Many crypto projects conduct a 1-time public sale of their tokens at inception. Plenty of marketing and market timing is involved. The rationale is to extract as much financing as possible to bootstrap the project.

Often, public sales are messy situations. Some people come away from them deeply unhappy. Fingers are pointed at technical issues, gas spikes, and bots frontrunning the majority of participants, to name but a few issues.

The unhappiness stems from public sale participants competing against each other in the arena of speed. These first-come, first-serve distribution mechanisms are increasingly recognized to be at odds with the ethos of DeFi — a new financial system that is open and fair to every single participant. As an industry, we have to do better. We have to do away with such archaic token distribution mechanisms.

To play their part, Boot Finance will be giving the boot to these first-come, first-serve distribution mechanisms. The team will be supporting a fairer distribution mechanism and this article will be explaining how we intend to do so.

Duration of Public Sale

The public sale will last for 3 years and will be 12.5% of the total emission schedule. This is something that we will cover in a separate post. But at a high level, the emission was modelled closely after the Synthetix decay based schedule. Each week, the contract will emit a certain amount of $BOOT. Once the weekly sales quota has been met, no one can purchase any $BOOT tokens until the next week. Over time, the amount emitted will decrease until it hits the terminal value of 0 at the end of 3 years.

At any point in time, people can buy $BOOT using ETH through the contract. Compared to the first-come, first-serve model, the Boot Finance model removes speed from the equation.

Acquiring $BOOT

$BOOT can be acquired in 2 different ways. First, would-be investors could purchase it using ETH through the public sale contract.

There will also be incentivized liquidity pools in place with $BOOT tokens. And obviously, you can earn tokens by farming.

Unlocked $BOOT

All other Boot tokens are locked and linearly vested over 3 years, including airdrop, team, investor tokens. Only BOOT tokens from the sale contract is completely unlocked from day 1.