> For the complete documentation index, see [llms.txt](https://mooncake-1.gitbook.io/timeline/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://mooncake-1.gitbook.io/timeline/presale.md).

# Founder Presale: MOONTIX

## Overview

The Mooncake project generated its initial liquidity by selling a special token called a $MOONTIX. Holding a $MOONTIX entitled the holder's wallet to 11,000 Mooncakes at launch, plus an ongoing reflect of 0.0006% reflect of every transaction.

Today, holding a BSC $MOONTIX entitles the holding wallet to not only the regular reflect airdrops, but also early access to projects and bonuses across Mooncake's new chain launches & outside partnerships.

While there were 500 distinct $MOONTIX sold, they became a hot commodity with many aftermarket trades as people realized their value.

## Valuation

### MOONTIX Breakeven

Given that the 2% reflect is shared among 111,111,111 🥮 while the 0.3% Founder Reflect is shared among 500 MOONTIX, each MOONTIX gives the same amount of reflects as 33,333.3333 🥮. In an efficient market, one would assume that this would be the approx worth of a MOONTIX in terms of 🥮 tokens. However, this value does not take into consideration various factors such as liquidity discount, rarity premium, access into the Founder Forum, future airdrop value, etc.

### Original Moontix Token Pricing

Assuming US$350 per $BNB, valuation is as follows:

* Initial Listing Price: $0.00084
* Founder Presale Price (ascribing 0 value to MOONTIX): $0.03182
  * Presale price is \~37.9x of listing price
* Adjusted Founder Presale Price (assuming MOONTIX = 33,333.3333 🥮): $0.007895
  * Adjusted presale price is \~9.4x of listing price

However, one must take into consideration that the initial listing liquidity on PCS is only $70,000, which is extremely thin and takes minimal trading volume to initiate significant price action. In addition, one must also take into consideration the Mooncake Oven TVL, which serves as a proxy value for the tokens as well as a form of soft collateralization.

With the circulating supply being 50% of the total supply (55,555,555.5) being linked to the Oven TVL, we have:

* Initial Oven TVL: $140,000
* TVL per circulating token: $0.00252
  * Presale price of $0.03182 is \~12.6x of TVL per token
  * Adjusted presale price of $0.007895 is \~3.1x of TVL per token