# veIDO

Instead of the common IDO method where only fully unlocked tokens are sold, we also sold vote-escrowed tokens. Since we sold veLFNTY rather than just LFNTY, investors were able to choose how long they wanted to lock their tokens, and this directly affected how many tokens they received; the more USDC they invested and the longer they locked, the more tokens they received.

The LFNTY allocated for the veIDO was distributed pro-rata according to a user’s weight:

`Weight = D / (1 - (1/2) * (L/1460))`,

where D is the USDC deposit amount and L is the number of days chosen to lock (maximum of 4 years = 1,460 days). The 1/2 specifies the max discount possible (i.e. 50%) relative to those who lock for zero days. The L/1460 determines how much of the max discount a user receives according to their chosen lock period.

We initialized our LFNTY-USDC pool with a starting price that those who locked for zero days bought at. This means all participants bought LFNTY (as veLFNTY) at or below its starting market price.

Our veIDO was capped at 30 million USDC, first come, first served.

Of the USDC raised, the first $500k was set aside to match an equivalent amount of LFNTY from the treasury for seeding our LFNTY-USDC pool. Of the USDC that remained, 20% went to fund the continued development of the protocol and 80% became POL deposited into Lifinity’s liquidity pools to generate revenue for veLFNTY holders.

Our veIDO took place on April 23, 2022 at 15:00 UTC. Participants were able to deposit USDC within a 24 hour period. Once deposited, users could not withdraw their funds. 

9,671,914.977248 USDC was raised in the veIDO with a starting market price for LFNTY of 0.839028 USDC.

![](/files/3ICmRwQmnxob1UMNBTVy)

{% hint style="info" %}
For the motivation behind this design, please see our [Medium article on this topic](https://medium.com/@lifinity.io/lifinity-tokenomics-series-part-6-ido-and-roadmap-e581dae90c0a).
{% endhint %}


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