Breaking News: Wemark Cancels Public Sale — Deposits Take Its Place
The past few weeks at Wemark have been more exciting than ever before. Everything has been happening so fast, it’s hard to keep track.
Last week, when we launched our alpha and started accepting early deposits, we weren’t prepared for the series of amazing events which would soon follow. We opened deposits last Monday, and, after a flood of support, had to end the first round of deposits before schedule — just 3 days after opening. Although we increased the number of tokens allocated to the second round and assumed most of our long-time supporters already participated in the first round, the rate of deposits caught us off-guard once again.
To protect our economy from large token holders with the wrong intentions, we allocated roughly 85% of the hard cap for private sale contributors. This allows us to communicate with each of them, gather information, run a thorough screening process and be as selective as possible.
We wouldn’t have been able to do the same for our public sale contributions. Taking into account the number of whitelisted users and how quickly it continues to grow, our resources are just not sufficient enough to process KYC requests, proof of address documents and other essential details with the time and attention needed to comply with the global regulations for selling our tokens to the public. With such a high volume of whitelist registrations, the room for mistakes is just too big.
Canceling Wemark’s public token sale
Four days into the second round of deposits, we raised enough funding to reach our main goals — turning our alpha into a much more extensive product, getting a significant amount of adoption to prove the use-case and setting up other essential parts of our upcoming decentralized economy.
With early deposits, we can double-check every contribution. This allows us to accept a larger number of contributors while still maintaining control, complying with regulation, and protecting the interests of our entire community. We’re reviewing each of the early deposits before we approve them. This takes more time and requires more effort, but provides a much better solution than the way we initially planned to run the public sale — a semi-automatic whitelisting process that would have ultimately enabled anyone who breached it to buy tokens without any way for us to take them back.
After a couple of sleepless nights, and with much deliberation, we made the hard decision to cancel Wemark’s public sale and finish the token sale with the current (and last) stage of deposits.
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Updated schedule and other important details
We’ve added the entire allocation we initially designated to the public sale to the current round of deposits, and from this moment forward — the additional bonus reserved for high contributions (over 10 ETH) will no longer be available for new contributions.
Because of all the recent changes, and in order to prevent confusion and frustration for those who marked the original day of the sale (July 24th), we’re extending the second round of deposits to last until the end of next week — Friday, July 27th at 11:59:59 pm.
We’ll continue reviewing deposits and if any KYC/AML issues arise — we’ll either reject them, or ask for clarification. We will start approving deposits from July 28th and up to August 13th.
Even if we reach the hard cap during the deposits period, we’ll continue to accept them through July 27th. However, to avoid exceeding the hard cap and still allow everyone to participate, we’ll limit the amount of large deposits before accepting them.
We want as many people as possible to get the opportunity to buy Wemark tokens and take part in the economy. This will make the economy stronger (and more distributed and decentralised), increase the usage of tokens within the platform early on, prevent unnecessary gas-wars and as we see it — will provide a much more fair and equal system to distribute our tokens.
The WMK token smart contract will be published on our GitHub account and deployed shortly. The soft cap has been already reached and as we’re getting closer to the hard cap, we raised enough funding to build the product and ecosystem around it. All the acquired tokens will be distributed to purchasers according to the final amounts of deposits, on August 14th. This includes both the private sale contributions and early deposits.
And last but not least — some gratitude to our wonderful supporters!
With everything going on over the past two weeks — the excitement of getting closer to finishing the sale and distributing the tokens, and all the recent changes and announcements — we could almost forget to mention the huge (and growing) group who made this all a reality. The tremendous and heart-warming support we’ve received from our community encourages us to keep reaching new heights and helps us go through long days and little sleep.
We couldn’t be more grateful and can’t stress enough how much we appreciate it. Now, when the generation of tokens and further development for Wemark’s marketplace and ecosystem are guaranteed — the vision that aligned so many of us together just got much closer to become a reality.
Thanks so much for all of your support!
Yours truly,
The entire Wemark team.
Don’t miss out on the sale. Make a deposit!
