YGG Token Sale: How To Buy
Commencing on July 27, 2021, at 10am EST / 10pm SGT, Yield Guild Games will conduct an Initial DEX Offering (IDO) at MISO by SushiSwap, running for a duration of 24 hours — unless all tokens sell out sooner.
In this guide we tell you everything you need to know in order to participate in the public sale for the YGG Token, which will be the utility and membership token for the upcoming YGG DAO.
Quick Start Guide
Follow this step-by-step guide to learn how to buy YGG Tokens during the public sale at MISO by SushiSwap. You can also watch and listen to these steps in a pre-recorded walkthrough video (see the YouTube link at the top of this page).
IMPORTANT: Before the sale begins, make sure your MetaMask wallet is funded with at least as much USDC as you intend to spend on YGG tokens.
You’ll also need enough ETH to cover gas fees for multiple transactions — note that every time you make a commitment to buy YGG tokens during the public sale, it involves two transactions, and for both, you will pay gas fees.
- Go to: miso.sushi.com
- Scroll down to find the Yield Guild Games Public Sale. Click on the YGG banner to get to the YGG sale page and view the auction.
- Click “Connect” (the orange button in the top right-hand corner). Choose to connect with MetaMask.
- When you are on the YGG sale page, if the sale countdown gets to zero, you’ll need to refresh the page to access the live auction.
- At the YGG sale page, you’ll be able to see that the token price has started at 50 cents. It will keep going down over the course of the sale, all the way down to a price of 20 cents — unless all tokens sell out sooner.
- Enter your bid — you can do this by specifying the exact number of YGG tokens you want to buy (the top field) or the amount of USDC you want to spend (the bottom field). There is no maximum or minimum bid.
- Hit “Approve.” MetaMask will open and you’ll need to “Confirm” the transaction. You should see a popup to say that Metamask has confirmed the transaction. IMPORTANT: Some people have incorrectly assumed that this is the final step in the bidding process, but there is still another step required to confirm the commitment. Please read on.
- Next, hit “Commit” and Metamask will open again. You may want to increase the gas fee to speed up the transaction, then hit “Confirm.” You should see a popup to say that Metamask has confirmed the transaction.
- Refresh the page to check your commitment. Scroll down to the bottom half of the page where you’ll see a running list of commitments. Click through to the last page of commitments to see the most recent. Then, look for your wallet address and the corresponding purchase value — if you see it listed, it means the transaction has been successful.
- You can also confirm on Etherscan that the transaction has been successful. To do this manually, you can query your own wallet address at Etherscan to check your recent transactions.
- At the end of the total auction period, that is, 24 hours after the auction started, you will be able to log back into MISO to claim your YGG tokens.
- Don’t be late! The auction starts 10am EST / 10pm SGT on July 27, 2021. Make sure you are right on time, as this sale is expected to sell out quickly.
Detailed Guide
Step #1: Create a MetaMask Wallet
If you do not yet have the MetaMask browser wallet for Ethereum, you will need to install it in your web browser (Chrome or Firefox is ideal).
MetaMask is also available for iOS and Android systems, but it is not recommended to conduct the token purchase from a mobile device — do it from a personal computer instead.
Be sure to download MetaMask from its official source only:
If this is your first time installing MetaMask, just follow the simple download instructions provided on their website.
Step #2: Fund Your Wallet
You will need to deposit both USD Coin (USDC) and Ethereum (ETH) to your wallet in order to participate in the YGG token sale. While the sale itself is conducted in USDC, a small-to-moderate amount of ETH will also be required to pay for gas fees.
Participation in MISO requires two transactions:
- One to APPROVE interaction with the contract, and then;
- Another to COMMIT the token purchase.
If you are planning on making multiple purchases, make sure you deposit enough ETH to cover every transaction.
Step #3. Connect MetaMask to the YGG Token MISO
MISO stands for Minimum Initial Sushi Offering and is a component of SushiSwap, the token exchange service. It serves to ensure that a public token sale can be held in a fair, transparent and effective manner.
The sale will not begin until July 27, 2021 at 10am EST / 10pm SGT exactly. But before then, it’s a good idea to prepare yourself, get familiar with the MISO platform, and practice connecting to SushiSwap ahead of time.
To connect MetaMask, simply visit miso.sushi.com using the browser containing your MetaMask extension, then press the orange “Connect” button at the upper-right corner of the screen. You will be presented with two options — select the “MetaMask” option.
A MetaMask popup will appear asking you to enter your password. Do this to unlock MetaMask. You will be asked to sign a transaction giving SushiSwap access to your account, so it can make the transaction related to the token purchase. If done successfully, the screen will be updated to display a portion of your Ethereum address.
Please note that it is especially important to double-check that you are only connecting your MetaMask account to the actual YGG MISO at SushiSwap, and not a phishing site. Phishing is one of the most common ways that people get scammed or lose their cryptocurrency. The same goes for downloading MetaMask from places other than their official website.
Step #4. Place a Bid
YGG tokens will be sold using a process known as a Dutch Auction. A Dutch Auction works in reverse of a normal auction in that the price of the item decreases with time.
Bidders commit the total amount they are willing to spend at the maximum price per token they are willing to pay. The price will continually decrease in a linear fashion from $0.50 to $0.20 over the auction’s 24-hour duration. The final token price is determined by the price of the last successful bid — that is, the 25 millionth token sold — and all successful bidders end up paying the same price per token.
If this seems confusing, don’t worry because the process of placing a bid is relatively simple. All you must do is be willing to commit a specific amount of USDC in exchange for a minimum amount of tokens. If the token price decreases from the time that you placed your original bid, at the end of the sale, you will simply receive a greater amount of tokens for the same amount of money that you committed to pay.
After the sale starts, the process for purchasing YGG Tokens will proceed as follows. First, connect MetaMask to miso.sushi.com. Once connected, the screen should look something like this (please note that the image below will not be entirely the same as what you see during the live auction, as this screenshot was taken from a testnet version of the sale — as such, it is intended as a very general visual reference only):
Next, scroll down to find the bid entry fields. There are two ways to enter a bid — by YGG token amount or by USDC amount.
- To place your bid by minimum YGG Token amount guaranteed, enter the amount of YGG Tokens you wish to purchase in the upper field. The corresponding USDC amount, based on the current Auction Price, will update accordingly in the lower field.
- Or, to place your bid by the total USDC amount committed, enter the USDC amount in the lower field. The minimum amount of YGG Tokens you will receive, based on the current Auction Price, will update accordingly in the upper field.
For the purpose of this guide, we will be committing a round figure of 1,000 USDC to the auction as an example.
To place this bid, type “1000” in the lower field, denoting USDC commitment:
- Here we can see that a commitment of 1000 USDC will result in a minimum distribution of 2035 YGG Tokens at this time.
- If you are satisfied with this rate, press “Approve”.
- A MetaMask popup will then ask you to sign a transaction that approves the site to withdraw tokens from your USDC balance.
IMPORTANT NOTE:
Because bid placement requires two Ethereum transactions, you will need to pay two gas fees in ETH for the bid to be validated by the network. We recommend using a high gas price and limit to expedite these transactions. The current, average gas prices for SushiSwap and other Ethereum services can be referenced here.
After setting your gas price and limit, press “Confirm”. The transaction for approval will then be sent for confirmation by the network.
Next, you will be brought back to the MISO page. You will notice that instead of saying “Approve”, the orange button next to the USDC amount now says “Commit”.
Press “Commit” to confirm your bid of 1000 USDC (or you can change this to a lower amount if desired).
Step #5. Confirm the Bid
The final step is to confirm that your bid has been properly recorded by MISO by scrolling down and locating it at the bottom of the “Commitments” section.
You will have to click through to the last page of Commitments to find the most recent transactions. Here we can see the Address, Amount Committed, Tokens Claimable, TX Hash, and Block Number for each bid.
Our example bid is the last and it corresponds with the ETH address and USDC amount committed.
If you cannot easily find your bid in the list of commitments, check your address on Etherscan to see if USDC has been withdrawn from your wallet balance. A transaction recorded like this means the bid placement was successful:
Now that you have confirmed your bid, the only thing left to do is wait for the sale to conclude so that you can claim your tokens.
At July 28 at 10:00am EST / 10:00pm SGT, that is, 24 hours after the commencement of the token sale, the smart contract will finalize the auction and you can visit the page to claim your tokens.
For more information about Yield Guild, YGG DAO, and its activities, please visit the website.
