The Passage (PASG) token is launching August 29 on StreamSwap!
We are excited to give our community the opportunity to acquire PASG in a fair, transparent way—here’s everything you need to know to prepare for the launch.
PASG Launch: Quick Facts
- The PASG token is launching August 29, 2023 on StreamSwap
- StreamSwap is a unique protocol for time-based token swaps
- Two (2) streams will be launched: one that accepts ATOM and one that accepts OSMO
- 20 million PASG tokens will be available, with 10 million PASG locked in each stream
- Bootstrapping Phase: 48 hours, beginning August 27 at 11:00am UTC.
- Streaming Phase: 8 hours, beginning August 29 at 11:00am UTC
- See the countdown on the PASG token launch page
Launching with StreamSwap
StreamSwap is a protocol for time-based token swaps.
We’ve chosen StreamSwap because we want the PASG token launch to be community-driven.
As an Osmosis-based protocol, StreamSwap is different from your typical instant token swaps and ICOs. By facilitating token launches with time-based transfers (AKA swaps) between two pools of tokens, it offers a fair, transparent opportunity to acquire the PASG token with organic price discovery driven by participants.
During the PASG launch, 20 million PASG tokens will be available, split into two pools ("Streams"):
- 10 million PASG in an OSMO stream
- 10 million PASG in an ATOM stream
This means you’ll need ATOM, OSMO, or both to participate. Note: ATOM must be IBC compatible!
How It Works
A Stream is a time-bound setup for exchanging tokens. There are two stakeholders in every stream: the Streamer (in this case, Passage) and Subscribers (you, the participants).
The PASG launch will take place in 2 phases:
- Bootstrapping Phase: 48 hours, beginning August 27 at 11:00am UTC.
- Streaming Phase: 8 hours, beginning August 29 at 11:00am UTC
For more information on what this all means, read on! And check out this helpful article from the StreamSwap team.
Bootstrapping Phase
The Bootstrapping Phase is the initial deposits phase.
During the Bootstrapping Phase, Subscribers can deposit or withdraw OSMO or ATOM into the streams at any time. No swaps are taking place at this point.
First, connect your wallet. Enter the amount of tokens you want to add, and click subscribe. You can withdraw or add tokens at any time during this phase.
The Passage bootstrapping phase will last 48 hours, beginning August 27 at 11:00am UTC.
Streaming Phase
Once you’ve deposited your tokens, you’re ready for the main event: the Streaming Phase. The stream will begin right after bootstrapping on August 29 at 11:00am UTC and will last 8 hours.
Swaps happen automatically during the Stream, continuing consistently and linearly until the end. At each second, the same amount of PASG will be swapped for a proportionate amount of deposited tokens.
Because of this, the price of PASG will fluctuate throughout the stream, and Subscribers who have deposited more tokens will acquire PASG faster.
At any point during either phase of the stream, you can remove unswapped tokens or deposit more.
Price Discovery
The final PASG price is determined by the final average price of the stream.
This is found by dividing all tokens received (ATOM/OSMO) by the total PASG tokens streamed.
Your average purchase price might differ from the stream’s final average—you can monitor this right in StreamSwap’s interface.
Once the stream ends, you can claim your PASG tokens immediately by clicking Redeem and approving the transaction in your wallet.
After the StreamSwap launch, PASG holders will get access to exclusive avatar customizations and worldbuilding kits during our Pioneer Gear-Up Sale, and the token will be made available on decentralized and centralized exchanges—stay tuned for more info on all of this!
About PASG
PASG is the native token of the Passage ecosystem. It’s designed for:
- Governance: PASG holders can participate in governance and vote on proposals related to the platform's direction and development
- Security & Staking: PASG holders can stake and delegate their tokens to validators to support security of the network. A percentage of tokens spent in the marketplace, as well as inflation, are allocated as rewards.
- Incentivizing Open-Source Contributions: Developers can earn PASG by contributing to open-source development of the platform such as bug fixes, new features, and improvements to existing functionality.
- Decentralized Assets: PASG powers decentralized assets (NFTs) on the Passage platform.
Test Stream: August 22
To prepare for the PASG token launch on StreamSwap, we're hosting a test run on August 22!
This is an opportunity to get familiar with StreamSwap's interface before the real launch, and help us iron out the process. As a thank you for participating, you'll have the chance to win 10 ATOM.
Test Stream Details
- Tuesday, August 22
- Bootstrapping Phase: 12:00-2:00pm ET
- Streaming Phase: 2:00-3:00pm ET
- Link: testnet.streamswap.io
This will take place on Testnet, so you can claim test tokens from the StreamSwap faucet!
Prepare for Launch
If you’re interested in participating in the PASG token launch, join on app.streamswap.io.
