The CLNY Token Launch Auction is held on Copper Launch. Buying tokens from Copper is pretty straightforward but to make sure that as many people as possible can participate in the Token Launch Auction we have made this step-by-step guide.
We recommend that you watch this instructional video by Copper. The steps in this guide correspond to the steps in this video.
Step 1. Acquire USDC for funding and ETH for gas
- The CLNY token sale will only accept $USDC.
- Also make sure you have ETH in your wallet to cover gas costs.
- You can use any exchange such as Coinbase or Binance to get ETH and USDC.
Step 2. Get a MetaMask wallet
You can skip this step if you already have MetaMask installed in your desktop browser.
We recommend you use the MetaMask browser extension rather than using the mobile version of MetaMask.
- Go to www.metamask.io and press Download now.
- Press Install MetaMask…
- Press Add to….
- Setup MetaMask (password and recovery phrase).
Step 3. Fund your MetaMask
- Select an account in MetaMask.
- Copy the wallet address.
- Send/withdraw USDC from your source of funds (Coinbase, Binance, etc)
- Paste the MetaMask wallet address in the recipient field and then send your USDC to your MetaMask wallet.
- Send/withdraw ETH from your source of funds to your MetaMask wallet to cover gas costs.
- Paste the same MetaMask wallet address in the recipient field and then send your ETH to your MetaMask wallet.
Step 4. Connect to the Copper Launch website
- Go to www.copperlaunch.com
- Connect the MetaMask wallet to the Copper Launch website.
Step 5/6. Select the Colony CLNY Token Launch Auction
Make sure that you know why you are buying CLNY and that you’ve done your due diligence on Colony as a project and CLNY as a token.
Step 7. Buy the CLNY token
Before buying the token, please read the sections about How the CLNY Token Launch auction model works and How to time your CLNY auction purchase below.
- The first step is to approve a MetaMask token swap transaction. This is a one time approval fee. Press the Approve USDC usage button and approve the MetaMask transaction. You will need ETH in your wallet for the gas fees.
- Enter the USDC amount you want to purchase CLNY for.
- Press Buy CLNY. This will prompt your MetaMask wallet.
- If you accept the ETH gas fees, press Confirm. The transaction is now submitted to the network for approval. If the transaction was successful, the CLNY will be in your wallet.
Step 8. Add the CLNY token to your MetaMask
- Copy the CLNY contract address: 0x3E828ac5C480069D4765654Fb4b8733b910b13b2
- Go to your MetaMask wallet and press Import tokens.
- Click on Custom Token and paste the copied contract address into the Token Contract Address field. Press Add Custom Token. The token is now added to your MetaMask wallet.
How the CLNY Token Launch auction model works
In a TLA the price of the token starts high and, assuming zero demand, drops based on a pre-configured price decay curve that can be resisted by buying pressure from auction participants. Anyone can buy into or sell out of the auction freely at any time, so price truly regulates itself. Here is a link to a model you can use to understand the mechanism better.
How to time your CLNY auction purchase
It’s up to individuals to determine when they believe the price becomes fair and they are ready to purchase. Price decreases during low demand, and increases during high demand. This means there it is extremely difficult to find the perfect time to purchase. Therefore, individuals need to balance the pros and cons of the project itself and also time their auction entry as well as possible based on the weights and anticipated demand.