Klima For Dummies: How to take part in the Fair Launch Auction (easy)

This article is intended for newcomers to cryptocurrency and blockchain who are interested in supporting the Klima DAO project during our Fair Launch process.

First time hearing about Klima DAO? We are working to launch an ambitious carbon-backed digital currency and ecosystem. This ecosystem includes a set of built-in incentives to kick-start growth and reward those who hold and stake their assets. Our community has dubbed us ‘a black hole for carbon’. Our system is endorsed by, and built using infrastructure from the popular and successful Olympus project ($OHM).

So… you like what we are doing, and want to take part? Unfortunately, KLIMA tokens are not yet being traded on open markets. And you’ve already missed the first distribution event, which was our Initial Discord Offering…

Don’t worry! On Tuesday 14th September 2021 at 4pm GMT we will open Stage 2 of our Fair Launch Strategy, which is the Fair Launch Auction (FLA), also known as the Liquidity Bootstrapping Pool (LBP). It will only remain open for approximately 3 days.

What is the FLA?

The Fair Launch Auction is a chance for anyone to receive KLIMA coupons in advance. These coupons are called aKLIMA (“advanceKLIMA” or “alphaKLIMA”) and they can be traded 1:1 for official KLIMA tokens when they are launched a few weeks later.

The FLA is based on a mechanism called a “Liquidity Bootstrapping Pool” (LBP), which is basically an auction with special rules. These special rules prevent price manipulation and aim to keep the prices fair.

The auction has 3 main goals:

1. Let the market determine the fairest valuation of KLIMA.
2. Get KLIMA into the hands of as many people as possible, for fairness and security.
3. Distribute enough tokens to kick-start healthy trading markets on decentralized exchanges like Sushi-Swap.

Is this the same as a “Token Sale” or “Initial Coin Offering”?

No. This is a liquidity bootstrapping event. Proceeds from the LBP will be used to provide liquidity for the DAI/BCT and BCT/KLIMA liquidity pools on the popular Sushi-Swap platform. Having a pool with a healthy amount of liquidity and trading volume is essential for the future success of KLIMA.

You can learn more about FLAs and LBPs here.

Who can participate?

Anyone! The benefit of FLAs is that they are open and permissionless. You just need a cryptocurrency wallet, and some money to spend.

Is it risky?

The cryptocurrency market is notoriously volatile, and anyone engaging with cryptocurrencies should take the time to understand what they are involving themselves with.

Over the last several years, carbon offset credits have been increasing in price dramatically, and we expect this trend to continue — but nothing is guaranteed. If KLIMA is successful, it should at least maintain a floor-price, as each token is represented by a real, verified carbon offset credit. These credits are useful on their own, because they can be retired on behalf of companies or blockchains who wish to neutralize their own emissions.

What is the minimum allocation I can receive?

There is no minimum, you choose how much allocation you want to receive.

However, Ethereum transaction fees are very high right now, expect to spend anywhere between $25 and $200 per transaction. Fees depends on how congested the network is, and varies hour-to-hour. The fee is the same regardless of how much allocation you want to claim. This fee does not go to KlimaDAO or Copper, it is used to pay the Ethereum network validators who verify all transactions.

I’m new to this. How do I participate?

Install MetaMask Ethereum Wallet as a browser extension

👉 MetaMask.io

• A wallet is just a cryptographic key that lets you interact with the blockchain network securely.
• MetaMask is like a nice helpful app to make that easier, and safer.
• The browser extension allows you to approve or reject transactions without leaving the website. This will be useful for the auction, and for the KlimaDAO app.
• If you already have Ether in a different wallet make sure it’s compatible with WalletConnect and that you have that wallet’s browser extension or mobile app ready to go.

Use ApplePay or a credit card to buy some Ether

In the MetaMask extension, after you have set up your account, click “buy”. You will be directed to a trusted partner like Wyre or Transak.

• Ether is a cryptocurrency that powers the Ethereum blockchain. You need Ether to pay the fees that keep the network running. You can use Ether just like any other cryptocurrency, plus you can use it to swap for thousands of other tokens, and do things like mint and trade NFTs, or use Decentralized Finance apps to invest.
• If your country is not supported by Wyre or Transak you can use this official guide to find a supported retailer in your country. You will then need to transfer the crypto into your MetaMask wallet.

Go to the Fair Launch Auction Website on Copper

By now you should have some Ether in your MetaMask wallet, and have the browser extension installed.

We will post the link to the auction when it opens on Tuesday 14th September 2021 at 4pm GMT.

Connect your MetaMask browser extension to the Copper Launch auction website.

Simply click “Connect Wallet” at the top right of the screen.

Choose your allocation of aKLIMA at the price you think is fair.

Whenever the price looks fair to you and you are ready to go, use the Swap menu to the right. Enter the amount you’d like to swap for an allocation, and submit. Here you will be asked to confirm the transaction in your wallet. Note: here is where you will see the network transaction fee — stick with the suggested fee. If you try to manipulate this value to save money, your transaction might not get confirmed.

Submit! This can not be undone.

Hang tight and wait for launch!

Now you have aKLIMA coupons, which you will be able to trade for real KLIMA tokens when we have completed our Fair Launch process over the coming weeks. Stay tuned on Twitter and in our Discord.

If you still have questions, or suggestions for this tutorial, please post them in our community Discord

Disclaimer

The information provided in this Medium Post pertaining to Klima DAO (“Klima DAO”), its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Medium Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Medium Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Klima DAO and its agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and Klima DAO expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Klima DAO reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Medium Post supersedes any prior Medium Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither Klima DAO nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Medium Post by you or any of your representatives or for omissions from the information in this Medium Post. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Medium Post.