Utopia Genesis Foundation’s IEO Exceeds Millions During BTC’s All Time High — One More Day to Go!
With hours left to go until completion, the Utopia Genesis Foundation has seen its autonomous IEO has garnered over $2 million in pledges worth of BTC towards Utopia’s native token, UOP (the Utopia Open Platform), since the start of the sale on December 16th, 2020. Blowing past the 24-hour target, these pledges of BTC come on the same day of Bitcoin’s all time high, allowing Utopia’s IEO to exceed millions during the historic Bitcoin bull run.
Bitcoin’s latest surge comes on the heels of major announcements, includingPayPal offering sales of BTC with no fees until next year, and an accelerating acceptance of crypto in traditional finance. For UOP to exceed its goal as BTC is seeing record prices means there is real value stored in the IEO — a value that continues to grow as more investors seeking diverse investments pour in, and others rally to the cause.
Upon the completion of the token event on December 18, eligible participants will receive UOP allocations proportional to their share of the total amount pledged. Through this Pro Rata distribution model, Utopia Genesis Foundation is able to ensure fair token allocations, especially in light of an oversubscribed sale.
How does it work? Utopia’s IEO is based on a pro rata token allocation, with users pledging the number of UOP they wish to purchase.
Breaking this down:
If the sum total of pledges received during the contribution period is greater than the UOP available in the sale, UOP will be allocated by taking the user’s pledge amount and multiplying it by the ratio of the UOP available in the sale to the total pledges in the sale.
If the total pledges do not exceed the UOP available in the sale, then users will receive a UOP allocation equal to their pledge.
As long as the user’s total pledge remains below the maximum individual pledge limit, they can pledge multiple times during the sale.
To understand how the pro-rata distribution mechanism works, here are a few examples:
Example 1 — hard cap exceeded
The user pledges 62,500 UOP.
At the end of the contribution window, the total pledges equal 12,500,000 UOP. The Hard Cap for the UOP IEO is 6,250,000 UOP.
Your allocation will be 31,250 UOP.
Example 2 — hard cap not exceeded
The user pledges 62,500 UOP.
At the end of the contribution window, total pledges equal 6,000,000 UOP. The total UOP Available in the token sale is 6,250,000 UOP.
Your allocation will be 62,500 UOP.
A great advantage of the pro rata model is that every eligible user who pledges to the UOP token sale should receive an allocation of UOP. In order to ensure a more even distribution of UOP, there is a maximum pledge limit of 62,500 UOP for the UOP Token sale.
The Utopia Open Platform, which is live on Mainnet, is a blockchain solution that interfaces directly with metadata from the Utopia Music Platform, a data and analytics firm used by artists, record labels and rights managers to track song plays and remit royalties based on real-time consumption data. In addition to tokenizing music rights and royalties, the Utopia Open Platform recently launched its Genesis Application with STOKR and Terra Virtua integrations to enable artists with easy to use tools for tokenizing equity and debt instruments for crowdfunding the launch of songs and albums on a decentralized marketplace, and virtual goods such as NFTs or collectibles, respectively.
Utopia Genesis Foundation takes great pride in forging a community, and is thrilled to see the response to its IEO at such a historic time. The conclusion of the IEO will be published tomorrow, December 18th at 9AM UTC on https://tokensales.bitfinex.com/utopia.
But we’re not stopping there, as the success of this token event will enable us with the resources we need to continue expanding upon our tech stack and integrations in the coming months.