🪙CHOKE Token

$CHOKE at a glance

CHOKE tokens are the representation of revenue shares on the Artichoke ecosystem, in which holders earn profits by staking and providing liquidity to the system, and are entitled to vote on governance decisions within the protocol.

The CHOKE token overall metrics are as shown:

• Max Supply: 640,000,000 CHOKE (Burnable)

• Initial Circulating Supply: 76,800,000 CHOKE (12% Max Supply)

• Initial Public Sale Price: USD 0.0128

• Launch: 5th of May at 2PM GMT. Using Modular's IWO mobile and desktop UI.

The initial price bonding curve used was similar to Modular's Team tier distribution equation (https://modular.pk/Modular-IWO.pdf, for reference):

$P = ((Tier + 1) \cdot TierMultiplier) \cdot P_i$

With steps given by: $Tier = \frac{i}{TierMultiplier}$

In that sense, the First Come, First Served (FCSC) mechanism ruled the initial public sale. An slighter $\Delta p$ increment imitated an impact price buy on a UNI-V2 LP. Hence, price increments on each tier where not different on an exponential basis, and thus it was close to a fair launch.

The Tiers where capped by 100k USDC ranges. As tiers kept increasing on constant steps, the CHOKE price increased according to $P$ formula. In that sense, the first buyers got the best price rate of the CHOKE token.

About Tier 1 - Whitelist

CHOKE initial price at Tier 1 was available for MOD token holders (Contract ID: 0x244Ae62439C1Ef3187f244d8604ac2c391eF2b53). Owning over 1k MOD on your wallet allowed you to buy on the first Tier, with time requirements.

Distribution

As stated before, CHOKE will be the token that rules the Artichoke ecosystem. It will gain value according to the protocol usage and from the fees and rebates generated on the different LPs.

It's initial price will be USD 0.0128 and LP pool price will rely on how the public sale goes.

For every vault deployed over the platform, CHOKE will boost rewards within the LP pairs $x$ and $y$. Platform revenue is generated from a small percentage of all the vault profits and distributed back to those who stake and hodl CHOKE (see Product Overview from the User Perspective for reference)

After initial circulating supply, the token will be distributed in the following way:

• 10% for Team (Locked and vested)

• 5% for Growth and Marketing

• 25% Ecosystem Fund

• 20% Public Sales

• 40% for LP