How Does The IDA Work

Step-by-Step Breakdown of the GBM Token Auction Flow

⚙️ How It Works

1. Compete for Token Bundles

During the IDA, participants bid on $GBM token bundles. Each bundle comes with a 12-month soulbound NFT featuring its own traits and rarity. This NFT also grants the holder the right to claim a fixed number of $GBM tokens on distribution day.

There will be various different bundle size categories available throughout the auction, catering to all types of participants, from smaller supporters to larger ones.

All bundles in the first wave start at 0 USDC, and prices rise transparently through open bidding as the auction progresses.

2. Place Bids on Bundles

To take part, visit ida.gbm.auction and connect a supported Web3 wallet. You’ll need both USDC (for bidding) and ETH (for gas fees) on the Base network.

Once connected, you can browse all live bundles and place bids on any you choose. If you’re outbid, your entire bid is instantly refunded, and you earn an incentive reward, up to 10%, depending on how much you outbid the previous bidder by. Plus if you are using a referral code to bid with you can earn an extra 1% on your outbid reward as well.

3. Five Dynamic Waves

The IDA unfolds across five progressive waves, each containing a different number of token bundles across the seven different size categories. A new wave unlocks only when the previous fundraising target is met, introducing new bundles as genuine demand grows.

When a new wave begins, the starting price per token for all bundles in that wave is set to match the lowest live price per token currently being bid anywhere in the auction.

4. Winning Bundles

When the auction time ends, the highest bidder for each bundle wins its associated 12-month soulbound NFT which will be automatically sent to their wallet and the end of the IDA. These NFTs act as both collectibles and claim certificates, representing your right to claim the underlying $GBM tokens through the GBM Token Dashboard once distribution day begins.

5. Post IDA Listing Price

After the IDA concludes, the weighted average final bid price across all winning bundles establishes the an official reference price for the initial $GBM token listing.

Up to 50% of the funds raised may then be used to buy and burn $GBM tokens from the open market creating ongoing demand and long-term alignment between token holders and the GBM Protocol.

Note: There is no guarantee, promise, or expectation of resale value or financial return. GBM tokens are utility tokens, intended for use within the GBM Protocol.