Secure your LMDA tokens

Lambda Markets
8 min readDec 21, 2022

The Lambda Token Portal will open on 21st December at 15:00 (GMT+1) and close on 25th January 2023 22:00 (GMT+1) at launch.lambda.markets

The token portal is live: launch.lambda.markets

Quick glance:

  • Lambda Markets is moving to tokenised platform access — this enables efficient tokenised actions + value accrual within our ecosystem.
  • LMDA token holders are entitled to platform access, discounts + value realisation.
  • The LMDA token will be launched in a bespoke dutch auction format running from the 21st December 2022 until the 25th January 2023.
  • This is your only opportunity to get $LMDA tokens at the initial offering — we are floating 90% of the 100,000,000 total supply to early holders and the ‘Lambda Vault’ will burn 10% of the LMDA tokens used to activate product features and subscriptions.
LMDA deflationary burn — Year one (potential scenario)

If you haven’t already, we highly recommend that you read our article on LMDA tokenomics and the Lambda ‘Vault’ burn mechanism.

We are floating 90% of the 100,000,000 total supply to early holders and the ‘Lambda Vault’ will burn 10% of the LMDA tokens used to activate product features and subscriptions.

Token Portal Explained

From the 21st December at 15:00 (GMT+1) you’ll be able to contribute USDC to the token portal deposit pool and receive LMDA tokens in return.

The total USDC deposited into the pool will determine the price of each LMDA token, when the auction finishes on the 25th January 2023 at 22:00 (GMT+1) — LMDA tokens will be fairly distributed to all participants in proportion to their share of the USD contributed.

The Lambda Token Portal will open on 21st December — anyone can participate

The token portal will have three distinct phases:

> 21/12/2022 15:00(GMT+1) — ‘Price Discovery’ phase: the LMDA token portal open and anyone with a solana wallet may deposit or withdraw their USDC from the USDC vault. Unlimited deposits are allowed.

> 24/12/2022 00:00(GMT+1) — ‘Price Refinement’ phase: those who have already deposited will not be able to withdraw their USDC from the USDC vault. Unlimited deposits are allowed.

> 25/01/2023 22:00(GMT+1) — ‘LMDA Redemption’ phase: users can no longer contribute to the LMDA sale and all USDC depositors will be able to redeem LMDA Tokens in proportion to their share of USDC contributed.

**Users can deposit multiple times — there is no limit on deposit transactions so long as the token portal is open.

** Following the redemption phase, the LMDA team will ‘bootstrap’ the LMDA token market by providing sufficient liquidity from the Lambda Vault for users to trade LMDA tokens on decentralised exchanges.

Token Auction explained

90MM LMDA tokens (90% of total supply) will be available for purchase at the auction. The auction contract will have two vaults:

  • USDC vault with 0 USDC
  • LMDA vault with 90,000,000 LMDA tokens

Users will be competing with one another to get as many LMDA tokens that they can at launch. Those who deposit more USDC will receive more LMDA

The total number of tokens that a user receives will be directly proportionate to the sum of the USDC they contribute to the USDC vault.

The sale price per token can be calculated by (total sum of USDC in USDC vault) / (90,000,000 LMDA token) — this price will fluctuate throughout the process as USDC is deposited and withdrawn.

Using the LMDA Token Portal

To get started visit: https://launch.lambda.markets — from here, there are four steps required to secure your share of LMDA tokens.

Step 1: Setup and fund your Solana Wallet

Once you’ve funded your Solana wallet with the USDC that you’d like to contribute + some SOL (0.50 just to make sure network fees are covered) — you’ll complete step 1. If you’ve already got a solana wallet + funded it with USDC you can skip this step and move onto step 2.

Visit https://phantom.app/download and select your browser type. Follow steps in your respective extension store to add Phantom to your browser. After installing, you should see Phantom start-up in a new tab.

If you are a brand new Solana user, select “Create New Wallet” and create a password. If you are an existing Solana user, you can follow the steps here to migrate your existing wallets to Phantom.

Store your “Secret Recovery Phrase” in a safe and secure location, it is the only way to recover your wallet. At no point will a member of the Lambda team ever ask you for this phrase. Whoever has access to this phrase has access to your funds.

Look for the Phantom icon in your browser’s toolbar.

If you are using Chrome, it will be on the top right-hand side of your browser. If you don’t see it look for a “puzzle piece” icon and click on it to access a list of installed extensions. There you should find Phantom, click on the “pin icon” to make it easier to find in the future.

Now that you have a Solana wallet, you’ll need to fund it with SOL + USDC from your exchange — first send some SOL (<0.05 SOL is sufficient to cover gas fees) and then the USDC that you want to contribute to the token portal.

Once you’ve copied the Phantom Receiving Address go back to Coinbase, or the exchange you are using, and look for the “Withdraw” option or “Send / Receive” on Coinbase. You can find this on the “wallet” section in the exchange and the page where you purchased Solana.

After finding this feature, paste your SOL address you just copied from your Phantom wallet into the address bar, then the amount you would like to withdraw and confirm the transaction.

Remember only to transfer assets in the Solana Network, transferring a token to your Solana Address in another network might cause you to lose the funds.

Note: Withdrawals from exchanges can take from hours to days, if a withdrawal process is taking too long, check the Transaction ID or Signature on a Solana blockchain explorer (solscan.io or explorer.solana.io) and verify if it was successfully executed, if it wasn’t or you just cannot find the transaction, it is very likely that the exchange hasn’t processed it yet and you might need to contact them.

Now you should have some SOL and USDC in your Solana wallet → you’re ready to connect in step 2!

Troubleshooting (Step 1):

  • If you’re concerned about fees sending USDC from centralised exchanges like Binance → a cheaper alternative is to send SOL from your centralised exchange account to your phantom wallet and then convert SOL to USDC in the phantom app.

How to send USDC to your solana wallet (Binance)👇

How to use your ledger to send buy and manage SOL 👇

Step 2: Connect your wallet

To begin interacting with the Lambda Token Portal — you’ll need to securely connect your Solana wallet to launch.lambda.markets

You can connect by simply clicking the ‘connect wallet’ button and approving the connection in the phantom pop-up in your browser.

Troubleshooting (Step 2):

  • If you’re having issues with this step, please try a different browser (this has helped most) or alternatively raise a ticket in the discord and we can walk you through the issue.

Step 3: Deposit USDC to the LMDA portal

At the centre of the page you’ll see the USDC input panel, here you’ll need to manually input the value of the USDC you’d like to contribute to receive LMDA tokens.

Troubleshooting (Step 3):

  • How many tokens you receive will fluctuate as other users contribute USDC to the token portal. The number of tokens you receive can be calculated by:
(Amount of USDC user contributes/Total amount of USDC contributed) * 90,000,000
  • If you’re having issues with this step, please try a different browser (this has helped most) or alternatively raise a ticket in the discord and we can walk you through the issue.

Step 4: LMDA tokens secured

Now that you’ve successfully completed step 3, the token portal should have updated the value of USDC contributed + the expected number of tokens that you’ll receive.

Values are for illustrative purposes only

If the app shows this, well done you’ve navigated this guide successfully and you’ve secured yourself LMDA tokens! You’ll now be able to redeem LMDA tokens during the ‘LMDA redemption phase’ on January 25th 2023.

You can deposit more USDC as many times as you choose, there is no limit.

Troubleshooting (Step 4):

  • If you’re having issues with this step, please try a different browser (this has helped most) or alternatively raise a ticket in the discord and we can walk you through the issue.

Tokenomics deepdive + Community AMA

Disclaimer

Before interacting with us in any way, become familiar with our terms 👇

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