# veIDO ## Why Choose veIDO Instead of the common IDO method where only fully unlocked tokens are sold, Pacman Finance implements a new vesting model for vote-escrowed tokens earned through IDO, preventing dumping and promoting long-term investment. During the vePAC sale, investors were given the option to choose the duration for which they wanted to lock their tokens. This decision directly impacted the number of tokens they received. Those who invested more ETH and chose to lock their tokens for a longer period of time received a higher number of tokens. It is important to note that we sold vePAC tokens instead of just PAC tokens, which allowed investors to have control over the duration of their lock-up period. We initialized our PAC-ETH pool with a starting price at which buyers locked their PAC for zero days. As a result, all participants bought PAC (as vePAC) at or below its starting market price. **We will add at least 30% liquidity of veIDO unlock amount.**
After the successful completion of veIDO, each investor who joins the lock-up process will receive vePAC. However, vePAC will not be eligible for the discount process. Nevertheless, vePAC holders will receive an additional 10%\~50% governance voting power. ### Benefits of participating in veIDO * **Favorable purchase price.** We have provided a more favorable purchase discount for all locked-up users who participated in veIDO and minted veNFT. {% hint style="info" %} For all veIDO participating users, no matter which round of veIDO you participate in, all $PAC purchase costs are the same, which can greatly guarantee the fairness of the project. {% endhint %} * **Higher initial voting rights.** During the veIDO phase, users can obtain 1.5, 1.3 and 1.1 times of additional vePAC voting bonuses according to their participation rounds. * **Lower oPAC strike price.** Holding [Genesis veNFT](https://docs.pacman.finance/vepac#genesis-vepac-nft) can help you obtain $PAC at a lower strike price in the early stage of the project. * **Enjoy priority repurchase rights.** For the [xPAC](https://docs.pacman.finance/tokenomics/xpac) converted by the 2-years locked Genesis veNFT in the veIDO phase, the team will conduct a priority buyback. ## How does veIDO work? The total amount of PAC for veIDO: 4,500,000 (15% of the Total Amount) Users can choose whether to lock their tokens during the IDO. During the veIDO period, users who mint the genesis vePAC NFT will receive a higher strike price for option tokens. We will open three rounds of veIDO, each with different rules and fundraising caps. The nominal price of each round of veIDO will be consecutive. The nominal price of the second round of PAC will be higher than the price in the first round, and the nominal price of the third round will be higher than the price in the second round. The final listing price of PAC tokens will not be related to the round number of the veIDO attended by users. Therefore, all users who join any round of veIDO will have the same cost at the end. The round will only influence the [voting weight of their genesis vePAC NFT](https://docs.pacman.finance/vepac#genesis-vepac-nft). ### Priority White List Pacman will offer priority whitelist access to early contributors, allowing them to purchase PAC and vePAC during the early stage of veIDO. Whitelist users will have around 15 minutes to join veIDO first, after which all users will be able to purchase PAC and vePAC. ### veIDO purchasing rule Total Fundraising cap: 700 ETH Fundraising cap of PAC (non-lock): 500 ETH Locking time options：180 days, 360 days, 540 days, 720 days. Pacman will reward all users who stake their vePAC NFT for 720 days by converting it to ERC-20 xPAC. Additionally, the treasury has the ability to buy back xPAC as a priority. {% hint style="info" %} Each address can only attend one round of veIDO； {% endhint %} | Lock period (days) | Token Discount | | ------------------ | -------------- | | 0 | 0 | | 180 | 12.50% | | 360 | 25% | | 540 | 37.50% | | 720 | 50% | **veIDO Fundraising cap in three rounds and limitation of each address:** {% tabs %} {% tab title="First Round" %} First round non-Lock Fundraising cap：150 E First round Locked Fundraising cap：150 E First Round vePAC Genesis NFT Bonus: 1.5 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：5 E Personal Minimum Deposit（Lock）：1 E Personal Maximum Deposit（Lock）：5 E {% endtab %} {% tab title="Second Round" %} Second round non-Lock Fundraising cap：150 E Second round Locked Fundraising cap：50 E Second Round vePAC Genesis NFT Bonus: 1.3 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：2 E Personal Minimum Deposit（Lock）：1 E Personal Maximum Deposit（Lock）：5 E {% endtab %} {% tab title="Third Round" %} Third round non-Lock Fundraising cap：200 ETH Third round Locked Fundraising cap：0 E Third Round vePAC Genesis NFT Bonus: 1.1 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：1 E Personal Minimum Deposit（Lock）：0 E Personal Maximum Deposit（Lock）：0 E {% endtab %} {% endtabs %} Here is an **example** of veIDO: {% hint style="info" %} Token for sale: 4,500,000 PAC Total deposits: $1,260,000 Total PAC weight: 1,589,143 PAC Init Price: $0.353 FDV: $10,594,286 {% endhint %} | Example | ETH deposited | Lock period (months) | Lock period (days) | Token Discount | Token Weight | Token allocation | veToken Weight | Vetoken Ratio - First Round | veToken received - First Round | Price per Token | | ------- | ------------- | -------------------- | ------------------ | -------------- | ------------ | ---------------- | -------------- | --------------------------- | ------------------------------ | --------------- | | User 1 | $324,000 | 24 | 720 | 50.00% | 648,000 | 1,834,951 | 1,157,142 | 1.5 | 1,735,714 | 0.1765714286 | | User 2 | 0 | 24 | 720 | 50.00% | 0 | 0 | 0 | 1.5 | 0 | 0 | | User 3 | 0 | 12 | 360 | 25.00% | 0 | 0 | 0 | 0.75 | 0 | 0 | | User 4 | $36,000 | 6 | 180 | 12.50% | 41,143 | 116,606 | 128,571 | 0.375 | 48,214 | 0.309 | | User 5 | $900,000 | 0 | 0 | 0.00% | 900,000 | 2,548,544 | 0 | 0 | 0 | 0.353142 | | User 6 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 7 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 8 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 9 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 10 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | {% hint style="info" %} **Users can use the following links to calculate the parameters of the veIDO phase:** [**https://docs.google.com/spreadsheets/d/1cznwK0pxes8RXCfxTQNwpS2yhPNv5uC6C1TMkLYGebQ/edit#gid=0**](https://docs.google.com/spreadsheets/d/1cznwK0pxes8RXCfxTQNwpS2yhPNv5uC6C1TMkLYGebQ/edit#gid=0) According to the rules of veIDO, the listing price range of $PAC is around **$0.36**, with a maximum CM of **$0.9M** and FDV is around **$10M**. **We may adjust the above parameters before the official veIDO, please follow our official Twitter for details** {% endhint %}