Everything You Need To Know About OATH

OATH is the long awaited key to the Byte Masons’ DeFi ecosystem. The launch was not only an audiovisual spectacle, the underlying mechanisms it employed resulted in a fair launch that yielded amazing returns amidst stormy market conditions.

In this article we will first review the two components of the launch: the Liquidity Generation Event (LGE) and the Liquidity Bootstrapping Pool (LBP). Then we will explore how users can claim their OATH from OATH.claims and break down the tokenomics of the OATH token. Finally we will address some frequently asked questions from across the cryptoverse.

Liquidity Generation Event (LGE)

A liquidity generation event (LGE) is an innovative initial token distribution method which allows for an open and fair participation process without pre-sales or private sales. Funds raised during the LGE are used to provide liquidity on decentralized exchanges. For OATH’s LGE, the team innovated in several ways to inject new life to the format. These new features included:

  • Novel smart contracts implemented to raise funds and distribute OATH in a permissionless manner. 
  • The use of NFTs from across the Fantom network as proof of identity with discounts for Fantom and Reaper Farm community members.
  • A ‘venture mode’ offering a significant discount for users committed to a longer vesting schedule, made available to everyone.
  • A bespoke front-end user interface unlike anything ever seen in the cryptoverse, complete with a three-dimensional world and epic soundtrack.

Getting a share of the LGE

The OATH LGE ran for three days to ensure that community members had adequate time to participate. 80,000,000 OATH tokens were set aside for the LGE to be split among participants. During the LGE, participants could purchase one ‘share’ of the LGE tokens at a cost of 1 wFTM. At the end of the event, the 80,000,000 OATH was divided by the number of shares purchased. The result was approximately 1 share equal to 8.27 OATH. All OATH purchased during the LGE was locked into a smart contract to be ‘vested’ or released linearly over each user’s vesting period.

Using NFTs as a Proof of Identity

The team built a novel LGE system that allowed us to hand out discounts to community members using NFTs. This allowed us to offer discounts not only to our own community members but the greater Fantom community as well. The result was a much more open and fairer system than white listing as a diverse number of NFTs could qualify. This ensured shares were distributed to people who helped make the Fantom and Byte Masons communities what they are today.

In addition to providing discounts, each NFT had a custom vesting schedule. Some NFTs had small discounts with short vesting periods and others had large discounts with longer unlock times. Each individual NFT had a maximum allocation of shares which could qualify for a discount attributed to it in order to prevent whale manipulation. These terms were adjusted based on the circulating supply of the NFTs, their rarity, holder concentration, and the size of the discount. Users’ terms were averaged over each allocation they wished to fulfill, with no limit on the total amount of shares they could purchase. This injected a fascinating layer of game theory on top of everything as users looked to use particular NFTs for their purchases.

A list of all of the NFTs which were included in the event can be found here

Venture Mode For All

In addition to the NFTs, users also had the opportunity to access the largest discount possible by using ‘venture mode’. As opposed to most token launches, there were no pre-sales or special discounts to VC firms. This allowed everyone to be on the same playing field from whales to retail investors. Instead, anyone could purchase shares during the LGE at a 50% discount with an extended vesting period of four years. This system prevented the common problem of the white listed whales buying the entire supply early and dumping it on day one.

One Front-End to Rule Them All

The goal was to make the launch of OATH an event to remember by creating an experience unlike anything seen before. Our ARG event set the stage by revealing the OATH and the general tone. Our very own Mason Munchies took the layup and delivered a slam dunk. He poured his heart and soul over three weeks into creating the ultimate user interface for the LGE. Upon loading OATH.sale, users were taken to a three dimensional world suspended in the void. Users were then asked to take the oath. Once accepted users could choose which of their NFTs they wanted to use for the LGE. There was also an NFT checker to see if NFTs had already been used. This was helpful for users looking to purchase NFTs off secondary markets. To top it off, Fantom music genius Crenzno created an epic theme song which we haven’t been able to get out of our heads. 

Liquidity Bootstrapping Pool

At the conclusion of the LGE, the funds raised were used to create a liquidity bootstrapping pool on Beethoven X. This was designed for price discovery and to minimize whale influence. The key feature being that price started high and would continue dropping over the life of the LBP. Learn more about the unique characteristics of LBPs here.

As per Beethoven\’s docs, the key characteristics of fairer launches auctions using liquidity bootstrapping pools:

Price Discovery – In the LBP the price starts high and follows a preconfigured price decay curve over the duration of the liquidity generation event. The price decay can be offset by buying pressure at any stage of the LBP.

The LBP is permissionless — Anyone can freely launch tokens and any user can participate in liquidity generation events. There are no listing requirements or whitelists.

Fair Token Launch – In a liquidity generation event via the LBP, it is not a race to be the first in order to battle bots or high gas fees to get your transaction through.  Anyone can buy into or sell out of the LBP Pool without limitations at any point during the LGE. This makes price discovery a self regulatory process and the token launch a much fairer distribution event.

Capital Efficiency –  Setting the weights allows the initial price of the token to be Capital Efficiency –  Setting the weights allows the initial price of the token to be magnified by a factor of up to 99 in relation to the initial collateral deposited with it. The initial collateral can be withdrawn in full (provided the launch token does not previously exist outside the LBP, enabling someone to sell into the pool).

Beethoven x Docs

The general strategy for an LBP is to wait for the last possible minute to buy in at the lowest price. The risk of course, is that everyone else is doing the same. So the closer to the end of LBP you get, the greater the chance that a large number of buys will push the price up significantly. This somewhat incentivizes early purchasing. However, by having deep liquidity in the LBP, the curve was more difficult to move and therefore more costly for deep pockets to manipulate.

Protocol Owned Liquidity

At the conclusion of the LBP, the funds raised were deposited across the network to create some of the deepest liquidity for a new token. A total of $34 million was deposited with the majority going to Beethoven X, followed by SpookySwap and SpiritSwap. This helped to reduce slippage for traders, create a stable price for OATH & helped to prevent whale manipulation. 

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Diagram showing the distribution of OATH liquidity across the Fantom Network.

Emissions 

The emissions schedule from the LGE can be found on OATH.claims. The majority of the tokens purchased during the LGE will be emitted by June 2022. By then less than 100,000 OATH will be emitted a day. By 2023, the rate will be just over 40,000 or .05% of the total LGE supply a day.

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Chart showing the daily OATH emissions from the LGE

OATH.claims

If you participated in the OATH LGE, you are able to claim your vested tokens from OATH.claims. OATH is released to you linearly every second across your vesting term. After you connect your wallet to the website using a web3 wallet, you can check:

  • How much OATH is ready to claim;
  • How many shares you purchased during the LGE;
  • How much total OATH you will be able to claim;
  • How long your vesting period is;
  • Statistics on how much OATH unlocks per day and second.
  • Statistics on OATH emissions from the LGE.

Click on the ‘CLAIM OATH’ button below Scully and confirm the transaction in your web3 wallet to claim available OATH.

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Tokenomics

  • Maximum total supply: 400,000,000
  • Initial supply: 54,800,000
Allocation Category% of Max SupplyNumber of Tokens
Liquidity Generation Event (LGE)20%80,000,000
Liquidity Bootstrapping Pool (LBP)13.7%54,800,000
Marketing3.5%14,000,000
Market Making8.8%35,200,000
Vested Team Allocations12.55%50,200,000
Talent Acquisition11.45%45,800,000
Incentives30%120,000,000
Table breaking down the OATH tokenomics.

With the OATH tokenomics, there is an emphasis on long term growth over anything else. The circulating supply day one was ~13.7% with the vast majority deposited into liquidity pools for trading. Only after 90 days will the circulating supply hit 30%. From there emissions will last a decade or more. This will help ensure growth and revenue will outpace inflation up to the total supply of 400,000,000. Let’s dive into a detailed breakdown of the token distribution below.

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Treemap chart breaking down the tokenomics of OATH.

Liquidity Generation Event (LGE)

20% of supply or 80,000,000 tokens

Liquidity Generation Event tokens were issued to all the participants in the LGE. Most funds raised from the LGE have been placed strategically into Liquidity pools on Fantom and the remainder are earmarked for cross-chain liquidity. This has allowed for some of the deepest and broadest liquidity for a new token on the Fantom network. This is the foundation of our Protocol Owned Liquidity strategy and will be instrumental in allowing us to optimize our liquidity spread. We are working hard to find a perfect balance between volatility and market depth to ensure trading volume is as high as possible. High volume is a vital requirement to receive a Chainlink Price Feed for OATH which will allow OATH to plug into lending protocols.

Liquidity Bootstrapping Pool / IDO

13.7% of supply or 54,800,000 tokens

LBP/IDO tokens were paired with $FTM raised during our LGE and placed in liquidity pools on exchanges like Beethoven-X and Spookyswap. See the above explanation.

Marketing

3.5% of supply or 14,000,000 tokens

Marketing tokens will be used to secure important partnerships and facilitate our longer term strategies. Consider these auxiliary funds which will be used to seize opportunity as it’s valuable to do so.

Market Making

8.8% of supply or 35,200,000 tokens

Market Making tokens will be used to facilitate CEX listings or secure contracts with professional market makers. Listings on major exchanges like Binance and Coinbase are high priorities, and we’ve assigned a specialized business development team to focus on execution. This is a long and difficult process but we’re committed to bringing Byte Masons to the masses.

Vested Team Allocations

12.55% of the supply or 50,200,000 tokens

Vested Team Allocations will be vested for 4 years and distributed among our existing team. This will ensure we can secure the talent we’ve worked so hard to acquire and train. Personnel development is going to be an important part of our strategy, and we plan on maintaining one of the most talented teams in web3.

Talent Acquisition

11.45% of the supply or 45,800,000 tokens

Following the above theme, we’re saving a large chunk of our total supply to grow the team. After an on-boarding and monitoring period, new hires will be offered 4-year vested allocations. These allocations will become more cost-efficient for the organization as our market cap increases, thus creating a massive feedback loop between value creation and growth.

Incentives

30% of supply or 120,000,000 tokens

Incentives will be used to drive new usership to our software. The yield market is competitive, and we will emit tokens strategically to find our place within it. Expect to see many of these in our Reliquary contracts and wrapped into future software releases. Our emission strategy stretches into the 5–10 year timeframe, but is subject to change with market conditions.

Buybacks

Buybacks will be an integral part of our value capture strategy, and purchased tokens will be re-allocated to auxiliary reserves, mainly for talent acquisition and marketing.

Frequently Asked Questions

Where can I get OATH?

OATH is available on most major Fantom decentralized exchanges including Beethoven X, SpookySwap, Solidly & SpiritSwap.

What is the contract address for OATH?

The token contract address for OATH on the Fantom Network is 0x21Ada0D2aC28C3A5Fa3cD2eE30882dA8812279B6.

Where can I claim my OATH from the LGE?

You can claim your OATH at OATH.claims.

Which networks does OATH support?

At this stage, OATH is limited to the Fantom Network.

Do I need to keep my NFTs?

No, there is no need to hold on to the NFTs that you used during the LGE. The OATH tokens will be claimable using the address you used during the LGE. 

How much OATH will I receive per share in the LGE?

Approximately 8.27 OATH (80,000,000 OATH / 9,673,079 shares).

What was the price of OATH during the LGE?

The average price for OATH during the LGE was approximately $0.116.

So what is the oath anyway?

We echo THE OATH:

In the space that fuels the fire

We manufacture monuments

that illuminate the path,

cultivating balance,

prosperity, and growth.

To the best of our abilities,

we serve there until the end.

Oath.sale

Where can I hear the OATH music/soundtrack?

You can hear Crezno’s epic theme on Soundcloud.

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