by interest bearing tokens.

NorthPole will always consider this token to be worth 1 USD.

Since $POLE is a USD pegged stable coin, it needs to remain at 1 USD. This can be achieved through the mechanics used rely on arbitrage, keeping it simple this can happen in several ways:

• Users that hold debt in $POLE might notice that $POLE is trading on some market below 1 USD and decide to buy some $POLE at this discount to repay some of their debt. This purchase of $POLE will have a price rising effect relative to their volume.
• Users that hold components (valid collateral), might notice that $POLE is trading on some market above 1 USD and decide to open a position and sell the $POLE borrowed to put to use elsewhere. This transaction will have a price lowering effect relative to their volume.
• Users that hold other cryptocurrencies, (stablecoins or not) may notice $POLE trading differently on two of the above mentioned markets and decide to buy $POLE on one market where the price is below 1USD and sell on another where the price is either at 1USD or above. This can also happen in reverse.

In most cases, a lot of the market to market arbitrage is done by automated bots that constantly monitor pools for opportunities to capitalize on these price differences. This has the benefit of having price pegs being corrected quite rapidly.

NOTE: $POLE tokens are minted by a Multisign wallet.

Timelines

IDO
Date: January 20th
Time: TBA

DAPP Launch
Date: January 24th
Time: TBA