The following medium blog article outlines details of the PolkaCover Initial DEX Offering on the Polkastarter platform:
Funds raised through the Private and Crowdsale round will be used to develop and to support the liquidity of the CVR token & platform. The project is well funded to manage the growth & expenses for a period of 12–18 months, these include:
1. Liquidity, tech and product development. CVR anticipates launching its Web 3.0 Insurance marketplace platform in 6 months after the crowdsale completed. To prepare our future ecosystem, will devote significant resources for risk liquidity and market expansion as required.
2. General marketing and development expenses such as website development, advertising materials, outreach, community, partnership and customer development.
Please find below the updated Tokenomics details for the project:
Unsold tokens: Will be LOCKED for a period of 12months, the tokens would be equally released (if needed) into the ecosystem over a period of 12months (after unlocking) to further grow the eMerusnI Platform.
Token Burn: CVR intends to have final circulating supply of 50 Million tokens and will keep buying back and burning tokens from the open market on a quarterly basis. The repurchase of these tokens will calculated based on the 10% of the net revenue generated on a monthly basis. Transactions will be publicly viewable on the blockchain explorer.
The token sale consisted of 1.4% of all Polkacover Platform Tokens that will ever be generated.
The following is a detailed breakdown of how each portion of the remaining allocation will be used:
CVR tokens reserved for the CVR Founding team. Team tokens are locked and vested to demonstrate long-term commitment.
Tokens locked for 24 months
After lockup, tokens are vested over 6 months
CVR tokens reserved for the PolkaCover advisory board. These tokens are vested to demonstrate long-term commitment.
Marketing & Operational Expenses
PolkaCover has the funds needed to manage its costs for running its operations for a period of 12–18months. These CVR tokens reserved for future objectives like immediate operational expansion requirement, broad marketing initiative, regulatory & compliance clearances, business expanis exchange listings etc.
Operational Tokens — Locked for 12 months followed by 12 month vesting
Marketing Tokens — Locked for 6 months followed by 18 month vesting
Treasury & Incentives
CVR tokens are reserved to fuel the growth of the covercompared.com platform being developed by the PolkaCover team. The tokens will be used to build token adoption within the platform once it goes live.
Tokens are locked for 3 months
After lockup, tokens are released equally over 36 months.
Staking & Community Rewards
This is a “Go-To-Market” FUND which would be required to build the community involvement within the platform. The CVR tokens will be used to
Provide liquidity at launch at UniSwap
Provide Staking rewards/allocations for early adopters, governance & risk assessment members
Bug bounty programs & early testers of the platform
Governance & Risk Assessment rewards within the P2P platform
Tokens are released equally over 24 months.
All the reserved allocation would be unlocked as per the below schedule but this does not mean it will necessary be in circulation.
The PolkaCover team would be distributed at the discretion of the board. Distribution is primarily used to fuel the growth and expansion of the project over the years to come and may hold/delay the release of the tokens if the need does not arise.