Accrue Finance will sell ERC-20 compatible Ethereum-based tokens ACCRUE to raise funds and govern the ecosystem. The purpose of this token offering is to provide an investment opportunity at a discount for pioneers in the new global lending market that Accrue Finance is developing, as well as to drive the ongoing development of the decentralized lending market on a global scale. To ensure a functional lending environment on a large scale, it is essential to attract early adopters. By acquiring ACCRUE, these pioneers enjoy a reduced price on the protocol governance token.
Resources
Docs: Documentation
Whitepaper: Read whitepaper
Tokenomics: The Accrue Governance Token
Governance: Governance Structure
Token Sale Principles
Accrue Finance aims to offer a token sale that is democratic, decentralized, secure, and fair. This also applies to the acquisition model and future governance within Accrue Finance. To uphold democracy, anyone can purchase ACCRUE during the token sale period. The token sale will be conducted in a decentralized manner, using an Ethereum-based Smart Contract, which will provide additional security due to its decentralized nature - the contract's source code will be open and verifiable on the blockchain.
Use cases
Governance
The capacity to introduce new tokens into the protocol;
The discretion to alter the interest rate models applicable to various markets;
The responsibility to modify the oracle address;
Voting on proposals;
Proposing other improvements to the ecosystem.
Staking tokens in the safeguard component, thereby, receiving fees collected from the protocol.
We will provide more details on the full operation of the Safeguard Component in a future blog post. However, we can advance that it is a Safety Module similar to the one used by Aave, but with some peculiarities.
Accrue Protocol Governance
The governance of the Accrue Protocol will be driven by community discussions in a forum and formalized through Accrue Improvement Proposals (AIPs) on the blockchain, utilizing Accrue Tokens. This method aims to facilitate thorough deliberation on proposals before they are implemented on the blockchain.
Read more: Governance Structure
Token Sale
A total of 7,200,000 ACCRUE will be available for sale. The initial goal is to sell at least 10% of the quantity of 7,200,000 ACCRUE - thus, our initial target is 25.2 ETH, to be precise. On the other hand, the token sale will continue until we exhaust the sale of 7,200,000 tokens or reach the one-week deadline.
The total funding goal for the presale is 340 ETH.
The presale begins on March 8, 2024, at 12:00 PM GMT.
The presale ends on March 15, 2024, at 11:59 PM GMT.
Liquidity for ACCRUE tokens will be added to the market on April 8 at 12:00 PM GMT. At this time, the initial 30% distribution will be made to ICO participants. This is the scheduled date for the launch of Accrue Finance on the Arbitrum.
Purchase Price
Endorsing early purchase. We want to endorse token buyers that are amongst the first by rewarding with bonus tokens for the first purchases. The token sale price will vary depending on the category, as detailed below.
This ICO is categorized into three:
Private ICO for early adopters
Token price: 0.000035 ETH.
Tokens available in this slot: 720,000 ACCRUE
Min buy amount: 0.01 ETH
All those who participated in Accrue Finance's private tests will be able to purchase tokens in this category.
Private ICO
Token price: 0.000042 ETH.
Tokens available in this slot: 4,320,000 ACCRUE
Min buy amount: 0.01 ETH
A whitelist will be executed for this category.
Public ICO
Token price: 0.000062 ETH.
Tokens available in this slot: 2,160,000 ACCRUE
Min buy amount: 0.006 ETH
Everyone will be able to purchase in this category. Tokens that are not sold in the previous categories can be bought in the Public ICO.
Token Distribution
Once the user participates in the ICO by purchasing a quantity of ACCRUE tokens, the smart contract responsible for the crowdsale will automatically mint the purchased amount for the user and send it to a second smart contract for distribution. This contract will be responsible for authorizing the claiming of tokens purchased in the ICO starting from April 8th, as detailed in the vesting schedule below. This ensures that users will receive their tokens fairly, according to the amount purchased.
Furthermore, the crowdsale contract itself will ensure that a minimum of 20% of the amount raised in the ICO will be used for providing liquidity on Uniswap starting from April 8th. Liquidity provision for ACCRUE tokens will be integrated into the crowdsale contract. The liquidity provision function can be called by any wallet address starting from April 8th. The crowdsale contract will lock 20% of the amount raised during the ICO and condition its withdrawal exclusively for liquidity provision purposes through the function present in the smart contract.
This is one of the security measures that the Accrue Finance development team is implementing to assure participants that the funds will be used for their intended purposes.
Security
The smart contract code for the crowdsale will be available on GitHub.
The smart contract itself is kept simple to avoid complex transactions. It will have extra security since tokens are minted only when a purchase is executed. This means that the only way to receive ACCRUE is by sending ETH to the contract through the interface or by directly calling the purchase function on the blockchain, making it more resistant to misuse and fraud. Additionally, this gives participants the opportunity to send a smaller amount of ETH to test if ACCRUE is minted on their behalf in the secondary distribution smart contract.
The token sale page will be hosted in a DDoS-protected environment, on a separate server. The token sale page will be kept simple and as static as possible to avoid any complexity. In addition to the above, additional security measures are adopted.
Funds storage: All raised funds are stored in divided multi-signature Ethereum wallets (safe). Therefore, accessing the funds would require the signatures of multiple individuals. Wallet diversification provides extra security in case a private key is compromised.
Funds Allocation
The majority of the funds are designated for enhancing the DAPP's development, focusing on both core development aspects and improving user experience. Accrue Finance outlines the following breakdown for fund allocation based on the needs of the applications it's developing:
20% for liquidity
20% for promotions and marketing
30% for treasury
18% for unforeseen expenses
12% for core development
The allocation of funds may be adjusted to allow for flexibility. Accrue Finance will adhere to best practices in fund allocation and exercise its own discretion in managing these funds.
Vesting
The token distribution for ICO participants will occur as follows:
April: 30% of the total purchased amount
May: 20% of the total purchased amount
June: 20% of the total purchased amount
July: 20% of the total purchased amount
August: 10% of the total purchased amount.
Suggestions and Community
The community is open, and we are always willing to listen to improvement suggestions. We maintain direct contact with the community through Discord. Feel free to join us and participate in the discussions.