FAQ
General
What is prePO?
prePO is a decentralized trading platform allowing anyone to gain synthetic exposure to any pre-IPO stock or pre-IDO token.
What is prePO's mission?
prePO's mission is to democratize pre-public investing - transforming a world of financial exclusion into a world of permissionless access.
Where does the name prePO come from?
prePO stands for "pre Public Offering", as opposed to IPO (Initial Public Offering).
How do you pronounce prePO?
pree-pee-oh!
Are prePO positions backed by real shares/tokens?
No. Positions on prePO are synthetic, which means rather than needing to acquire large quantities of real shares or tokens (not scalable), all positions are instead fully-collateralized by USDC (infinitely scalable).
How are prices determined on prePO?
Before going public, a market's price (fully-diluted valuation) is determined purely by supply and demand.
After going public, the market concludes at a fixed settlement price corresponding to the fully-diluted valuation at the end of the first day of public trading.
Is prePO audited?
Yes, prePO's smart contracts are audited by Code4rena.
Who are prePO's investors?
prePO's investors include Republic Capital, IOSG Ventures, Maven 11, The LAO; founders from Gnosis, 1inch, Illuvium, Alchemix, Moonbeam, Zapper; and many more!
Most of prePO's investors are listed on the main website (scroll down).
Why is prePO launching on Arbitrum?
prePO will launch on Arbitrum - an Ethereum 'layer 2' scaling solution - due to its high speed, low fees (that should get lower over time), security (maintains the security guarantees of Ethereum), and DeFi ecosystem.
Will prePO launch on other chains/networks?
prePO is chain-agnostic, meaning it will ultimately end up on the chain/network that makes the most sense for the protocol.
Will prePO go multi-chain?
This is unlikely in the short-to-medium-term, as it would split the liquidity and userbase, and adds complexity.
Who founded prePO?
Xavier Ekkel (LinkedIn, Twitter) - an experienced smart contract engineer, ex-Canva software engineer, and former game developer, who has been in the crypto space for almost a decade.
How big is the prePO team?
prePO has 8+ team members, currently with a heavy engineering focus.
Where is the team based?
prePO's team is fully-remote and globally-distributed.
Is prePO hiring?
Yes! See our jobs page.
Token
What is PPO?
PPO is prePO’s governance and utility token.
What is the purpose of the PPO token?
The purpose of the PPO token is to incentivize high-quality, active participation and long-term alignment with the prePO platform, protocol, and DAO.
Is the PPO token launched?
Yes. The PPO token launched on September 20th alongside the PPO Token Presale.
Note that the token is currently non-transferable and non-tradable.
What chain/network will the PPO token be launching on?
Arbitrum.
Will the PPO token launch on other chains/networks in the future?
Potentially - however for now it makes sense to keep everything unified on one chain.
How can I buy PPO tokens?
Currently, PPO tokens are only purchasable via sale.prepo.io.
After transferability is enabled, PPO tokens will be purchasable from decentralized exchanges (e.g. Uniswap) and potentially some centralized exchanges (to be announced).
How can I earn PPO tokens?
PPO tokens are/will be earnable in various ways, including community tipping and gamified staking rewards.
How can I see my PPO balance?
Your PPO balance is viewable on sale.prepo.io.
Why is PPO starting as non-transferable and non-tradable?
There are many benefits to launching a token as non-transferable initially:
- Demonstrates that the token holders are the ones determining that the token should be transferable and tradable
- Delays the need to provide (or source) a large amount of capital upfront to provide liquidity for the PPO token
- Allows for more time to finalize and test the PPO protocol-owned liquidity strategy
- Reduces focus on price (including negative community sentiment during a bear market or distracting noise from hype)
- Increases quality of community members (long-term believers rather than short-term speculators)
- Allows for utility and integrations to be incrementally added
- Allows for a wider distribution of the token to commence sooner
- Introduces a key incentive device (the token) which can be used for community/user growth and attracting key talent
- Allow for treasury swaps and collaborations with other DAOs/projects to occur more easily
What can I do with PPO tokens while transfers are restricted?
Prior to unrestricted transfers being enabled, PPO tokens will still be fully-functional for most purposes (such as governance, staking, rewards - almost everything except trading/selling).
When will unrestricted transfers (and trading) be enabled?
PPO token holders will be able to vote to unlock transfers if they determine that doing so would be in the best interest of prePO.
An estimate of H2 2023 is mentioned in the latest roadmap update, but it could be earlier or much later.
Important prerequisites (non-exhaustive) before enabling full transferability include:
- A sufficiently-decentralized fully-functional governance system
- A widely distributed token holder base
- The launch of the PPO staking system (allows for time-weighted and achievement-weighted voting power)
- The launch of the core platform
- Sufficient traction / product-market fit on the core platform
- Determining that enabling transfers would comply with all applicable laws
- The return of a crypto bull market (to protect the treasury's protocol-owned liquidity and avoid negative sentiment around price in a bear market)
As many of these prerequisites should be met as possible.
Note that prePO's governance process is still being finalized and therefore voting is not yet possible.
Will there be an airdrop?
There are no current plans for an airdrop in the traditional sense. Instead, prePO will be exploring sale discounts / incentives / other benefits for engaged and long-term-oriented users / community members.
What is the total supply of PPO?
1 billion PPO tokens.
What does the PPO token distribution look like?
- Community Treasury 58.2% (including public sales)
- Presale 0.7%
- Seed Round 8.8%
- Strategic Round 5.3%
- Team 25%
- Charity 2%
How will the treasury PPO allocation be used?
PPO in the treasury could be used for incentives, liquidity bootstrapping, sales, and new initiatives.
Token holders will be able to propose how this PPO is utilized.
What are the details of past fundraising rounds?
What is the lockup for PPO investors and team members?
3 years total linear vesting starting from the token launch date, inclusive of a 1-year cliff.
What is the token contract address?
0xb40dbbb7931cfef8be73aeec6c67d3809bd4600b
Are the token contracts audited?
Yes, the smart contracts have been audited by Code4rena.
PPO Token Public Sale
Where can I find important details about the PPO Token Public Sale?
See the public sale announcement post.
Are there KYC requirements for the public sale?
No, you will just be required to acknowledge terms before participation.
Will there be any bonus rewards I can earn during the public sale?
Yes! See our bonus rewards announcement post.
When does the public sale end?
There is no predetermined end date for the public sale. The sale may be paused or conclude at any time.
What payment currency is accepted for the public sale?
USDC only (for now). Note that you will also need a small amount of ETH to pay for gas costs.
Check out our step-by-step guide for getting ETH & USDC on Arbitrum.
What is the price for the public sale? / When will the price change? / What will the price change to?
The public sale price is subject to change (increase or decrease) at any time, and may be influenced by capital needs, roadmap progress, demand, market conditions, and other data.
There is no predetermined timing or value for price changes, although price changes may potentially be announced in advance.
As with most sales, the aim is to raise as much as possible at the highest weighted average sale price (there is a trade-off between these two metrics).
What is the total amount of PPO allocated to the public sale? / Is there a limit on how much PPO will be sold in the public sale?
There is no predetermined amount/limit of PPO that will be sold in the public sale. The total sale allocation is subject to change at any time, and may be influenced by capital needs, roadmap progress, demand, market conditions, and other data.
As with most sales, the aim is to raise as much as possible at the highest weighted average sale price (there is a trade-off between these two metrics).
What is the benefit of the public sale for prePO?
Sales benefit prePO by widening token distribution (thus helping with decentralization and increasing the number of long-term-aligned users) and increasing treasury funds (e.g. for expanding the team and protocol-owned liquidity).
Is there any vesting for tokens purchased in the public sale?
No.
Yes.
What are the contract addresses for the public sale?
Most likely yes. See our Roadmap Update (Q4 2022), and stay updated by joining our Discord and Twitter.
Governance
When will prePO's governance system be live?
prePO's governance process is still being finalized. Stay updated by joining our Discord and Twitter.
Where will prePO's governance discussions take place?
In dedicated governance channels/forums (coming soon) in Discord.
Access to these channels may be gated to certain roles (e.g. requiring a certain amount of PPO, requiring the completion of certain learn-and-earn courses) to increase the average quality of contributions.
Will the team and private investors be able to participate in governance?
Yes, they will be able to participate in governance using any of their vested tokens (like any other token holder) plus using their unvested tokens but with a down-weighting factor (ensuring that governance still functions properly in the early stages when tokens are not yet widely distributed). The down-weighting factor is to be determined, but a goal is to maintain a balance between avoiding voter apathy from regular token holders, and ensuring the governance system isn't vulnerable to governance attacks due to lower token distribution in the early stages.
How will prePO's governance be designed/structured?
prePO's governance system uses a representative council, allowing for the project to progress quickly and smoothly rather than putting every tiny decision up to a governance vote.
The representative council will be modifiable at any time by a democratic governance vote, which keeps the representative council accountable and puts the ultimate governance power in the hands of token holders, without requiring them to participate in every single decision (which they likely do not have the context / knowledge / time for).
Some contentious decisions may still be informed by a referendum vote (a direct vote from token holders).
Testnet
What do I need in order to try the testnet?
Anyone can explore the UI here.
However, in order to make trades you will need:
- a crypto wallet that supports Goerli Testnet (e.g. MetaMask)
- Goerli ETH (for gas fees)
- testnet funds ('FAKEUSD')
How do I receive testnet funds ('FAKEUSD')?
To receive testnet funds ('FAKEUSD'), simply fill out this form.
Once you've filled out the form, your testnet funds will be sent within a minute.
Once your testnet funds have been sent, the banner on the app will change to green and will include a link to the Deposit page.
Where can I receive Goerli (Testnet) ETH?
You will receive a small amount of Goerli ETH by filling out our this form.
If you need more Goerli ETH, you can get more from this faucet.
How do I try out the testnet?
Once you have FAKEUSD and Goerli ETH, you can deposit your FAKEUSD from the Deposit page.
Once you have funds deposited, you can start trading from the Markets page!
What can I trade on the testnet?
There are two testnet markets: 'preFakeStock' and 'preFakeToken'.
These markets are intentionally not real to make it clear that the values on testnet have no real-world meaning.
However, they do allow users to get a feel for the real user experience.
What else can I do on the testnet?
New features - including token-related features such as staking and governance - will launch first on the testnet.
Join our Discord to stay in the loop.
Where can I give my feedback about the testnet?
We'd love to hear your constructive feedback in our Discord!
Do I get a reward for trying out the testnet?
No rewards for trying testnet have been announced.