@everyone. Finally getting to our post-vesting plan & addressing current status of Array Capital as a project and an investment.
This news has been edited 08 Nov 2023 at 14:55
22 Aug 2023, 22:02
@everyone Finally getting to our post-vesting plan & addressing current status of Array Capital as a project and an investment. Launches: We've had issues with quality deal flow that isn't a blatant cash-grab or a complete rug, something that we barely avoided last month with Chibi Finance. We've spent the past few months attempting to host another launch after Mayfair, which first became TideX, and then that suffered a series of delays due to a change in launch plans. We have to make sure we pick projects that provide good potential for our IDO participants who are vested, such in a way that they mitigate their vested risk with a good launch as what happened with Mayfair going from $0.5 to $2. This means that our launches will likely be months in between, and not as expected before where we wanted to host 1-2 launches per month. Post-Vesting: Array launched almost exactly 4 months ago in April. We aimed to provide value to our IDO participants through the $Array token with the revenue generated. As discussed above, the frequency of that is now revised down by multiples. Now, after waiting for vesting period to end and for people who wished to exit to do so. We're ready to reveal how we envision restoring value to your investment & further appreciating it in the coming months. ➡️ We decided to *strategically* relaunch our platform token $Array in a way where there is demand & volatility at launch from *new* investors, which means we will be relaunching the token with a *restructured* form of liquidity which encourages volatility, something essential in crypto. *This will be a no-raise relaunch, repurposing old liquidity.* When $Array initially launched with $600k in ETH Paired, it attracted $600k in net buys that day alone despite ETH being -10%, which resulted in the token priced doubling. Now this might sound good at face value, but behind the scenes this decision to pair a large amount of liquidity and curb volatility hurt our attraction to crypto investors extremely badly, which was heavily pushed and recommended by a then-advisor to Array who is now out. Which in turn, offered at best a 40% - 50% investment retrieval to IDO participants who wished to exit in the early days due to "stale trading". The relaunch date is tied to our next official launch, which is still in talks. 🔼 The snapshot is taken, Liquidity has now been removed, and your tokens will be airdropped at a specific ratio, adjusting for new liquidity structure & circumstances. Team, Advisors, Communication & Development: We acknowledge and admit that it was deliberate to reduce *official* communication in a way such that until vesting ends, we let investors who are exiting to do so without burdening our relaunch down & our team with questions etc. Advisors, especially the one who wrongly influenced the liquidity decision, have now been booted off the team. With one only remaining. The core team also remains (Ace & Ray). Perps is expected to launch shortly after our protocol relaunch, which will be powered by our uVaults, revealed in our Q2 medium post. 🖋 To re-iterate, there is no timeline for the relaunch, as that is strictly tied with our next project. $Array tokens will be needed to access the next IDO.