IJO Mechanics

The IJO consists of two separate sales, which run concurrently: the Basic Sale and the Unlimited Sale. This document explains how the two sales operate and how allocations are calculated. In both sales the absolute maximum number of BUSD that may be used to buy the IJO token is capped at the dollar value of LEON locked in Locked Staking. Users are free to commit their BUSD to either or both sales but cannot exceed the total USD value of their locked LEON.

Basic Sale

The Basic Sale will be allocated a percentage of the total IJO token sale amount. Users who opt to partake in the Basic Sale will be able to commit a maximum of $100 USD of BUSD. If the allocation is over-subscribed, meaning the total value of committed BUSD exceeds the value of the IJO tokens allocated to the Basic Sale, then the IJO tokens will be distributed to users as a percentage proportional to their share of the committed BUSD. All unused BUSD will be returned to users. The exact figures involved will vary from IJO to IJO but here is an example based on a hypothetical IJO where 25% is allocated to the Basic Sale.

Example: 5x oversubscribed sale
Number of tokens allocated to Basic Sale	5,000,000
USD/token	$0.10
Total USD of total Basic Sale	$500,000
Total USD value of BUSD committed in Basic Sale	$2,500,000
US$ of your committed BUSD	$50
Your share of all committed BUSD	0.002%
Your allocation of IJO tokens	100
Cost of your allocation	$10
USD value of returned BUSD	$40

Unlimited Sale

The Unlimited Sale will be allocated a percentage of the total IJO token sale amount. Users who opt to partake in the Unlimited Sale will be able to commit a maximum USD value of BUSD to match the USD of LEON locked in staking. If the allocation is over-subscribed, meaning the total value of committed BUSD exceeds the value of the IJO tokens allocated to the Unlimited Sale, then the IJO tokens will be distributed to users as a percentage proportional to their share of the committed BUSD. All unused BUSD will be returned to users. The exact figures involved will vary from IJO to IJO but here is an example based on a hypothetical IJO where 75% is allocated to the Unlimited Sale. The Unlimited Sale has a participation fee, charged as a percentage of committed BUSD value, that decreases in increments based on the multiple by which the sale is oversubscribed.

Oversubscription multiple	Fee Percentage
≥50x	1%
>50x	0.5%
>100x	0.3%
>250x	0.25%
>500x	0.2%
>1000x	0.1%
>1500x	0.05%

Example 10x oversubscribed sale
Number of tokens allocated to Unlimited Sale	15,000,000
USD/token	£0.10
Total USD value of total Unlimited Sale	$1,500,000
Total USD value of BUSD committed in Basic Sale	$15,000,000
USD value of your committed BUSD	$10,000
Your share of all committed BUSD	0.067%
Your allocation of IJO tokens	10,050
Cost of your allocation	$1,005
Participation fee in USD	$100
USD value of returned BUSD	$8,895