@dwr

Clanker Update: Presales TL;DR -- we’re pausing future presales for now and working on a new Clanker launch feature. It will take a couple of months to build. We’ll work with interested teams to get feedback and iterate on the design before it goes live. A couple of weeks ago, the House team ran a Clanker presale. This was the first one using the v4 presale functionality (which is currently gated). The presale sold out immediately -- before we had a chance to announce it in the app. While the team hit their presale goal, only a few people were able to participate. This was bad, especially since we pre-announced it and many people on Farcaster wanted to participate. That’s on us. We should have required an allowlist. But even with an allowlist, there are still issues with the existing mechanism: 1. The mechanism rewards speed to buy, not long-term alignment. 2. There’s no built-in price discovery; the team picks a % sold and an ETH amount, creating an implicit market cap. This can lead to over- or underestimation. 3. Presale proceeds do not contribute to the token’s liquidity at launch. 4. The existing presale mechanism does not allow for cancellation or refunds. So we’re going back to the drawing board with three goals: a. Broad and fair distribution. b. Trading starts with deep liquidity at a market cap determined through price discovery. c. Aligned economics between teams and holders.

79 replies

80 recasts

555 reactions