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.

When the IDA is running, 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. IDA participants can also earn enhanced rewards from using our Referral system.

3. Referral System

If you refer a friend to the $GBM IDA, you will earn bonus rewards. If your friend uses your referral code or link, they will also earn bonus rewards.

The referrer gets 5% of the reward earned by the people they refer. “For every 100 USDC the people you’ve referred earn, you will earn 5 USDC.”

The referred earns 1% extra of their rewards if outbid. “If you use a referral code, for every 100 USDC you earn you’ll get an extra 1 USDC”

Example: User A refers User B to the IDA B bids 100 USDC, and gets outbid. B earns 10 USDC in rewards, with a bonus of 0.1 USDC (1% bonus reward from using referral) A also earns 0.5 USDC (5% of reward) referral earnings

4. 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.

5. 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.

6. 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 be used to buy and burn $GBM tokens creating further 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.