Relay Public Round Details Announcement
The Relay Stablecoin System token sale public round has begun! Be a part of the private stablecoin for everyday use.
This post discusses the purpose, funds usage, and general information of the Relay stablecoin system public round (timing, contribution rate, etc).
Purpose and usage of funds
- Generate publicity and acquire an initial adoption base in the form of token owners who participate in the public round.
- Establish initial funding for the Relay Foundation Ecosystem Development Fund, which will provide guidance, support, and financial resources to enable the growth and development of the Relay stablecoin system.
- Provide funding for a third party code audit and public bug bounty program to ensure a successful blockchain network launch.
- Pay for additional exchange listings. This will be done very selectively and only if the listing has the potential to significantly grow Relay usage.
Timing
- Public round begins September 15 at 0:00 UTC.
- Public round closes October 15th at 0:00 UTC, or when contribution target of 2000 ETH is raised.
Contribution rates and fundraising target
- 375,000 (375k) Relay Tokens (XRL) per 1 Ethereum (ETH).
- Target contribution cap of 2000 ETH for 750m XRL allocated to the token sale of the 1bn total supply.
- No minimum or maximum contribution.
- To minimize project risk from ETH price volatility, up to 1500 ETH or 75% of raised total, whichever is greater, will be liquidated into USD upon conclusion of the fundraising round to secure funding, with the remainder to be kept in ETH and liquidated as needed.
Token distribution
The Relay public round will not issue placeholder Ethereum network tokens. Instead, contributors will be able to directly receive their XRL allocations following the mainnet launch. Tokens are pre-credited to the addresses from which ETH was received, which are accessible on the Relay blockchain with the same private key.
There is no private round. Institutions and other large investors will participate in the public round with no preferential distribution ratios or other advantages to other participants.
About Relay:
The Relay Stablecoin System is a private cryptocurrency with stable value pegged to the US dollar, secured by a public collateral token. Public round of up to 2000 ETH / 75% of total supply begins September 15.
