New and Improved Elysian Membership Program
Elysian recently completed its Token Generation Event (TGE) and successfully reached its hard cap of 7 million USD, followed by listing its token (ELY) on the first few initial exchanges. Though the team is quite happy with the direction the project is heading, we understand that constant changes must be made to generate optimal productivity.
One of the first areas that we decided to target directly after the completion of our token sale is the Membership Program. Our community showed a ton of interest in the Membership Program, and we also received several requests, so this was extra incentive for a decision that we had already made to upgrade our current Membership Program. In the cryptocurrency market, especially given the current market conditions, token holders should be incentivized to hold the token for an extended period of time. This is useful for several reasons:
- Preventing Manipulation
- Token Price Growth
- Building a Strong Community
- Fewer Circulating Coins
There are several projects in the industry that completely disregard this aspect of their project, and this is a mistake. Consequently, we constantly see manipulation, pump and dump strategies, and a support base that cares more about flipping the coin for a quick profit post-ICO instead of holding the token for long-term growth and believing in the project. These types of projects will not stand the test of time in the blockchain industry. Our new Membership Program aims to solve all of these issues.
The Effect on the Community
As mentioned above, the sad truth of the cryptocurrency market is that the vast majority of most project communities are only interested in a quick profit. Many investors couldn’t even tell you the services or product that the project provides; they just flip the coin and move on to the next one. This is the case for most of the industry. One of the main reasons for this is because projects do not properly incentivize their investors to hold the token long-term.
When analyzing the projects in the industry that have the strongest communities, such as Dash for example, it is easy to see the difference between them and mediocre projects. In the case of Dash, they used both masternodes and an extremely popular forum to build one of the best communities in the industry. Even though masternodes are a fantastic way of getting people to hold the token and building a strong community, the idea of masternodes is still slightly too mainstream to have a project stand out on its own as much better than the rest. However, the forum is one of the most innovative creations in crypto. Community members engage with both the project and each other, allowing them to make friends, communicate with the team, and have a legitimate impact on certain aspects of the project.
Elysian chose a somewhat similar route, but different in its own way. We also have a forum that acts independently from that of Dash, which will be released this upcoming week, but in this article we will highlight our newest creation, our new Membership Program. It is very important to us that we build a strong core community of people that are truly engaged in the project and ask critical questions to keep us on our feet. These types of supporters are the best ones that a project can have because they actually care about the outcome of the project and they are in it for more than just a quick profit. The Membership Program is designed to build a sizable group of these people because it is made for investors that do their due diligence and invest because they believe in the team and the project. That is why some of the policies that we’ve implemented, such as a 12 month lock of the tokens, will still very much appeal to these investors because they are looking at long-term profits and project success, and will be rewarded handsomely by our Membership Program for having this mentality.
Elysian Membership Program
We’ve developed a three-tiered Membership Program that rewards our community members in many ways. Each tier is based on the amount of ELY tokens that are held. In order to be eligible for the benefits for each tier, participants must lock their ELY tokens for a minimum of 12 months. The tokens that participants wish to use for the membership program must be sent to a specific address that triggers a smart contract lock function to absolutely guarantee that the tokens sent to that address by each individual will be locked for exactly 12 months. This way, community members can be positive that the tokens are both locked and safe, and there will be evidence of each transaction, detailing the time, amount, and address the tokens were sent from. It is important to understand that once the tokens are sent to the address, they will not be able to be accessed for any time period that is less than 12 months from the time the transaction occurs because of the function in the smart contract.
Membership Program participants will be eligible for lots of great rewards that are unique to the Elysian project. Individuals will have the ability to communicate directly with the team in the VIP Telegram channel, and will be able to attend the first Annual Elysian Summit in July 2019 in the Bahamas. We designed this specifically so that Elysian supporters can become close with the team and speak consistently. We value every member of the community, and we understand that this is vital for the success of a blockchain project. In addition, users can receive discounts on blockchain summit tickets, and in stores on the Elysian platform. People will be able to purchase tangible goods in merchants’ stores on our platform with ELY, and will be able to receive discounts as well! This will help grow the use cases and popularity of the ELY token, which is a critical point of ours. We have detailed a blueprint for the increased value and mass adoption of the ELY token at a very large scale. This includes the massive Ecommerce market as well. Along with the mobile wallet and the platform, the Membership Program is one of the first steps to help grow the value of the ELY token, and the details for the Membership Program can be found below.
Membership Program Details
The Elysian Membership Program is a fantastic way for supporters to get further involved in the project, and to get rewarded by doing so. We emphasize the importance of a strong community, and the Membership Program is the perfect way to build a strong core community. The structure helps to prevent irresponsible behavior, such as manipulation, and the smart contract lock function guarantees an honest campaign, that all tokens are locked for 12 months minimum to prevent the tokens from going back into circulation. Thus, it is lucrative for both the team and the community because it helps to grow the token price, and community members receive lots of rewards for their loyalty to Elysian, including discounts on many things and access to the Annual Elysian Summit, which will be held in the Bahamas next year in July. We expect to grow a large following through our new program and we believe that there will be high demand for each rank because it is capped at a certain number of members per rank, which is detailed above.
ELY tokens can currently be found on the BitForex, HotBit, QRYPTOS, and Mercatox exchanges. Stay tuned for upcoming announcements regarding new exchange listings and project details, including development, team expansion, blockchain summits, and more.
- All benefits will begin on January 1st, 2019.
- The capped amount of members is the maximum amount of members for each tier, up until December 31st, 2018. After this date, the cap numbers are subject to possible adjustment.
- The lock up period for ELY is 12 months.
- Tokens earned on the Elysian platform will be eligible for the Rewards Multiplier.
- All rewarded ELY will be distributed after 12 months. After the first 12 months, the ELY will be rewarded every 6 months. Then after that every 3 months and so on, until it’s down to an instant reward. The reason for this structure is to stabilize the value of ELY over time rather than releasing too much ELY into the ecosystem.
- The tokens for the Membership Program must be sent to a specific address which triggers a smart contract with a lock up function, which will lock the tokens on that specific address for exactly 12 months and it can ONLY be withdrawn to the beneficiary address after exactly 12 months.
- The first Annual Elysian Summit will take place from July 8th to July 10th, 2019 at the Atlantis Paradise Island Resort in Nassau, Bahamas.
- More benefits may be added to each tier in the future.
- Elysian reserves the right to change or cancel the promotion at any time if deemed necessary due to irresponsible behavior from participants or force majeure.