Voting Conclusion and Next Steps
The results are in for the vote and Option 1 – Auction won the vote. At the same time, there were some problems with the vote, among them a lot of votes were not counted due to the setting that required a minimum stake time of 1 day and many people staked and then voted right after. We went through the votes manually and it was very close between options 1, 3 (launchpad with partner) and 5 (launchpad without partner), however taking into account a couple of errors we made in distribution the winner would be 5 – Launchpad without Partner. In any case, there was no clear winner as vote totals were very close and the number of votes were a low percentage of what was available to vote.
Here’s what we can conclude as a result of both our whitelisting, this vote and private conversations we’ve had about the launch options:
- The whitelist has been a conclusive vote in and of itself. With the response we’ve had (at tens of thousands and we’ve only just begun to promote it), it’s good that we are not asking all of those people to stake someone else’s token in order to make the whitelist.
- By far the easiest way to conduct this would be the launchpad format – an auction is more complicated and should only be considered if strong demand is confirmed through KYC.
- Given the interest in Option 3 we could keep the door open to add an allocation for an external launchpad partner, and that partner would be filling their allocation entirely from their community; our community wouldn’t need to participate there since we are doing it ourselves.
- A key drawback is still that the launchpad format restricts artificially the number of people who can participate and requires the team to arbitrarily set a price for launch instead of letting the market determine it.
In response to these factors, we believe that the best way to proceed is as follows:
- We will start the process of KYC for the launch while continuing to allow new whitelist signups since we have only just begun to promote the project – having recently signed up new PR and agency partners.
- If we go ahead with the launchpad format, then the first 3,000 people who pass KYC from the whitelist will be given spots to participate in the launch. From that list of 3,000 it will be First Come, First Serve to purchase allocations on the launch date. Price and max allocation to be decided and announced at a later date, closer to launch date.
- If we reach 10,000 people who pass KYC from the whitelist before announcing a formal launch date and details, then we will switch to an auction format in order to accommodate more participants.
One of the things we noticed as part of this process is that gas fees will be too high to do voting on Ethereum mainnet, therefore we have begun the process of getting a bridge ready for $IDO on to other networks. Our network choice for the voting (and perhaps also staking) requires both low gas cost and having USDT on the network (since that is the main reward token for staking). Right now, the two main choices being evaluated for that are Avalanche and Polygon. We will announce which one we chose for launch soon, and whether this will be for voting only or also staking. We want to have this in place in time for $IDO token launch. To be clear, the $IDO token launch will still take place on Ethereum mainnet – this bridge is only to enable low gas fees for activities like voting, and perhaps also staking (although there are some definitely cons as well as pros to staking on a chain other than Ethereum mainnet).
The immediate next step in this process is the beginning of KYC for those of you who have signed up for the whitelist. You will receive an email in the next couple of days with a link to complete the KYC. As mentioned, for the launchpad format the first 3,000 who pass KYC will make it onto the whitelist for participation so don’t wait on that link. And if you haven’t signed up yet, do so here ido.cl/whitelist. Looking forward to launching soon and what comes next after that!