Blockchain-based mobile game distribution platform ALAX has announced its Token Generation Event (TGE) will start on 17 April 2018 and last for six days.
The first 150 million of the 300 million ALX tokens being sold will receive a 10% bonus
A joint venture between Swiss blockchain platform Decent and Chinese app store provider Dragonfly, ALAX is designed to overcome the friction of selling mobile games in emerging markets such as India, the Philippines and Thailand.
Working with operators and OEMs, Dragonfly already operates its D-mobi app store in southeast Asia and claims over 100 million monthly active users.
Selling the sizzle
ALAX uses a dual token structure. ALA is the token used within the app store, while ALX is the public trading token that’s being sold during the TGE.
There will only be 1,000 million ALX tokens created. The TGE has no soft cap and the hard cap is set to 30,000 ETH, which corresponds to 300 million ALX.
The TGE will be split into two rounds. The first will account for 165 million tokens, with a 10% bonus being applied to the first 150 million sold. The second round will account for the remaining 135 million tokens.
Token distribution will occur within 2 weeks and any unclaimed tokens will be proportionally distributed to participants in line with their existing ALX stakes. No tokens will be burnt.
ALAX also stresses 350 million of the ALX tokens not sold in TGE will be locked in for 12 months.