Treasury Review: The Patron Sale

The Patron Sale the only opportunity for everyone in the crypto ecosystem to purchase Patrons. Additionally, it was fair - as funds, foundations, angels and community members across the ecosystem all paid the same price on equal terms to become Patrons. The community portion of the sale consisted of four waves, each lasting 24-hours from Wednesday 20th to Sunday 24th September 2024.

Note: Patron NFT generation event and distribution happened on Tuesday 24 October 2024. Patron NFT assets are now tradable on OpenSea and Blur.

The total sale was a combination of Strategic buyers, which purchased through the treasury directly and Community buyers which purchased through the platform.

Strategic summary

VC

• VC’s that purchased: 25
• Sale proceeds: $45,794,750
• Patrons sold: 31,575
• Participants include: AGE Fund, Bankless Ventures, Big Brain Collective (Echo), BlueYard, Bodhi Group, Breed VC, Breyer Capital, Cyber Fund, dao5 capital fund, Eden Block, EVG, Founders Fund, Framework Ventures, G Gang (Echo), Goliath Fund, Infinite Capital, Magnet Capital, Moonrock, Re-inventure, Robot Ventures, SALT Fund, SVC, Upside DAO, Variant and Wintermute Ventures

Foundations

• Foundations that purchased: 6
• Sale proceeds: $4,714,699
• Patrons sold: 2,071
• Participants include: Solana Ventures, NEAR Foundation, Mantle Foundation, Pyth, Wormhole and Synthetix

Summary

• Combined strategic sale proceeds: $50,508,000
• Combined Patrons sold: 33,646
• Strategics purchased 77.80% of the 43,244 Patrons sold 

Community Summary

• 1,601 unique Patron holders at the end of the sale period
• Sale proceeds: $17,188,000
• Patrons sold: 9,598
• Average spend per user: $10,750
• Average number of Patrons purchased: 6
• Buyers from 88 countries participated in the sale

Buyer distribution by continent

Note: Due to ad-blockers and VPNs the error rate on the above chart is unknown. This is a best guess illustration based on the data at the time of purchase.

Combined Patron purchases by tier

Unlock schedule

Below is a liquidity schedule based on the number of Patrons purchased in each tier (Unlocked, Linear, Locked) and when the Patrons become moveable.

Note: S stands for Strategic and C for Community. The numbers are representative of the Linear and Locked tiers. CWG stands for Core Working Group.

Key date summary

The Patron Sale concluded on the Sunday 24 September 2024.

The Patron NFT was distributed on Tuesday 24 October 2024 starting both Linear and Locked vesting schedules. Following the distribution event, Patron NFTs became available to purchase via OpenSea and Blur NFT marketplaces.

Patron allocation

Note: Treasury allocation may be higher as unclaimed campaign incentives are given back to the treasury.

• ‘Patrons sold’ are the distributed Patrons as a result of the sale.
• ‘Campaign incentives’ represent a combined total of all Infinex campaigns so far; SpeedRun, Craterun, Bullrun etc. These Patrons are allocated but may not have been claimed yet.
• ‘Remaining incentives’ is the unallocated portion of Patrons which has been designated for use in strategic campaigns. These unallocated Patrons sit in the Infinex treasury.
• 'Core Working Group' allocation has been distributed under ‘Locked Tier’ Terms (1 year lock, 2 year linear vest).
• ‘Treasury’ allocation is the remainder and is liquid.

Patron purchase options

The Patron Sale gave all groups of participants the same terms and options for purchasing Patron NFTs. The Patron tiers and terms are listed below.

Sale participants

The sale consisted of three groups of participants;

1. Strategic
2. Angels/KOLs
3. Community

Strategic purchasers encompass venture capitalists (VCs) and foundations. They were subject to the same pricing and lockup terms as all other participants. The strategic tier was permitted to acquire a maximum of 35,000 Patrons in total. During the sale, these strategic purchasers were classified as Wave 1 and made their purchases directly through the Treasury.

Angels and Key Opinion Leaders (KOLs) play a vital role within the community and were allocated Patron Passes through the treasury. These Patron Passes granted them the ability to purchase Patrons on the Infinex Platform. To ensure fairness, a limit of 50 Patron Passes per individual was established. A Maximum of 5,000 Patrons were allocated in total to all Angels and KOLs, classified as Wave 2.

Community access was split into Patron Passes and Patron Tickets, Wave 3 and Wave 4 respectively. Each Patron Pass allowed the user to purchase one Patron NFT. 18,328 Patron Passes were issued therefore up to 18,328 Patrons were available, any unsold Patrons (up to a maximum of 5,000) were rolled over into Wave 4 to allow Patron Ticket holders to purchase. Patron Tickets were on a first come first serve basis and one Patron Ticket allowed the user to purchase up to three Patron NFTs.

Sale access

There were three ways to access the sale;

1. Directly through treasury
2. Patron Passes (via the Infinex Platform)
3. Patron Tickets (via the Infinex Platform)

Access directly through the treasury required the purchaser to complete additional documentation; a Purchase Agreement, KYC and AML.

Patron Passes were distributed to Angels and KOLs but the vast majority were earned through the Infinex Craterun Campaign. Additionally, 13,369 Patron Tickets were converted to Patron Passes enabling 2500 Infinex accounts to purchase in wave three illustrated in XIP-75 (https://proposals.infinex.xyz/xips/xip-75).

Patron Tickets were distributed to participants via the Craterun and Bullrun campaigns.

The sale was conducted exclusively through the Infinex platform.

Security

The sale was conducted through the infinex platform, all of the sales contracts as part of the Patron Sale were audited through 3rd party independent auditors.

Patron governance proposals

https://proposals.infinex.xyz/xips/xip-75

https://proposals.infinex.xyz/xips/xip-33 (superseded)

https://proposals.infinex.xyz/xips/xip-12 (superseded)