Mon Protocol Pre-Sale Ends in 8 Minutes, Raises $7.1M | BitPinas

Mon Protocol Pre-Sale Ends in 8 Minutes, Raises $7.1M | BitPinas

Time Stamp: March 7, 2024 2:50 AM

Decentralized web3 gaming intellectual property (IP) Pixelmon successfully concluded the community pre-sale of the Mon Protocol fractionalized IP ecosystem, reaching 100% of its required allocation within eight minutes. 

(Read more: Play to Airdrop Tokens | Game Airdrops to Farm)

Table of Contents

Mon Protocol Pre-sale

According to the media release, the allocation for the pre-sale was 62,092,000 MON, 6.2% of the total supply of 1 billion MON tokens. It ended up after running for 48 hours and concluded on February 28; the value of the allocated MON amounting to $7.1 million at the time of the sale.

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During the pre-sale, Pixelmon introduced various mechanisms aimed at rewarding loyal community members. Owners of Pixelmon and Golden Trainer NFTs were assured the chance to buy MON tokens in batches, with the rarity of their NFTs determining their purchasing capacity.

“We wanted to offer a pre-sale mechanic that would allow our community to enjoy the best terms in the launch of our partner project Mon Protocol. We dedicated significant time to creating a fair balance that benefits our loyal, long-standing community members without being disadvantageous to newcomers,” Giulio Xiloyannis, CEO of Pixelmon and co-founder of LiquidX Studio, stated.

A part of the Pixelmon community, which contributed to the pre-sale contract, joined a waitlist, providing them with the chance to acquire token lots if successful in a raffle draw.

Out of 21,500 lots allocated for distribution, 16,821 were assigned to Pixelmon NFT holders, while 4,679 lots were raffled among waitlist participants. In total, bids were made for 56,695 lots.

Xiloyannis also remarked that the enthusiastic reaction to their pre-sale demonstrated the community’s resilience and dedication. He expressed hope that their approach would inspire other projects to similarly reward members who remained loyal and supportive during challenging market conditions.

The media release noted that at the token generation event (TGE), 20% of the pre-sale tokens will be released, with a subsequent six-month period where no tokens will vest. 

Subsequently, the remaining 80% will vest over a span of 24 months. Additionally, post the TGE, MON tokens will be allocated to players who engaged in the Mon Protocol Quests. To date, a total of 532,000 wallets and over 700,000 X accounts have participated in the quests, which will continue beyond the TGE to offer rewards at later dates.

Mon Value

During the pre-sale, each lot consisted of 2,888 MON tokens priced at 0.096 ETH. As the pre-sale concluded, the value of each MON token rose to US$0.115. 

With 11,726 unique wallets participating, a total of 5,594.304 ETH was committed to the pre-sale contract, equivalent to US$19,102,869.87 at the rate of US$3,414.70 per ETH.

What is Pixelmon?

Pixelmon, developed by LiquidX Studio, is a decentralized web3 gaming IP centered around Pixelmon, mysterious creatures inhabiting the mythical world of Nova Thera. In this game, Trainers guide their Pixelmon teams to victory. With a focus on community engagement and immersive storytelling, Pixelmon rewards players with NFTs granting fractional IP benefits, allowing holders to own a share of an item’s or character’s intellectual property.

Last month, the IP has successfully raised $8 million in seed funding, with notable investors such as Animoca Brands, Delphi Ventures, and Amber Group. The funding is intended to propel Pixelmon’s diverse portfolio, which includes casual and mid-core games, utilizing its IP fractionalization system known as Mon Protocol.

Read: Pixelmon MON Airdrop: How To Be Eligible

Sold in Seconds

Apart from Pixelmon, there is also another project that successfully sold their tokens within a brief timeframe.

In 2021, Yield Guild Games (YGG) raised $12,496,000 in USDC through the sale of all 25 million YGG tokens on SushiSwap’s MISO platform. The tokens sold out in approximately 31 seconds, representing 2.5% of the total 1 billion YGG token supply. 

In April 2020, Jeb McCaleb, co-founder of Ripple and current Stellar CTO, revealed that the firm sold 54 million XRP, averaging 1.8 million XRP per day, according to analysis by The Crypto Associate. This numbers means around 20 XRP are being sold per second at that time.

This article is published on BitPinas: Mon Protocol Pre-Sale Ends in 8 Minutes, Raises $7.1M

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