Shutter DAO 0x36 has launched a Liquidity Bootstrapping Pool (LBP) to raise project funding and increase token distributions. It is now live on Fjord Foundry.

Anyone can now swap USDC for SHU (the token used by Shutter DAO 0x36) on Ethereum Mainnet at market price. The LBP went live on Wednesday, February 21st 21st, 2024, at 12:00 (noon) UTC and will end on Saturday, February 25th, 2024, at 23:59 UTC.

Official Link from Fjord Foundry [external]:

Shutter Token Liquidity Bootstrapping Pool

Shutter promotes base layer neutrality & information symmetry using threshold encryption. Primary Applications Rolling Shutter prevents malicious MEV & censorship on L1s & Ethereum L2s by encrypting transactions as they are created and then decrypting them after the transaction order in the block has been fixed. Shielded Voting increases the fairness and integrity of votes on Snapshot and other voting platforms by encrypting all votes as they are cast and then decrypting them when the voting period has ended. Integrations Rolling Shutter Gnosis Chain Optimism Mode L2 Rollup-As-A-Service Platforms Espresso Systems EigenLayer Shielded Voting Snapshot Fractal Kleros Revenue Opportunity (est) Rolling Shutter: $50M - $4.7B per year Shielded Voting: $2M - $10M per year Past Round In Feb 2024, Shutter DAO 0x36 sold 5,059,541.5 SHU for 202,381.66 USDC - at $0.04 per token ($40M FDV). These tokens unlock 10% on 18 March 2024 & 3.75% per month for 24 months. Post-LBP Liquidity Shutter DAO 0x36 has hired Artis as the post-LBP market maker. Artis will set up a DEX pool immediately after the LBP. Artis recommends using 20%+ of LBP proceeds to liquidity. Links LinkTree

Key Info

Here’s all the key information you need to participate in the Liquidity Bootstrapping Pool:

• Start Date & Time: Wednesday, February 21st 2024 - 12:00 UTC
• End Date & Time: Sunday, February 25th 2024 - 23:59 UTC
• Chain: Ethereum Mainnet
• Number Tokens Available: 40,000,000 (forty million) SHU
• Available to Purchase with: USDC
• Starting Token Price: $0.247 USDC

The initial price of the SHU token will be $0.247. The token price will decrease along a predetermined price curve, which can be adjusted by purchasing pressure. Anyone can buy or sell SHU tokens in the LBP anytime, which means that the price in the LBP reflects the actual market price of SHU.

In January of 2024, the Shutter community launched Shutter DAO 0x36 and the Shutter Token (SHU, 0xe485E2f1bab389C08721B291f6b59780feC83Fd7). Currently, more than 500 members of the community have activated their SHU tokens, which allows them to take part in Shutter DAO 0x36 governance.

In February 2024, Shutter DAO 0x36 voted in favor of creating, funding, and promoting an LBP on Fjord Foundry - with 85% of the community members in favor and 15% abstaining. The LBP has several objectives, as outlined in the proposal.

• Raise Liquidity Collateral of $2,000,000 - $5,000,000 USDC
• Token Price Discovery
• Set Up for Healthy Liquid Markets
• Token Distribution & Shutter DAO 0x36 Decentralization

LBPs & Fjord Foundry

Liquidity Bootstrapping Pools (LBPs) follow a high-to-low pricing mechanism, in which the token price starts high and decreases based on a pre-configured price decay curve. Anyone can buy or sell tokens in the LBP anytime, so the price regulates itself.

This strategic mechanism helps reduce influence by sniper bots and manipulation by large purchasers (whales). 

Fjord Foundry offers a front-end for LBPs on Balancer. It provides projects with an opportunity to bootstrap liquidity while giving supporters access to early-stage token purchase opportunities. Fjord Foundry has a track record, with over 500 projects (including leading projects like SpoolDAO ($SPOOL) and Valory/Autonolas ($OLAS)) using their platform to bootstrap liquidity worth nearly USD $800 million.

The SHU LBP

The SHU Liquidity Bootstrapping Pool will be active for four and a half days, starting on Wednesday, February 21st, 2024, at 12:00 (noon) UTC and ending on Saturday, February 25th, 2024, at 23:59 UTC. During this period, 40,000,000 SHU, which is equivalent to 4% of the total supply, will be available for purchase with USDC on the Ethereum Mainnet.

Next Steps

The funds raised from the SHU LBP will be deposited into the Shutter DAO 0x36 treasury. They can be used by Shutter DAO 0x36 through proposals and on-chain votes.

Shutter DAO 0x36 has already chosen Artis, a member of the Faculty Group, as their post-LBP market maker and provided them with a grant. Shutter DAO 0x36 has voted to select Artis to help move from the LBP to market liquidity by creating DEX pools, securing listings on CEXs, providing liquidity for efficient trading and minimal price impact, and other related services.

SHU purchased during the LBP is immediately fully vested and transferable. However, SHU received as genesis allocations are subject to unlock schedules. Mostly, 10% of these allocations will be unlocked on March 18th, 2024, and the rest will be unlocked linearly over the following 24 months. Note that there are no inflationary tokenomics built into the SHU token, which could increase the total token supply.

Get Involved

Join the Shutter community in the fight for base layer neutrality and information symmetry as we work to ensure the sustainability of DeFi by preventing malicious MEV and censorship and to maintain fairness and integrity in our voting platforms by preventing vote manipulation by whales.

Let's work together towards a more transparent and secure DeFi ecosystem.

Remember to follow Shutter on X (formerly Twitter) and join the Shutter Forum! We eagerly look forward to growing the Shutter ecosystem alongside our committed community.