Chapter I - Commencement
Last updated
Last updated
Immortal is the first decentralized reserve currency protocol on Celo Blockchain based on IMMO, which is backed by a basket of assets (mcUSD, IMMO-mcUSD LP tokens etc). The backing assets provide an intrinsic value for IMMO tokens and help to maintain the price of IMMO tokens above the backing price.
Immortal was launched as the first DeFI 2.0 protocol on Celo Blockchain, by a team of anonymous devs. KYC & audit were done before launching to ensure the safety and longevity of the protocol.
On 31 Dec 2021, a presale was held to bootstrap initial liquidity for the protocol.
The funds raised from presale were used as following:
40K mcUSD and 1k IMMO were used to initialize liquidity on Ubeswap, with a ratio of 40mcUSD/IMMO. 80k mcUSD worth of LP token were generated in the process.
6k mcUSD were bonded to the Immortal treasury to back for the initial IMMO supply.
20k mcUSD were allocated for the smart contract auditing fee, which was done by Ubeswap
19.7k mcUSD were allocated for marketing and development fund to attract more investors to join Immortal and build up our team.
The 80k mcUSD worth LP token were bonded to the treasury as Protocol-Owned-Liquidity, while also providing intrinsic value to IMMO token at the same time. Once the liquidity is bonded, it will stay locked.
