How to participate

Wallet Creation

  1. Go to Bonfida Wallet

    • Create new wallet, or restore an existing one
  2. Press RECEIVE to send SOL. To pay for transaction and address creation roughly 0.5 SOL is required.

1

  1. Note that for OXY you will need 1 FIDA for every 10 USDC, e.g if you intend to invest 1,000 USDC then you need 100 FIDA

  2. Click on Add Token and select FIDA

2

  1. Also add USDC

3

Deposit USDC and FIDA into your newly created token accounts.

Entering the IDO

  1. Go to the Serum IDO page

  2. Connect your wallet if it isn’t connected.

4

  1. Approve access to your wallet.

5

  1. Click the Deposit tab and input the amount of USDC worth of OXY you would like to buy. It will automatically work the 10:1 ratio of FIDA required.

6

  1. Click the Submit button.

7

  1. Approve the transaction in the wallet pop up.

8

  1. Your USDC and FIDA will be deposited into the pool. From 9:55pm to 10:00pm UTC+8 the pool will be locked and USDC swapped for OXY tokens.

  2. At 10:00pm UTC+8 the pool will unlock and you will be able withdraw from the pool using the withdraw tab.

  3. Click Submit

7

  1. Approve the transaction.

  2. The OXY & FIDA tokens are now in YOUR wallet.

Rules

  • The pool will open March 16th 8pm UTC+8 and will close March 16th 9:55pm UTC+8
  • During the 2-hour time period people will be able to deposit USDC + FIDA in the pool with a 10:1 ratio
  • The FIDA deposited in the pool will not be burned
  • The deposit limit is max 5,000 USDC + 500 FIDA per person
  • The pool itself does not have a maximum deposit amount
  • IDO price is 0.125 USDC per OXY token
  • From 9:55pm to 10:00pm, 2,000,000 OXY tokens will be swapped for 250,000 USDC
  • If there is more than 250,000 USDC deposited in the pool in total, the remaining USDC will not be swapped and will remain in the pool
  • After 10:00pm, people will be able to withdraw (remaining USDC + OXY + FIDA) from the pool
  • Users final allocation will be based on the amount of funds they put in as a percentage of all funds put in by other users at the time the IDO ends.
  • This model allows everyone to have an allocation

Examples

  • User A deposits 5,000 USDC + 500 FIDA during the window period
  • OXY = $0.125 USDC

Scenario 1: Fully Subscribed

  • Total 250,000 USDC + 25,000 FIDA has been deposited into the pool
  • From 9:55 to 10:00pm, 250,000 USDC will be swapped for 2,000,000 OXY
  • After 10:00pm, the OXYGEN pool has 0 USDC + 25,000 FIDA + 2,000,000 OXY
  • User A can withdraw 0 USDC + 500 FIDA + 40,000 OXY
  • User A owns 2% of the pool = (5,000 USDC + 500 FIDA) / (250,000 USDC + 25,000 FIDA)

Scenario 2: Over Subscribed

  • Total 500,000 USDC + 50,000 FIDA has been deposited into the pool
  • From 9:55 to 10:00pm, 250,000 USDC will be swapped for 2,000,000 OXY
  • After 10:00pm, the OXYGEN pool has 250,000 USDC + 50,000 FIDA + 2,000,000 OXY
  • User A can withdraw 2,500 USDC + 500 FIDA + 20,000 OXY
  • User A owns 1% of the pool = (5,000 USDC + 500 FIDA) / (500,000 USDC + 50,000 FIDA)

Scenario 3: Under Subscribed (very unlikely to happen)

  • Total 150,000 USDC + 15,000 FIDA has been deposited into the pool
  • From 9:55 to 10:00pm, 150,000 USDC will be swapped for 1,200,000 OXY
  • After 10:00pm, the OXYGEN pool has 0 USDC + 15,000 FIDA + 1,200,000 OXY
  • User A can withdraw 0 USDC + 500 FIDA + 40,000 OXY
  • User A owns 3.3% of the pool = (5,000 USDC + 500 FIDA) / (150,000 USDC + 15,000 FIDA)