#37 @CamelotDEX ’s latest launch @nitrocartel $TROVE
#37 @CamelotDEX ’s latest launch @nitrocartel $TROVE
coming on 17-20th Feb + my🐑 thoughts on it
#37 @CamelotDEX ’s latest launch @nitrocartel $TROVE
coming on 17-20th Feb + my🐑 thoughts on it
📍In this thread
What is $Trove
Launch & public sale detail
⭐ What lambro is thinking
But first Check out my sponsor @pendle_fi launching on camelot soon too!
📍What is @nitrocartel & $trove
Nitrocartel is a yield-bearing index & strategy vault protocol focusing on arbitrum network and trove is governance token of "arbitrove" the index part of nitro cartel
The first dex token is "ALP" with tokens from image
In future, they plan to add ecosystem-specific indices like the GMX Ecosystem Index, GameFi Index, and strategy-specific indices etc
Their first index token ALP wants to become a collateral asset across arbitrum
$trove Token utility - governance of arbitrove of nitro cartel
📍Tokenomics
Liquidity mining - 22% releasing gradually over 8 years to incentivizing users
xGRAIL airdrop - 1% gotta love @camelotdex
Treasury 9% - 6% of it will be used for protocol-owned liquidity
Fair launch 20% - launching on camelot
Liquidity mining - 22% releasing gradually over 8 years to incentivizing users
xGRAIL airdrop - 1% gotta love @camelotdex
Treasury 9% - 6% of it will be used for protocol-owned liquidity
Fair launch 20% - launching on camelot
📍Public Sale Details
Platform: Launchpad of Camelot DEX
When: 17 February 2023 at 14:00 UTC
Until: 20 February 2023 at 14:00 UTC
Chain: Arbitrum
Accepted currency: ETH
Starting TROVE price: $0.0025 per TROVE ($750k MC, $2.5m FDV)
Allocation: 200,000,000 TROVE (20% of total supply)
Total max supply: 1,000,000,000 TROVE
Min/max allocation: None
Hardcap: $0.0125 per TROVE ($3.75m MC, $12.5m FDV)
Vesting: None, 100% unlocked
📍What lambro is thinking
🔹They are raising 0.5m-2.5m depending on the fair auction.
🔹Assuming it will be sold out, 3.75mcap
✅Most people got in the same price, initial circulation are xGRAVIL airdrop, fair launch, treasury & POL
✅There are quite a few different index protocol but i haven’t seen one for arbitrum yet
🔹Most mcap of index are not relatable because its based on ALP, the actual index but not that governance of the protocol
🔹closet reference index cooperative
🔴11m mcap with 60m tvl
🔹token price seems to be correlated to TVL
🔴What is the staking reward of $trove and where does the yield come from?
🔴Strategy yield should go to ALP? so its fee for managing all the ALP?
🔹Nitro Cartel passport 390 item = 33% of token supply assume 12.5FDV, floor price of 3.65ETH right now.
12.5m*33%/390 = 10,576 USD worth of estrove.
Is the NFT underprice or $trove valuation over price (do take note nft = estrove not trove)
🔴Nitro Cartel NFT holder distribution
📍Summary
I am overall bearish on index tokens in general, nothing against the nitro cartel. However if it starts to be the collateral asset for lending, that will be a totally different case.
I'm not sure what I'm going to do with this launch. I might decide when the time comes closer. Given the hype of @arbitrum & @CamelotDEX im 50/50 on this, might just sit out.
Thanks for reading y u no like & no sub
impressive!