28 March 2018
Thank you for the fabulous start to our Token Generation Event (TGE). Due to your tremendous support, we have crossed 9000+ ethers in the first 3 weeks. What an amazing support you have given us. Many of the supporters have personally told us they love our project and vision.
When we set out to do this, we aim to complete the TGE by 15th April. What transpired in the past few weeks has convinced us to listen to the community and we also have great news!
First up, some rationale for our decision:
a. A Venture Capital Company invested in Morpheus Labs as a shareholder!
b. We want to build a stronger community.
c. You have asked for better token economics
Hard Cap Revision
TGE is to help us fund the project and as we progress, we are happy to announce that a Venture Capital has taken up an equity stake in Morpheus Labs. Pending legal clearance, we will announce this officially. As such, with the new capital injection, we feel we do not need to sell 250m tokens. Hard cap will now be reduced to 12000 ETH or we will close out by 15th April. (whichever comes earlier)
Reduction of Circulating Tokens.
Many of our supporters have also expressed interest in the token economics. For this reason, we have decided to burn 200m tokens from the originally planned 1 billion (Figure A). So the new total maximum supply will be 800m tokens. Out of this 800m, only 45% will be kept for the project. This is denoted by Team, Foundation, Partnerships and Reserve. What this means is that the total number of tokens will be significantly reduced.
The burn rate will be gradual to accommodate the usage of tokens for listing on exchanges but eventually this should settle at 45%. Tokens which are not sold during TGE will also be burned. Financial Distribution on the right of Table A comes from the Token Sales of 25%.
We are currently working with 3–4 exchanges to get our token listed as soon as possible. Please note that this remains our #1 priority before the unlocking of the tokens. While we have conveyed the unlocking as 15th April, we seek your understanding that we may have to extend this by a few weeks as we have to follow proper procedures and documentation submission with these exchanges. It is also no big secret that some exchanges do ask for some form of listing fees. (we have made provision for this in Table A)This is also something that requires some time to work out.
It is important that all these events do not affect the overall roadmap of the project. We are committed to delivering them as per our white paper.