An update on $AGORA
Make sure to fully read this document if you are interested in the upcoming $AGORA token sale on the 3rd of June. Information in this document will then be used in all our available token related resources. This information is also available as video format.
We have taken the decision to change our approach when it comes to the release and sale of our utility based token, $AGORA. Let us first start with saying that there will be no change in price, staking rewards will stay the same, features will still be available and the token sale will still take place on the 3rd of June 2022.
What changes is the manner in which we will raise funds. The recent crypto market crash that everyone is probably aware of has made it considerably more difficult to raise funds when it comes to ICOs or IDOs. This also affects us.
Currently, we believe that raising capital through crowdfunding would not guarantee a sufficient amount to fund further development of the project and grant satisfactory liquidity pools. This does not fit our long term vision of sustainability for the project, since we believe the token could be “dumped” and thus affect its value. Our token is central to our ecosystem and project and we cannot let that happen.
To avoid having to fully rely on crowdfunding, we have approached over a hundred venture capitalists (VCs) with the objective of finding an investment leader. This VC will be in charge of approaching his network, forming a coalition and providing investment in our token. This method allows for solid backing in the token’s value and almost guarantees that it is not dumped, as there would be no benefit for the VCs to do so. We are pleased to say that we have already found multiple potential leaders, and will be closing a deal as soon as possible.
So, what’s the inconvenience ? Timing.
In order to gather a coalition of VCs and raise our target amount, an investment leader needs up to 4 months. With our token sale taking place on the 3rd of June, this effectively would not work. The solution we have come up with is the following: the token will be vested until VC investment.
What this means is that the $AGORA token will not be freed or given directly when purchased or claimed by NFT staking. If that were to happen, VCs would be less interested in participating in a private sale.
But when we discussed it, one thing was evident. It did not sound fair to individuals that purchase their token early or accrue it through Access Card staking. What we will be doing, is create a virtual $AGORA token that will reflect your $AGORA balance. The token sale remains the only way for public investors to purchase the token at a discount.
What does all of that mean ?
On our website, you will have an “available balance” like you would on an online store or game. This balance is the total $AGORA at your disposal. You will be able to use this balance in all our upcoming features, notably our upcoming PFP collection, our Access Card upgrade system and a new NFT raffle system amongst other things.
This virtual $AGORA balance effectively mirrors your available tokens. Whatever amount is left after the vesting period ends will be airdropped on your wallet. The wallet with which you have purchased the tokens or have staked your Access Cards with will act as your “login” on our website.
After the token launch at a discounted price for NFT holders and whitelisted wallets on the 3rd of June, users will be given the opportunity to add more virtual balance at public sale price in order to take part in the aforementioned features.
The only thing that will not be doable before the end of the vesting period is selling the token. Please understand that is for everyone’s greater interest. By allowing VCs to invest in the token, individuals that will have purchased it will be guaranteed to find it at a stable price, rather than have it potentially be dumped a day after the sale. Having a stable and healthy token that follows our long-term plan is our priority.
Our track record is proof of our commitment to the project and our desire to make it as sustainable and beneficial to our community. Funds raised through the 3rd of June token sale will not be used before the end of the vesting period and if the VC private sale is a failure, we will refund the early investors of their remaining virtual token balance.
TL; DR:
- Token price and staking rewards unchanged.
- Minimum of 3 month $AGORA token vesting period to give time to VCs to gather funds and invest.
- Features such as PFP mint, Access Card upgrade, NFT raffle system will still be accessible through a virtual $AGORA token only available on our website.
- Whatever balance remains at the end of the vesting period will be airdropped.
- Only thing that will not be possible before the end of the vesting period is the sale of the token.
