Grape Protocol Launching on AcceleRaytor
A Decentralized Social Networking Protocol
We’re excited to announce that on September 7, Grape Protocol will be launching on AcceleRaytor!
GRAPE protocol is a toolset for building token-based membership communities on Solana. With the power of Grape you can create, reward and secure any online community. The first of these tools, GRAPE Access, creates exclusive membership portals for NFT and token holders of the most popular Solana projects today.
This article will cover the two parts of an AcceleRaytor launch: 1) the Public Raise and 2) the IDO on Raydium.
1. GRAPE AcceleRaytor Public Raise details:
Total tokens for the raise: 30,000,000 GRAPE (3% of total GRAPE supply), unlocked
Token fixed price: 0.02 USDC for 1 GRAPE
Total raise: 600,000 USDC
Model: Lottery for allocation
Allocation for winning ticket: 100 USDC (5,000 GRAPE)
Total number of winning tickets: 6,000
Pool opens: September 7, 12:00 UTC
Pool closes: September 8, 00:00 UTC
Open period of the pools: 12 hours
Eligibility and pool details:
There will be one RAY pool available for the GRAPE raise.
- Allocation will be determined by a lottery system.
- Allocation for one winning lottery ticket: 100 USDC
- There will be two snapshot deadlines to determine ticket allotment.
- Eligibility: At least 100 RAY staked in RAY single-sided staking prior to the 7-day staking deadline below and successful USDC deposit once the pool opens. RAY must remain staked until the pool opens.
- Lottery tickets: 1 ticket for every 100 RAY staked — up to a maximum of 5 tickets. Staking more than 500 RAY will still receive 5 tickets maximum.
- 7-day staking deadline: August 31, 12:00 UTC
- To reward longer term Raydium holders, users that are eligible for the 30-day deadline will receive additional tickets on top of any received for the 7-day deadline.
- Eligibility: At least 50 RAY staked 30 days prior to the 30-day staking deadline below and successful USDC deposit once the pool opens. RAY must remain staked until the pool opens.
- Lottery tickets: 1 ticket for every 50 RAY staked — up to a maximum of 5 tickets, and 1 additional ticket for every 1,000 RAY staked.
- Example: Alice has had 2,500 RAY staked before the 30-day deadline. She will receive 12 tickets — 5 for the 7-day deadline 100 RAY max allotment, 5 for the 30-day deadline 50 RAY max allotment and 2 additional for each 1,000 RAY staked.
- 30-day staking deadline: August 8, 12:00 UTC (snapshot already taken)
How does it work?
Tickets: Users receive tickets according to the ticket allotments above. However, for a ticket to be counted in the lottery, users must deposit USDC for each ticket they wish to have entered.
- Example: Alice has 12 tickets as the above example. Bob staked 300 RAY before the 7-day deadline and will receive 3 tickets.
Deposit: When the pool opens, users will need to deposit 100 USDC for each ticket in order for it to be counted in the lottery. Users can choose to deposit less than their total ticket allocation, however tickets without a matching deposit will not be entered in the lottery. Deposits must be in multiples of 100 USDC.
- Alice deposits 1,200 USDC, her maximum, to ensure that all 12 of her tickets are entered in the lottery. Bob deposits 200USDC even though he has 3 tickets because he needs the extra 100 USDC to buy Alice a cool NFT that is dropping that day. In Bob’s case, only 2 of his tickets will be entered in the lottery.
Lottery: Once the pool closes, the lottery will take place and winning tickets will receive a 100 USDC allocation for GRAPE. Results of the lottery will be shown very shortly after the pool closes.
- Example: Alice has 1 winning ticket and will receive a 100 USDC allocation. Bob does not have any winning tickets, better luck next time, Bob.
Claim: Once the lottery is complete users will be able to remove their USDC for any tickets that did not win. Claims for GRAPE from winning tickets will open once trading begins for the GRAPE IDO (details below).
- Example: Alice claims her 1,100 USDC and Bob claims his 200 USDC after the lottery concludes. Alice must wait for the GRAPE IDO to claim her GRAPE.
The lottery will be done on-chain, with lottery numbers assigned to tickets in the order that users deposit in the pool. After the pool closes, winning numbers will be determined by hashing a block, multiplying it by the timestamp, and matching the last 2 digits of that number with user ticket numbers. Any ticket number with the last 2 digits matching is designated a winning ticket. This process will be repeated until all the winners are determined.
2. GRAPE IDO on Raydium:
Token starting price: 0.02 USDC for 1 GRAPE
EDITED: IDO Launch time: September 14, 12:00 UTC
How does it work?
- Raydium will launch a GRAPE-USDC liquidity pool (LP), after which trading will be live on the Raydium Swap interface. The AMM will begin placing orders on Serum a short time after the LP launch.
- Participants with winning tickets for the AcceleRaytor raise pool will also be able to claim their tokens at approximately the same time that the GRAPE-USDC LP launches.
Fusion Pool — Provide liquidity to earn GRAPE rewards
- Users will also be able to add liquidity to GRAPE-USDC LP and then stake LP tokens to earn yield on the Fusion Pools page. Rewards will be in GRAPE tokens.
- Reward emissions on the Fusion pool will begin shortly after the LP launches, to give users time to add liquidity and stake in the Fusion pool for yield farming.
What is Grape Protocol?
The GRAPE “Great Ape” community is a token-based membership community focused on accelerating the growth and adoption of Solana. GRAPE token holders at different tiers are rewarded with exclusive benefits and monthly emissions of GRAPE. You can find more details on the GRAPE membership tiers and benefits here.
The GRAPE toolset creates a framework for decentralized and tokenized communities to better organize and coordinate their activities, unlocking a whole new world of possibility for these dynamic groups. The GRAPE roadmap includes modules for DAO Management, non-custodial tipping, escrow, and event planning to be deployed in the next 6 months.
GRAPE protocol’s first tool, Grape Access, creates a Dynamic Balance-Based Membership solution by connecting members’ social accounts to cryptographic keys. All Solana tokens are supported by Multi-Coin configurations, which grants users permission and access rights based on SPL tokens, token pairs, and LP tokens in their wallet.
- Website: https://grapes.network/
- Discord: https://discord.com/invite/greatape
- Medium: https://medium.com/great-ape
- Twitter: https://twitter.com/grapeprotocol
- Twitch: https://www.twitch.tv/whalesfriend
Make sure to follow official Raydium accounts below for updates.
- Join the discussion on Discord: https://discord.gg/6EvFwvCfpx
- Follow us on Twitter: https://twitter.com/RaydiumProtocol
Persons located in or residents of the United States, North Korea, Iran, Venezuela or any other jurisdiction in which it is prohibited from using any of the services offered on the Raydium website, including AcceleRaytor, (the ”Prohibited Jurisdictions”) are not permitted to make use of these services. For the avoidance of doubt, the foregoing restrictions on any of the services offered on the Raydium website from Prohibited Jurisdictions applies equally to residents and citizens of other nations while located in a Prohibited Jurisdiction.