[TMP #4] Participate in the Interport Seed Round

[TMP #4] Participate in the Interport Seed Round



Scope:

Authorize the Treasury Council (TC) to participate in the Interport Seed Round and allocate a maximum amount.

Current Governance Limitations:

WIP #28:

Based on community feedback from a previous deal, WIP #14 will also by applied:

While the proposed investment can be voted on by the TC, the above guidelines cannot be followed as expected due to the current lack of Risk Officer and vesting period included in the seed round.

A TMP is being used to assist treasury personnel with decision making by having the DAO review the proposal, assess the risks and make the final decision.

Objectives:

  • Allow the TC to vote on an investment into the Interport seed round and accept the vesting terms.
  • Define a maximum investment amount to be invested:

If passed, the DAO would be giving permission to invest in the seed round of Interport (ITP), up to the amount voted. This does not mean the full amount will be used.

Rationale:

Interport’s objectives of making cross-chain easy aligns with Wonderland’s vision of expanding DeFi by investing in projects that lay foundations for the future.

Taking part in this presale could have significant upside for Wonderland should the project prove to be successful while having limited downside due to the amount of capital allocated (slightly above 1% for 1.5mm).

It is believed that Interport has a lot of potential and a favorable risk/return at current valuation. This would also help Wonderland continue the diversification of its treasury.

Snapshot:

https://wl-l.ink/Snapshot/TMP-4

Voting options:

  • Authorize for 1.5mm USDT
  • Authorize for 1mm USDT
  • Authorize for 750k USDT
  • Don’t authorize

Investment Details:

ITP tokens purchased at the seed round will be vested over 2 years with a 6 months cliff. In other words, the first claim will be available after six months and would account for 25% of purchased tokens. The remaining vesting period is linear.

Interport is raising at a $30mm valuation.

Brief Summary:

Interport is a decentralized exchange that allows you to perform Interchain swaps (cross-chain swaps) at the best rate due to cross chain liquidity aggregation contracts that source over 250 dexes and liquidity sources looking for the best price.

Interport allows you to buy tokens on any supported chain without the need to bridge. Interchain swaps will be available on 6 networks including Ethereum, BSC, Polygon, Avalanche, Fantom, and Arbitrum.

More details available here:
Docs: Introduction - Interport
Website: https://interport.fi/

Risks/Considerations:

Smart Contract Risk:

While we would not be directly affected by Smart Contract risks, any new protocol has smart contract and exploit risks present. While Interport has not yet been audited, it does plan to be audited.

They should be added to the documentation page as they become available:

Price Risk:

Given that this is a seed round and funds will be used to launch the project, there is always a risk that the project may not succeed. This would of course have an affect on the token price and therefore impact the profitability of the investment.

Redemption

Just like any illiquid token, these would be excluded from the redemption value while they are locked. Additionally, given the nature of this deal, a minimum of 75% of the liquid tokens would be excluded from the redemption value.

2 Likes

To add a little info:

It‘s a pre-sale with whitelist, not a typical seed investment to start development.

The contracts are ready, UI as well and they are working on audits, launch is expected some weeks from now.

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So what percentage return on investment have we calculated to decide this is a good choice for long term lockup?
I’m also interested in knowing What SV has or plans to invest here so we can have a known total exposure idea.

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Seems promising. Is there any info about people behind the project?

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@The_Ferengi or @Deal do you have any answers for this?

One of the founders has worked with me on a variety of projects and has met with most of the Wonderland team.

2 Likes

Recent questions and answers from the Discord:

  • What do you mean by “they got all contracts on hand”? How many chains have been coded? How many DEXes have been coded? How competitively priced will be the swap fees and slippages (vs CEXes, other alternatives)? Original message link: https://discord.com/channels/884650236398682123/884650236398682125/1045255433314631740

    • It means the contracts are ready and they are most likely just waiting for audits, doing final tweaks and preparing for launch. 250 DEX’s, 6 chains.
  • I don’t think this has been answered - why do you think $30mm FDV is attractive? Xdefi technologies is FDV is $23mm and they are multichain (not crosschain) with a non-custodial wallet as a bonus. “First come first serve” is not convincing. I don’t want to be the first to jump off a cliff.

    • 30 mill fully diluted in 4 years from now (as emissions are set for 4 years).
    • xDeFi is something different. It’s a non-custodial wallet app with an integrated bridge, to my knowledge, they do not have Interchain swaps and comparing the two is not really productive. So to answer your second question, even in this bear market people still raise at obscene valuations. We still see projects with the balls to raise at valuations everywhere from $300mm to $3bn, how different they may be. $30mm FDV with innovative tech and an MVP ready to go. Even lowballing the volumes á la napkin gives you a pretty risk averse scenario.
  • What’s the rationale for getting in early at an expensive valuation when you can get in cheaper via alternatives (assuming you do a proper comps analysis). Being the first one to jump off a cliff is not ideal. Liquidity is the most valuable asset in crypto rn. “First come first serve” is not an excuse to generate “scarcity” and go in blindly. Original message link: https://discord.com/channels/884650236398682123/884650236398682125/1045261899505340416

    • Currently whitelisted: Sifu and whereto’s (co-founder of Interport) close friends, core SV and UwU community members, few private investors, Sifu Vision, couple of Interport community members, Wonderland. The condition is “first comes first”, we don’t have any specific allocations now per whitelist spot.
  • Has Interport addressed why their allocation does not have a 6 month vesting cliff? 25.875million ITP including reserves would be unlocked by the time 6 months is up and presale/public sale even start vesting. Original message link: https://discord.com/channels/884650236398682123/884650236398682125/1045265964415057991

    • While the team has been working on this for several months, their steams are new. it is common for staff to be paid during the entire time they are working.
  • And with that in mind, what is public sale valuation planned to be if presale is already at 30mil? Original message link: https://discord.com/channels/884650236398682123/884650236398682125/1045266899199594536

    • 3 mill. That’s a friends and family pre-sale, only whitelisted wallets.
  • And it should at least mention why TOs view on the: (a) team/capabilities/track record (b) scale/potential of the protocol (c) r:r and why $30mm FDV is value territory (comps analysis, etc) Original message link: https://discord.com/channels/884650236398682123/884650236398682125/1045270663033782322

    • They are first implementing proper Interchain swaps in one transaction, while aggregating over 250 liquidity sources for the best price. There is a pretty big incentive for holding ITP tokens as they are rev share. There is a clear plan and vision for further development for the next year (“Scalability” in the gitbook).
1 Like

Voting has now closed for TMP #4.

[TMP #4] - Participate in the Interport Seed Round was not authorized
https://wl-l.ink/Snapshot/TMP-4