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Information about presale
Overnight will conduct the presale of its OVN token on Base blockchain. The presale would be conducted to whitelisted members only based on Ovenight’s fully distributed valuation (“FDV”) of 20M USD.
In order to obtain the whitelist spot, users have to obtain a presale NFT. The presale will be conducted using an Overflow farming method.
OVN Presale NFT gives its holders an opportunity to participate in the OVN presale, without a maximum contribution. The NFT can be obtained either
- By minting the NFT by participating in a Galxe campaign
- Via one of our launch partners.
Overnight would provide a limited number of NFTs to its partners for distribution among its communities. NFTs would then be distributed to community members at partners’ discretion.
The private presale will be accessible through a whitelist. Whitelisted participants will hold a special NFT that would be required to participate.
The presale would be conducted on Base.
Presale Date & Time
Start of sale: September 18, 12:00 UTC
End of sale: September 25, 11:00 UTC
Duration: 7 days
Method: Overflow Farming
Soft cap: 350K USD+
Hard cap: 500K USD+ (2.5% of total initial supply)
Price: 20 USD+ per token
Individual cap: none
Overflow Farming Pool: 25,000 OVN
- Overflow funds and farming bonus claimable on the End of sale
- 25% of OVN will be claimable at the End of OVN Sale
- 75% of OVN will be linearly vested over 4 weeks period, beginning 5 days after the End of sale
Information about presale round
OVN presale will use the Overflow Farming method, which has a key difference from traditional overflow methods. Instead of distributing a fixed amount of OVN tokens proportionally, contributors can receive a farming bonus for participating early. This bonus is based on the amount committed and duration in the presale vault. The Overflow Farming Method ensures fair allocation through multiple stages:
- 1.Token Sale Registration: Participants register for the token sale by providing their wallet addresses and the amount of USD+ they wish to contribute. There is no minimum nor maximum contribution limit.
- 2.Initial Allocation: Based on the total amount raised during the registration period, the tokens are initially allocated proportionally to all participants, according to their contribution size. If the sale is oversubscribed, the excess funds will be placed in an “overflow” pool.
- 3.Overflow Distribution: If there is an overflow pool, the excess funds are distributed back to the participants proportionally, based on their initial contributions.
- 4.Farming Bonus Distribution: The farming bonus will be formed with USD+ rebase of the USD+ contributed by the participants. It will be distributed back to the participants as a function of their initial contributions and the time the USD+ has been in the pool.
- 5.Final Token Distribution: Once the allocation process is complete, participants can claim their tokens by interacting with the token sale smart contract.