CasperLabs is partnering with BitMax.io which is a Singapore-registered cryptocurrency exchange. to conduct Special symbolic sale in a new form exchange FifthEid affering, or EVO.

Offer a new subscription:

CasperLabs will sell its new method token in cooperation with BitMax.io.

The purpose of the EVO offering is to promote greater decentralization on the network by providing fair access to retail participants at the earliest project investment opportunity.

$3 million worth of CLX tokens will be sold.

CLX, the original crypto token for the CasperLabs blockchain, will be offered for sale as an EVO and the sale will be split into three rounds, with the tokens available in the first and second rounds.

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Registration for participation in the CasperLabs EVO on BitMax.io will begin at 10:00 AM EST, March 26 and will remain open until April 6.

The price at which EVO participants can buy CLX tokens is $0.01.

This represents a significant discount to the price at which the CLX tokens will be distributed via the eventual public sale, as the tokens will be auctioned at a minimum bid price of $0.02 per CLX tokens.

All EVO participants will be part of the founding stake in the CasperLabs Network’s “Genesis Block” and an integral part of the network’s launch.

Basic Selling Structure:

CasperLabs has not made any token bids yet and all funding has been made with Series A seed funding.

The decision not to sell tokens was based on ensuring open access to the platform.

Since its first introduction, PoS networks have historically been threatened by corporations and major token holders, or whales.

Whales are often early stage PoS investors, especially at the beginning of the project and before the launch of the project’s mainnet.

Such a concentration in the power of staking and consensus monopoly is worrisome as it consolidates control of the blockchain network to a small handful of validators.

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This project can harm in various ways, including concentration of voting power, single points of failure for malicious network attacks, and network instability.

This runs counter to the proposed aspirations of many projects that aim for their sales to be licensed, decentralized and secure.

CasperLabs and BitMax.io are teaming up to launch a new approach to challenging the status quo by conducting the industry’s first EVO.

BitMax.io will run a full node upon launch of the CasperLab mainnet to facilitate back-up support for CLX on behalf of platform users in the “Genesis Block,” thus eliminating the need for retail EVO participants to act as validators on the network.

While CasperLabs had a lot of interest from institutional investors to participate in the validated sale, the team insisted on providing open and broad access to the platform on the same terms.

The partnership with BitMax.io will be instrumental in facilitating this open access to a global user base.

Evaluation:

Given a total token offering of $10 billion, an EVO of $0.01 would have CasperLabs around $100 million.

Rewards:

Three types of token rewards offered are linked as follows:

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• Early participation rewards.
• Staking Bonuses.
• Transaction fee bonuses.

Early Participation Rewards:

CLX tokens purchased at EVO will increase by 15% annually in proportion to the amount of tokens.

Early participation rewards will begin to accrue from the date the CLX tokens are received by the EVO participant until the launch of the CasperLabs mainnet, which is expected to be in the third quarter of 2020.

For example: Assuming a purchase of a quantity of CLX of 10,000 CLX received on April 1, 2020, with the mainnet launch date of August 1, 2020, the EVO holder will have 5% coin holding.

Staking Bonuses:

CasperLabs will target a total return of 15% for the first year after launch, dropping to 6-7% once CLX distributions are completed over the coming years.

This means that CLX tokens pending on the CasperLabs network will generate a negative return for token holders in exchange for participating in various consensus mechanisms.

Transaction Fee Rewards:

CasperLabs validators will receive token rewards based on transaction fees collected on the network.

All three types of rewards will be paid after validation at the end of the build block.

Read also:

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CasperLabs raises $14.5 million in first investment round