On May 8, the native token of Ekubo Protocol was launched. The token ticker is $EKUBO. The distribution of $EKUBO is simple. The total supply is split three ways at launch: 1/3 to users, 1/3 to the team, and 1/3 to be sold by the DAO for ETH/STRK/USDC via TWAMM over 2 months, starting May 23 and ending July 24.
No vesting, no low-float high FDV games. The 2 month sales period by the DAO provides affordable access for everyone.
1/3 to Ekubo Users
Users of Ekubo Protocol can claim 33.3% of the total supply based on points earned: the more points, the more tokens. There is no deadline to claim the airdrop. Most users have claimed their airdrop, with only about 4% remaining unclaimed.
1/3 to Team
Ekubo, Inc. owns 33.3% of the Ekubo Protocol tokens with no vesting schedule. These tokens are used as incentives for developing the Ekubo Protocol and its ecosystem. The company's token balance is publicly accessible.
1/3 to Ekubo DAO
33.3% of the supply has been sold for over 2 months through DCA orders on EKUBO and ETH, STRK, and USDC pools, with the proceeds going to the Governor/DAO. The sale started on 5/24/24 and ended on 7/24/24.
Besides launching the native token, the protocol also enables governance, the initial governor configuration is;
Voting Start Delay: 1 day (86400 seconds)
Voting Period: 7 days (604800 seconds)
Voting Weight Smoothing Duration: 1 day (86400 seconds)
Quorum: 5,000,000 tokens (with 18 decimals)
Proposal Creation Threshold: 100,000 tokens (with 18 decimals)
Execution Delay: 1 day (86400 seconds)
Execution Window: 30 days (2592000 seconds).
On May 25, an issue was found in the TWAMM extension for placing DCA orders on Ekubo's interface. This affected users who placed DCA orders, not those using normal pools.
The problem was due to a math error in computing the clearing price, leading to inaccurate prices and poor execution. The issue was discovered during an audit.
Ekubo Inc. quickly proposed a fix for the TWAMM extension issue and lowered the quorum from 5,000,000 EKUBO to 3,500,000 EKUBO, nearly half the circulating supply at that time. The proposal quickly gained community consensus and was approved and executed on October 6, 2024, at 7:47:50 PM.
The Ekubo DAO was significantly impacted by the bug in the TWAMM extension, which caused DCA orders to execute at lower prices. To resolve this issue promptly, the DAO needs to pass a proposal, but this requires at least 5,000,000 EKUBOs to vote in favor, representing 75% of the circulating supply at that time.
To encourage EKUBO token holders to delegate their tokens and participate in governance, Gohttam proposed a reward pool worth 180,000 STRK. These rewards will be distributed to EKUBO holders based on the number of tokens they delegate.
To ensure fairness, Ekubo Inc. will not be eligible for these rewards. The proposal has now reached the required quorum and will be executed soon.
Although the issue in the TWAMM extension was found and fixed quickly, it affected some users who set up DCA orders and ended up buying EKUBO from the DAO at much higher prices than the market rate.
A total of 121 orders were affected, resulting in a combined loss of approximately $45,000. Fortunately, the proceeds went directly to the DAO.
Everyone agrees that the DAO should refund this money to the affected users. A proposal to address this issue will be proposed soon.
To create a proposal on Ekubo, at least 100,000 $EKUBO must be staked, which is a significant amount, especially in the initial setup phase.
Therefore, Ekubo, Inc. has decided to delegate a portion of its 3.33M EKUBO tokens to the community. This initiative will highlight community delegates on the interface, facilitating the execution of community-driven proposals.
The delegation process is conducted on a first-come, first-served basis (FCFS). Currently, 20 delegates have been selected through authorization by Ekubo Inc.
The Catalyst Program, an initiative by the Starknet Foundation, is designed to accelerate innovation and development within the Starknet ecosystem. This program supports top-performing projects with substantial funding, distributing approximately 20 million STRK tokens, equivalent to around $25.2 million. The grants are divided into two categories: Trailblazers and Rising Stars.
Ekubo has secured the top spot in the Trailblazers group, receiving 6 million STRK. This funding will be managed by the DAO, which will decide how to utilize it. Community members are encouraged to start discussions on this topic in Discord.
On May 8, the native token of Ekubo Protocol was launched. The token ticker is $EKUBO. The distribution of $EKUBO is simple. The total supply is split three ways at launch: 1/3 to users, 1/3 to the team, and 1/3 to be sold by the DAO for ETH/STRK/USDC via TWAMM over 2 months, starting May 23 and ending July 24.
No vesting, no low-float high FDV games. The 2 month sales period by the DAO provides affordable access for everyone.
1/3 to Ekubo Users
Users of Ekubo Protocol can claim 33.3% of the total supply based on points earned: the more points, the more tokens. There is no deadline to claim the airdrop. Most users have claimed their airdrop, with only about 4% remaining unclaimed.
1/3 to Team
Ekubo, Inc. owns 33.3% of the Ekubo Protocol tokens with no vesting schedule. These tokens are used as incentives for developing the Ekubo Protocol and its ecosystem. The company's token balance is publicly accessible.
1/3 to Ekubo DAO
33.3% of the supply has been sold for over 2 months through DCA orders on EKUBO and ETH, STRK, and USDC pools, with the proceeds going to the Governor/DAO. The sale started on 5/24/24 and ended on 7/24/24.
Besides launching the native token, the protocol also enables governance, the initial governor configuration is;
Voting Start Delay: 1 day (86400 seconds)
Voting Period: 7 days (604800 seconds)
Voting Weight Smoothing Duration: 1 day (86400 seconds)
Quorum: 5,000,000 tokens (with 18 decimals)
Proposal Creation Threshold: 100,000 tokens (with 18 decimals)
Execution Delay: 1 day (86400 seconds)
Execution Window: 30 days (2592000 seconds).
On May 25, an issue was found in the TWAMM extension for placing DCA orders on Ekubo's interface. This affected users who placed DCA orders, not those using normal pools.
The problem was due to a math error in computing the clearing price, leading to inaccurate prices and poor execution. The issue was discovered during an audit.
Ekubo Inc. quickly proposed a fix for the TWAMM extension issue and lowered the quorum from 5,000,000 EKUBO to 3,500,000 EKUBO, nearly half the circulating supply at that time. The proposal quickly gained community consensus and was approved and executed on October 6, 2024, at 7:47:50 PM.
The Ekubo DAO was significantly impacted by the bug in the TWAMM extension, which caused DCA orders to execute at lower prices. To resolve this issue promptly, the DAO needs to pass a proposal, but this requires at least 5,000,000 EKUBOs to vote in favor, representing 75% of the circulating supply at that time.
To encourage EKUBO token holders to delegate their tokens and participate in governance, Gohttam proposed a reward pool worth 180,000 STRK. These rewards will be distributed to EKUBO holders based on the number of tokens they delegate.
To ensure fairness, Ekubo Inc. will not be eligible for these rewards. The proposal has now reached the required quorum and will be executed soon.
Although the issue in the TWAMM extension was found and fixed quickly, it affected some users who set up DCA orders and ended up buying EKUBO from the DAO at much higher prices than the market rate.
A total of 121 orders were affected, resulting in a combined loss of approximately $45,000. Fortunately, the proceeds went directly to the DAO.
Everyone agrees that the DAO should refund this money to the affected users. A proposal to address this issue will be proposed soon.
To create a proposal on Ekubo, at least 100,000 $EKUBO must be staked, which is a significant amount, especially in the initial setup phase.
Therefore, Ekubo, Inc. has decided to delegate a portion of its 3.33M EKUBO tokens to the community. This initiative will highlight community delegates on the interface, facilitating the execution of community-driven proposals.
The delegation process is conducted on a first-come, first-served basis (FCFS). Currently, 20 delegates have been selected through authorization by Ekubo Inc.
The Catalyst Program, an initiative by the Starknet Foundation, is designed to accelerate innovation and development within the Starknet ecosystem. This program supports top-performing projects with substantial funding, distributing approximately 20 million STRK tokens, equivalent to around $25.2 million. The grants are divided into two categories: Trailblazers and Rising Stars.
Ekubo has secured the top spot in the Trailblazers group, receiving 6 million STRK. This funding will be managed by the DAO, which will decide how to utilize it. Community members are encouraged to start discussions on this topic in Discord.
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