Solona-based Genopets has unveiled that its upcoming GENE token public raise will take place on November 17th, 2021 at 12:00 UTC with an IDO on Raydium. Eligible wallets will be able to purchase GENE tokens at a fixed price of 0.80 USDC for 1 GENE. The GENE token is central to the staking and governance of Genopets, along with granting access to future VIP content.
Genopets aims to build the world’s first move-to-earn RPG that ‘rewards you for exercising your mind and body’. Real-world movements captured by smartphones or fitness trackers will be turned into KI tokens, which are then used to upgrade your Genopet and carry out other value-enhancing activities. GENE tokens handle governance and staking, while both tokens work together to craft Gene Crystals that evolve your Genopet.
Now, what is happening with the GENE public raise and IDO? The GENE public raise will begin on November 17th 12:00 UTC, while the GENE IDO will start on November 18th 12:00 UTC.
What’s Available with Genopets Public Raise?
Let’s talk about the GENE public raise first. The public raise will take place on Raydium’s AcceleRaytor platform, which is powered by the Solona blockchain. The details for the public raise are:
- 500,000 GENE available for sale (0.5% of the total GENE supply)
- Fixed price of 0.80 USDC for 1 GENE
You will need to win a lottery ticket that allows you to buy 100 GENE for 80 USDC. There will only be 5,000 winning tickets distributed randomly to those who meet the criteria.
Hopefuls will need to participate in one RAY pool that will be created for this event. The pools open on November 17th, 12:00 UTC, and close on November 18, 00:00 UTC. That’s right, you’ve 12 hours to make your move.
Make Sure You’re Eligible for the GENE Public Raise
If you weren’t included in the snapshots taken for this event (final snapshot taken November 10th 12:00 UTC), you’ll be left to buy your GENE tokens the next day when the IDO begins. There were two ways that users could become eligible for the Genepets public raise:
- 7-Day Deadline: Have a minimum of 100 RAY in single-sided staking prior to the 7-day deadline (you would’ve had to stake on November 3rd at the latest),
- 30-Day Deadline: Same requirements as above, but for at least 30 days. The snapshot was taken on October 18th, so this is to reward long-time RAY stakers.
If you suspect you meet either or both thresholds, visit Raydium’s official announcement for more specifics on how many tickets you might be getting.
Don’t Worry – The GENE IDO is for Everyone Else
I’m not going to lie, when I was reading this announcement I was a bit disappointed to discover that I’m already ineligible for the public raise. Fortunately, the GENE IDO launches on Raydium on November 18 at 12:00 UTC.
The token will start at 0.8 USDC for 1 GENE. Those lucky lottery ticket winners from the public raise will be able to redeem their tickets at approximately the same time as the launch of the LP.
Raydium will launch a GENE-USDC liquidity pool followed shortly enabling trading on Raydium Swap. The AMM will place orders on Serum shortly after the LP launches. Everyone will now be able to purchase GENE on Raydium Swap. You can go further and use your new GENE tokens to add liquidity, creating the opportunity to use the Fusion Pool.
Once you’ve added liquidity and received your LP token, there will be a Fusion Pool available that will reward GENE tokens. Reward emissions will be slightly delayed behind everything else to allow people time to add liquidity and stake their LP tokens. Let the yield farming begin!
Considering this is the first game asset available for sale, you can expect prices to fluctuate rapidly and pool rewards to be lucrative. Your wallet will need USDC readily available to buy GENE tokens and add liquidity.
Curious about the future of the project? Experience the Genopets minting process with a new playable demo that shows off the graphics and sets the tone for the game. The project is currently at Phase 0 based on the roadmap on Genopets site. Phase 1 will introduce all of the concepts that support the project, such as Genopet minting, KI token earning, and Genopet training. We have to wait for Phase 2 for battles, but we can start training and earning now.
I know I’ll be waiting with a USDC-packed wallet!
What is Genopets?
Genopets is a Solana-based “move-to-earn” game that uses data tracked by a smartphone or fitness wearable to level up a Genopet NFT. Players can then summon their pet, and quest in the Genoverse to explore hidden lands, find loot, craft items, and battle with other players. This also means that gamers can walk around, level up their NFT, and then sell their progress on the public marketplace. That’s why they embrace the term: move-to-earn.
The play-to-earn economy of Genopets consists out of four elements:
- GENE token – the governance and staking token for Genopets
- KI token – the reward and utility token
- XP – a state in the Genopet NFT metadata that can increase through activity
- Gene Crystals – NFTs crafted from GENE and KI to accelerate and direct to the evolution of a Genopet
Players can purchase procedurally generated NFTs that serve as habitats through the upcoming Genopets Marketplace. However, they can also craft these using GENE tokens, KI tokens, and Gene Crystals. Habitats boost the XP a Genopet can earn, and unlock the ability to craft Gene Crystals while earning passive income in KI tokens. Habitats seem like they will become a major money maker in the game.
There’s some hype around the project, especially since it recent found some serious funding. Animoca Brands and Yield Guild Games are among the investors in the activity game.