Turbos Finance, invested by Jump and strategically supported by Mystenlab, is a DEX for everyone built on the Sui public chain. It is now online on the Sui Network mainnet. According to official news, the whitelist and public rounds of IDO will be launched from 10 am on May 12 to 10 am on May 14 UTC time. Now Sui World will introduce the innovations of the project and the IDO rules.
About Turbos Finance
Turbos Finance is the first decentralized zero-slippage perpetual contract trading and spot exchange built on Sui. The decentralized perpetual exchange driven by Sui (Turbos) has faster trading efficiency, lower fees, and lower liquidation risk. On March 29, Sui ecological decentralized trading platform TurbosFinance announced that it had received investment from Jump Crypto. As a top investment and trading institution in the crypto field, Jump Crypto has long supported TurbosFinance with its strategic partners to build a non-custodial DEX on Sui.
Features of Turbos Finance
Turbos will build a complete DeFi ecosystem on Sui, including three key components:
1) Centralized Liquidity Market Maker (CLMM) Decentralized Exchange (DEX)
2) Sui Ecosystem’s permissionless listing
3) Perpetual Contract Automated Market Maker
Turbo Finance is currently the only DEX on Sui Network that can implement a→b→c smart routing. Turbos’ centralized liquidity allows users to customize the price range as LPs and see the corresponding APR, helping LPs maximize returns and avoid excessive impermanent losses. In addition, Turbos has integrated wormhole to facilitate users to cross assets into Sui Network for trading.
In order to achieve unlicensed listing of Sui ecosystem, Turbo Finance has launched TurbosBoost and TurboStar, which will provide better support for IDO of ecosystem projects. TurbosBoost is a training camp jointly organized by Turbo Finance and MystenLab. Participants who get the highest ranking in the voting will have the opportunity to be recommended by Turbos and Mysten to investment institutions and cooperating CEX for listing; TurboStar is an IDO platform with 0% handling fee developed by Turbo Finance.
In addition to spot trading, Turbos Finance will also launch perpetual contract derivatives trading. Perpetual contract trading requires the public chain to support high-speed, low-cost transactions, which is very consistent with Sui's public chain characteristics. This product of Turbos Finance is very worthy of attention.
Turbos Finance’s Token Economy and IDO Rules
90% of the revenue in Turbo Finance’s token economics will be distributed to token holders and TLP liquidity providers. Turbo Finance’s native token is $TURBOS, with a maximum supply of 10,000,000,000 tokens. The team holds 18% of the total token distribution, investors hold 15%, and the treasury including IDO, IEO and partners accounts for 12% of the total distribution, while 5% is allocated to marketing and operations, and 50% is used for mining and reward rewards.
$TURBOS IDO detailed rules
The TURBOS IDO will be held on TurboStar, Turbos Finance’s native Launchpad platform. 0.5% of the total $TURBOS supply is allocated to the TurboStar IDO.
Turbos IDO is divided into two rounds: whitelist round and public round.
The duration of the whitelist round is from 10:00 am on May 12 to 10:00 am on May 14 UTC. During the whitelist round, there will be 3 pools on the TurboStar platform: IDO quota based on Level 1, Level 2, and Level 3. Users should choose the corresponding pool according to their whitelist level (i.e. Level 1/2/3).
For example, if wallet address A has a Level 3 whitelist, when he enters the Level 3 pool to connect his wallet, the platform will verify that the wallet address is in the whitelist, allowing user A to submit SUI tokens in the Level 3 pool. If wallet address A enters the Level 2 or Level 1 pool, he/she will not be able to recharge SUI tokens and participate in the IDO.
Whitelisted users will be able to lock $SUI tokens in the IDO pool according to the allocated quota, wallet addresses not in the whitelist will not be able to participate in the whitelist round.
The public round will start after the whitelist round on a first-come, first-served basis, and each wallet can stake up to $50 worth of SUI tokens to participate in the $TURBOS token sale.
Once the IDO reaches the hard cap, users will no longer be able to deposit $SUI tokens to participate in the IDO. The distribution of $TURBOS tokens will be scheduled starting May 15th.
Summary of IDO information on TurboStar
IDO Start Time: May 12th 10:00 AM UTC
IDO End Time: May 14th 10:00 AM UTC
Token distribution: Starting from May 15th
IDO Supply: 50,000,000 TURBOS tokens (0.5% of total supply)
IDO Price: $0.005
Hard Cap: $250,000 worth of $SUI
More details:
https://medium.com/@turbos/announcing-turbos-ido-bbbfd419d098