Yield Guild Games Southeast Asia (YGG SEA), a sub-decentralized autonomous organization of Yield Guild Games, Philippines-based blockchain gaming startup, announced the Initial DEX Offering of its $SEA token on the Copper platform, Crypto Advisor learned from a press release.
About the governance token of YGG SEA
Holders of $SEA, the governance token of the subDAO, will have the right to vote on ecosystem reward allocations, governance proposals, and the most desirable reward models or features considering local needs.
They can also whitelist opportunities for GameFi and non-GameFi NFTs. The auction for $SEA will start on the Copper launchpad on May 9 at 15:00 UTC and end on May 14.
The IDO public sale will have a total of 75 million $SEA, which is 7.5% of their total supply: one billion tokens. They will start at $0.50 per $SEA.
YGG SEA Co-founder Irene Umar said:
The IDO is a once-in-a-lifetime opportunity to appreciate our community’s unconditional support. We are where we are because of the community and we would like the community to own a piece of YGG SEA through the IDO. DYOR, all I can say: what you see today is just the beginning of what will unfold in the coming months.
Fair and transparent participation
YGG SEA will give everyone the time and the opportunity to take part in the IDO in a fair and transparent manner.
Copper is the most intuitive and decentralized way to participate in a specific configuration of Balancer’s LBPs (Liquidity Bootstrapping Pools), enabling more equitable token distribution for all.
Real-time price discovery
The auction on Copper allows open and permissionless participation, real-time price discovery, and fair distribution of tokens. It discourages whales and front-running bots from non-optimal distribution of the $SEA token.
Next milestones for YGG SEA
After the IDO, the YGG subDAO has plans to expand into three more countries. This should happen within half a year. YGG SEA will cover the region of Southeast Asia completely by 2024.
Previously, YGG SEA raised $15 million in two funding rounds. Prominent organizations like Animoca Brands, Crypto.com Capital, Polygon, and Solana Ventures took part.