Buying

Buying is how you get to become an investor in the Kepler SPV

Buying

An investor who wishes to buy the KEEPER token deposits their assets into the treasury and gets in turn KEEPER tokens at price $P_b$

$P_b = (MV_{reserves} + MV_{SPV})/N_{t}$

Here,

$MV_{reserves} =$ Market value of assets in treasury reserves

$MV_{SPV} =$ Market value of assets held by the SPV

$N_{t} =$ Circulating supply of KEEPER tokens

Currently, the treasury reserves support the following assets:

1. Stable coins (currently supporting USDC/USDT/DAI)

2. Crypto native assets (currently supporting ETH)

The MV of these assets is determined from exchange price feeds.

The SPV holds tokens/SAFTs from projects it has invested in. The MV of assets held by the SPV is determined as follows:

1. For listed tokens, the price is taken as listed on the CEx/DEx

2. For unlisted tokens, the price is taken from private sale rounds (if TGE has happened) or from the SAFTs (if TGE hasn't happened)

Buying is the primary means of participation in the SPV returns; when you purchase a KEEPER token, you are an owner of a share of the returns that are generated from the Kepler SPV that grows in value with the investments that it does.

Buying is also the primary liquidity raising mechanism for the Kepler treasury. We have kept away from using terms such as “bonds” because a) it obscures the real reason why bonds are sold → to raise money and b) it puts too much focus on how bonds are structured in other DAOs which are inspired by Olympus.

It’s worth noting here that we have not started with accepting LP tokens from our pool elsewhere on other DEx’s. This is because LP tokens accrue a fee of ~0.3-0.5% which is too low to incentivise us to put a dollar in an external pool. Why? The RoI on $1 invested through the SPV is potentially 20x. Therefore, for now, we have chosen to forego LP fees. We might choose to decide otherwise in future.

Another point to note here is that there is no vesting schedule on buying. As soon as you make your purchase, you receive KEEPER tokens in full.

A buy event triggers minting of tokens at $P_b$ and these tokens get added to the circulating supply.