Yield Guild Games Southeast Asia (YGG SEA), a sub-decentralized autonomous company of the Philippines-based blockchain gaming startup Yield Guild Games (YGG), announced the upcoming Initial DEX Offering (IDO) of its $SEA token on the Copper launchpad.
The $SEA Token Launch Auction will begin on the Copper platform on May 9th at 15:00 UTC to the May 14th. About 75 million $SEA tokens have been allocated to the IDO public sale, representing 7.5% of the total supply of one billion tokens. The starting price is set at $0.50.
What does the IDO mean to YGG SEA?
“The IDO is a unique opportunity to appreciate our community’s unconditional support. We are where we are because of the community and we would like the community to own a piece of YGG SEA through the IDO. DYOR, all I can say: what you see today is just the beginning of what will unfold in the coming months,” said YGG SEA Co-founder Irene Umar.
$SEA is the governance token of YGG SEA. It gives community members the right to vote on governance proposals, ecosystem reward allocations, most desired features/reward models that reflect local needs, and whitelist opportunities for GameFi as well as non-GameFi NFTs.
Since community is at the core of YGG SEA, the guild is committed to giving everyone the opportunity to participate in the IDO in a transparent way. Copper is the most decentralized and user-friendly way to participate in a specific configuration of Balancer’s Liquidity Bootstrapping Pools (LBPs), allowing more equitable distribution of tokens for all participants.
The Token Launch Auction on Copper allows for real-time price discovery, open and permissionless participation, and fair distribution of tokens. It disincentivizes front-running bots and whales to get the $SEA token into the hands of as many participants as possible.
What is the market reach of YGG SEA?
YGG SEA is the leading guild for Southeast Asia, having invested in 76 projects since November 2021. Ten games have become accessible to the YGG SEA guild members, and many more to launch this year. It has offices in Indonesia, Thailand, Malaysia, and Vietnam.
YGG SEA plans to expand into three countries within 6 months, with complete SEA coverage planned by 2024. YGG SEA had earlier raised $15m across two rounds from investors including Crypto.com Capital, Animoca Brands, Solana Ventures, Polygon, and others.