Ink Protocol Token Presale Caps, Instructions, and Final Details
Here we break down the full details on the token sale status and instructions for participating in the presale.
The Ink Protocol Token (XNK) presale is starting at 8pm UTC on January 22nd, 2018! This is a huge step in our overall XNK distribution strategy, and we are so grateful for everyone who has registered to be eligible, provided KYC information, or joined our waiting list. Below is a full update on the token presale and all the details you need to participate if you are already on the whitelist.
Update on Private Sales
So far, we have sold around 1,409.3 ETH in an early private advisory sale last year (with discounts vested over 6 months from the token distribution date) as well as an additional 8,986 ETH in private presales earlier this year (at the public presale prices). As we stated late last year and earlier this month, we have been talking to many strategic partners, advisors, and crypto funds who can help us over the next several years. Many of them have been helping us build out Ink Protocol since last summer, before we even had a whitepaper, and we are very excited to have them on board and aligned with our long term vision. We couldn’t have gotten to where we are today without their help and support.
As of 12am UTC on January 20, 2018, we have locked the USD/ETH rate using the 24 hour volume weighted average price from coincap.io ($1,029.27) and rounded up to $1,050 USD per 1 ETH.
This will be the USD/ETH rate for the entire sale to keep things fair for all, regardless of any possible price changes up or down over the next couple days and leading up to the start of the public presale. The implied USD base price per XNK token is $0.14 (using 1 ETH = 7,500 XNK as previously announced).
Using this price:
- The total number of tokens (not including discount bonuses) to be distributed in all of the sales is 107,142,857.143, which corresponds to our $15MM hard cap.
- The number of tokens (not including discount bonuses) already sold in all of the private sales is 77,964,824 (10,395.3 ETH = $10.92MM).
- We will be selling up to an additional 29,178,033.143 tokens (3,890.4 ETH = $4.08MM) in the public presale (not including discount bonuses).
Since the beginning, we have planned for a public presale on 1/22 with a cap of $5MM out of the total $15MM hard cap. However, due to the extraordinary run-up in ETH price (tripling in value since our initial purchases), our early private sales now account for a much larger percentage of our hard cap than we anticipated when we first received the ETH. In fact, we are lucky the price of ETH came down a bit to make more room in the cap for our community. Several other projects had to completely cancel their public sales recently due to this issue. Selling more than our stated $15MM hard cap was never an option, so given today’s price lock, there is a total of $4.08MM remaining.
Rather than continuing to split this between the presale and crowdsale, we will be allocating all of this to the presale to reward everyone who has been with us early on and along the way. If we do sell out of everything in the presale, then that means there will be no additional crowdsale. So, if you are on the whitelist, please remember to contribute during the presale phase just in case. Afterwards, any unsold tokens in the original sale pool will be burned to preserve the cap.
For anyone who has successfully registered and had their KYC information approved for the whitelist, you should have received an email with your maximum individual cap. We have been working day and night to approve registrations and ended with well over 10,000 KYC verified registrations. We received more registrations than we planned for and were overwhelmed with the response to the project. Last week, we had to close off the registration and converted to a waiting list.
In order to make sure as many people as possible can participate, we previously announced that we would implement a 24 hour 1 ETH cap, but the community reaction to this has been mixed, so we are changing that slightly and there will be a 1 ETH cap only for the first 12 hours of the sale, not 24. This will hopefully help alleviate some of the pressure in the beginning and allow for a much wider distribution. Remember, you can still contribute less than 1 ETH, as long as it is at least the minimum 0.1 ETH. Additionally, we will be setting a maximum gas price limit to prevent any gas wars. You will be able to see the current max gas price on our paywithink.com home page and in Telegram.
After the first 12 hours, you will then be able to come back and contribute more, up to the full remaining amount in your individual cap.
Distribution of Tokens
We have always planned to distribute tokens and make them transferable at the end of the crowdsale on 2/28. The tokens will also be immediately usable on the Listia marketplace and any general peer-to-peer transactions at the same time. You will be able to buy things using XNK and leave feedback for that transaction on day one. This is a very important aspect of the token launch. In the event that the presale/crowdsale end before their scheduled end date, we will evaluate whether or not it is feasible to release the tokens earlier (from a technical and product integration point of view), and let everyone know if it can be pushed up. Otherwise, the planned date is still 2/28 for the full token distribution and launching on the Listia marketplace.
Presale Smart Contract
We will release the one and only presale contract address on https://paywithink.com and ONLY there. Our website is the ONE place you should go to check for the address. Do NOT trust anyone who gives you an address or posts it publicly.
VERIFY: The address you receive should have the following first and last 5 digits (if it does not, please let us know asap):
IMPORTANT: You will need to enter your KYC registered Ethereum address and agree to our Token Sale Agreement in order to get the address and contribute. You can read it ahead of time to save time on the presale day, and it will be available on our paywithink.com homepage during the presale as well.
Guide to Using the Smart Contract
IMPORTANT: Watch Out for Scams!
- Ignore all sites and links that are NOT paywithink.com
- Only people who have already registered and completed the KYC and whitelist registration can contribute. Ignore anyone who tells you otherwise. There will be no last minute registrations.
- Ignore ALL emails, PMs, DMs, messages from people asking you to send funds. We will never message you with the address or contribution information.
- Report anything suspicious to a Telegram admin immediately so that we can take the correct actions and prevent any abuse before it happens.