The Presale — Status Update And Transparency
There’s just no two ways around it, the market is in one of the most volatile spaces we’ve seen in a long time. For a lot of projects, that means dates are being pushed back, projects are re-designing their structure, projects are just shutting down in general. So what does that mean for ENCTR?
We’d love to barge in here and tell you it means nothing for ENCTR, but that's not much of a reality.
The reality is that we can't be 100% sure until the presale goes live. We still hold a firm belief that our presale will be successful, considering we are backed with a stablecoin (largely unaffected by the overarching market volatility).
The good news is, that’s perfectly acceptable for us as a team. We’ve never promised to take you to the moon overnight or make anyone ‘wake up millionaires’ and we never will. That’s not the goal of ENCTR, the team or the protocol. We developed this protocol to not just exist sustainably, but find success in any kind of market. Our team has been around long enough in the crypto space. We know that markets fluctuate. That’s what markets do.
Now that we've played our own trumpet for a bit, it’s time to be realistic about where we're at.
Even with all our combined experience, we didn’t foresee the LUNA incident, or the market taking such a massive downturn. Anybody that tells you that they did, is full of it. End of story. Nobody could have predicted what has happened in the space the last week, and nobody can say when we will come out of this to certainty. Recovery is speculative, and we're relying on facts to move forward in the short-term.
Right now, people are being a bit tighter with their money in the market. That means that our presale, coming just after the worst week in cryptocurrency, may have some issues getting close to our hard cap.
Let’s go over the set up for our presale:
Launch Date | Time: 5/16/2022 - 6:00AM EST
Close Date | Time: 5/18/2022 - 6:00AM EST
Min - Max - 300 DAI / 3000 DAI
Hard Cap - 350,000 DAI
We’ve crunched the numbers again and, being realistic, we’ve made plans for two different situations.
- We raise 100k+ DAI
- We raise less than 100K DAI
If we raise more than 100k DAI we will operate ENCTR with no change to our ecosystem at all. Rates will be lower, which is always the case because they are dependent on the market itself, but the ecosystem will function exactly as it should. We will live on Ethereum and work on Polygon as planned.
If we raise less than 100K DAI, we have decided that the best option would be to move the entire project from living on Ethereum and working on Polygon, to just exist within Polygon. That process would take our team around a week, which would cause the new token launch to be dated for 5/23/2022 on the Polygon network.
During that week we will offer any person who bought on the presale to issue a refund call from the smart contract and get your DAI back.
Moving from Ethereum to Polygon is not as big of a change as it sounds. It’s just moving from Layer 1 to Layer 2.
Our tokenomics need to be updated to work on a different network, but because it’s Layer 2, we won’t actually have to adjust any of the code or inner workings of the ecosystem. For the holders, all that would change would be the network you choose on your wallet.
Our team has already begun working on the transfer process in case we need it. The process will be ready to go whenever we need to make the decision.
So why the number?
Really it doesn’t boil down to anything within the ecosystem other than the gas prices. With a smaller treasury, in order for the protocol to work, it will work on a much smaller scale of trades which means more transfers. More transfers = more gas. On Polygon that’s not an issue as they’ve optimized the gas costs exponentially. With the larger budget, we are able to make larger transactions within the protocol and will then have less transfers (less gas).
Our team spent the entire day crunching the various theoretical trades within the ecosystem, on a various amount of liquidity within the treasury and liquidity pool, ensuring that whatever number we came out with, it was the best breakpoint.
This is not a happy blog post but it’s also not a sad blog post either. It’s the reality of the market and our team is incredibly happy that we were able to quickly, and securely, adjust to the conditions and come up with a plan to ensure the success of the protocol.
We’ve developed what we believe to be the best protocol for introducing true revenue sharing utility to the DeFi space and no amount of bear market will slow us down.
We will build in this bear market and we will come out the other side even stronger. If you’d like to be along on the journey with us still, we appreciate you. If you think you’d rather wait until the project, or the market, is in a more secure space we appreciate you all the same.
Stay strong, and when you're ready to play what you want and earn rewards, we'll be here.
For any project related questions:
Luka Antolic-Soban - Chief Executive Officer - firstname.lastname@example.org
For any partnership, influencer or marketing related questions:
Aaron Nichols - Chief Brand Officer - email@example.com
Head of digital marketing, relations, and brand direction.