Unveiling Impossible’s Buy-back Protection Program x Highstreet Vesting Token
Hi Bulls,
Hi Bulls,
In order to adhere to the vesting schedules of other platforms and exchanges, Highstreet has requested that half of their public sale tokens are vested (locked) for 3months.
Protecting our community is always our highest priority. Due to this change, Impossible has proposed a first-of-its-kind token buy-back protection policy for Impossible IDO participants. Only users who participate in the public sale can access the downside protection as detailed below when participating in the Impossible IDO for Highstreet.
Highstreet is confident in their abilities to grow the project and gladly accepted our proposal. Details below:
1. Token Vesting: What has been requested?
Highstreet Public Sale Hard Cap: $1,000,000
50% unlock immediately during the Impossible claim period
50% locked (vested) for 4 months. Tokens will be automatically airdropped into the same wallet address
Highstreet Whitelist allocation activities
No lock up as users are required to complete tasks. Whitelist activities are still available within the next few hours:
Gleam campaign ending 2021/10/11 12:00 PM (UTC) — link
Quiz on 2021/10/11 — link
2. The Impossible Buy-back Protection Program: How do we protect users?
Simple Explanation
Highstreet will pledge, on-chain, to Buy-Back your HIGH tokens at a price $0.7 within 7 days after the 4-month lock-up period ends, subject to the conditions below.
This means that you can sell back the amount of HIGH tokens purchased during the public sale, thus protected from any potential downside price risk of $HIGH during the 4 month vesting period. We are confident that the Highstreet team will deliver on their product and roadmap, and that this protection can convey the same confidence to all participants in our public sale.
Technical Explanation
Impossible Finance Launchpad users are given a buy-back option for the HIGH token. Conditions of the buy-back is set out below:
3. Examples: When should I use this?
Subject to the above conditions under Q2
Example 1 — Forego the buy-back because HIGH price goes up
Oct 2021 — Token Public Sale Price = $1
User Wallet 1 — Buys 100 HIGH tokens = net worth $100
User Wallet 2 — Buys 1000 HIGH tokens = net worth $1000
Jan 2022 — Token Market Price = $1.3 (price increased 30% from IDO)
User Wallet 1 — Eligible to sell 100 HIGH at $0.70 but will forgo the buy-back as the price is $1.3 = net worth $130
User Wallet 2 — Eligible to sell 1000 HIGH at $0.70 but will forego the buy-back as the price is $1.3 = net worth $1300
Example 2 — Participate in the buy-back because HIGH price goes down
Oct 2021 — Token Public Sale Price = $1
User Wallet 1 — Buys 100 HIGH tokens = net worth $100
User Wallet 2 — Buys 1000 HIGH tokens = net worth $1000
Jan 2022 — Token Market Price = $0.60 (price fell 40% from IDO)
User Wallet 1 — Eligible to sell 100 HIGH at $0.70 = $70
User Wallet 2 — Eligible to sell 1000 HIGH at $0.70 = $700
Users above only loses 30% — avoids losing an additional 10% because they are protected
4. Mechanism: How can you access the program?
We will be implementing the buy-back mechanism on OpenSwap’s new whitelisting limit order feature. OpenSwap was Impossible’s second IDO project, and we are a firm believer as a launchpad of showcasing our launchpad, past and present, and their potential use-cases and integrations.
Details on how the mechanism will work on-chain will be fully shared at a later date. The full feature will be completely audited, and transparent on chain for users to see the buy-back protection.
5. Conditions: Who is protected?
Only users that have participated in Highstreet’s public sale will be eligible for this buy-back protection. Specifically:
Only the KYC’ed wallet addresses that have purchased and claimed HIGH tokens on the Impossible Finance Launchpad will be protected.
6. Impossible Thinking & Setting the Tone for What Launchpads Should Be: Why are we doing this?
At Impossible Finance, we treasure our community, first and foremost. We aim to find the best crypto opportunities for you and at the same time try to protect you against risks. We strongly believe that launchpads should be “strategic public” opportunities to distribute tokens into real believers of projects, and we believe that vesting can be helpful in creating longer term incentive alignment. However, in this situation of the last minute change to the vesting schedule, we believe it’s important to give users more protection given that they will have to undergo longer vestings than previously communicated with users. Impossible is constantly trying to improve the launchpad process, and open up investment opportunities previously only reserved for private sale investors.
By reserving some of the sale proceeds to back the buy-back protection program, we are actually taking the first step in creating something mentioned in our original whitepaper, the SSIDO — a self-sustaining IDO.
While the funds are in escrow and the team works to deliver on its milestones, they can also be used to earn yield in safe defi protocols, allowing for projects to build with confidence and garner support from the community. The community then has peace of mind in knowing that their hard-earned dollars are being put to good work and not just distributed to project teams that could run away with funds. Our first iteration of this buy-back protection program is one good way to make sure all users have less risk in backing those who are BUIDLers. This is just one step towards achieving Vitalik Buterin’s DAICO model where we put the user first and the project teams’ treasury funds are governed by the community.
7. Notes: What else is important to know?
For transparency, we will have the 500,000 HIGH tokens and 700,000 BUSD held in a multisig wallet protected by both Highstreet and Impossible Finance council members. Address will be publicly shared later. The unused BUSD will be returned to Highstreet
The remaining BUSD funds from the sale (<= 300K BUSD) will be sent back to Highstreet after the sale completion so they can use it to build out their Metaverse
8. Links: How can I participate in the Highstreet Public Sale?
Participate in the IDO via the Impossible Launchpad — link
Learn how to use the Impossible Launchpad — link
About Highstreet
Highstreet is a commerce-centric metaverse that allows players to explore a vast MMORPG world where in-game items are real products by real brands. Highstreet’s Merchant portal enables the Shopify for gaming experience for brands where an easy-to-use UI built upon the Metaplex protocol allows companies to easily set up shop both on web3 as well as in Highstreet World.
Website | Whitepaper | Medium | Twitter | Telegram | Discord
About Impossible Finance
Impossible Finance is a multi-chain incubator, launchpad, and swap platform led by Ex-Binance & DeFi veterans. It offers a robust product-first ecosystem that supports top-tier blockchain projects to targeted user audiences. With extensive support from key leaders in the crypto industry, Impossible Finance simplifies DeFi for users to enjoy fairer investing, cheaper trading and better yields.
Website | Whitepaper | Medium | Twitter | Github| Telegram|
Notes: DISCLAIMERS, TERMS, and RISKS
Risk Warning: Trading and/or generally investing in any cryptocurrency involve significant risks and can result in the complete loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before investing, please consider your level of experience, objectives, and risk tolerance, and seek independent financial and legal advice, if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Impossible Finance based on the legal and regulatory requirements of your country of residence and/or applicable jurisdiction(s).