Balancer IDO

Since many people have questions on how and when the Initial Dex Offering (IDO) is going to take place, I will try in this article to make it easier for you.

The ILV IDO is going to take place on the Balancer decentralized exchange on the 30th of March 2021. The initial price of the token and the time of the launch will be announced closer to the date. You won't need to register to a whitelist nor complete KYC. This initial offering is for everyone who wishes to participate. It is important to note that you will not need the token ILV to play Illuvium! Ethereum will be used as in game currency.

To interact with the exchange you will need one of these wallet connected to the site.



For this example we will use the Metamask browser extension wallet. If you do not already have it installed you can find it here :

https://metamask.io/download.html

When creating your first account in your Metamask wallet, it is really important to write down your seed phrase on paper and keep it somewhere safe. Do not screenshot it or note it digitally as it can be easily found by hackers.





To connect your wallet all you need to do is hit the connect button and accept the connection in your unlocked Metamask wallet. Follow along with the provided screenshots. For my privacy I have blanked the addresses and balances.

As you can see in this screenshot you can chose the account you want to use. In my case I could use my online account or my Ledger wallet connected to Metamask.

If you have trouble connecting your Ledger NanoX to Metamask you can try disabling Bluetooth directly on the device. It often solves the issue. Another important thing would be to go into the Ethereum app on your Ledger device and in the settings change "Allow contract data in transactions" to "Allowed".



You can then hit the final "Connect" button and Balancer will now be able to read and interact with your Metamask wallet.

You will need Ethereum in your wallet to be able to swap it to ILV when the launch pool will be live as the only pair will be ILV/ETH. Multi hop from other cryptocurrencies might be possible but keep in mind that it would cost more gas. (I have not personally tested this on Balancer)



From my past IDOs experience, I would strongly recommend you also change your slippage tolerance to around 5% since the price action might cancel your transaction if your slippage is too tight. I would also suggest using fast gas transaction (this can be selected on Metamask when confirming your transaction). Those two things together will prevent your transaction from getting canceled and paying gas for nothing.

Balancer is unique in the way the token will be launched. Compared to Uniswap, where the price starts really low and get pumped by the bots, the liquidity bootstrapping pool used to launch ILV will have the initial price set very high. Over time the price will decrease if not enough buying pressure is applied. Like Aaron said : the easy way to imagine the price action would be to compare it to flappy bird. The price always wants to fall but every time enough buying pressure is applied it rises a little bit before continuing to fall. At some point the price should find an equilibrium where buyers are convinced it represents fair value.

Kieran strongly suggest to wait until you find your fair value and buy at that point. You will have plenty of time to do so as it is planned to last for 7 days but this might change by then.

As always, do your own research before investing in any project and I hope this short article will help you get ready to buy ILV!

- Rahlord