Avalanche (AVAX) Token Sale: July 15, 2020 10AM ET Update
Dear Avalanche community,
Following last week’s massive traffic during the sale and subsequent sale postponement, the entire team has been hard at work to ensure that the sale on July 15th, 10AM EDT proceeds without any issues.
In the past six days, we made sure to take all the necessary steps to handle the high website load. Through our collaboration, the token sale platform went through several infrastructure upgrades. We also built a secondary token sale website that will be used in case our primary service experiences any difficulties on Wednesday.
Crypto networks succeed when tokens are distributed widely to builders, contributors, and other long-term ecosystem participants. Therefore, to accommodate more users, we are extending option A2 from 5M tokens to 60M, and adding a maximum check size for option A2 of $25K for the first four hours (increases to $2.5M after). These new tokens come from the Avalanche Foundation. As a reminder, Option A2 necessitates a vesting schedule of 1.5 years. Options A1 and B will remain unchanged.
Updates to Mechanism of Token Purchase
The token sale website will proceed as planned, starting on July 15th at 10:00 AM EDT, running for 14 days and will be hosted on buy.avax.network.
Following the community’s concerns regarding the rush to payment when the sale opens, we will enable a randomized queue to eliminate massive competition and “gas wars.” Starting a few hours before the start of the sale, all users who log in to the website will be placed in the queue. Subsequently, users will be selected from the queue in random order. Once a user is passed the queue, they will have 10 minutes to enter the sale and purchase any number of the token options without losing their spot. Refreshing or having multiple browser sessions will not improve one’s position in the queue.
The team has built a backup token sale website, designed and developed from the ground up by the AVA Labs team. All KYC’ed users will be able to log in to the backup website through the same email address that they used for buy.avax.network. Since this is a backup service, it only allows for purchases and does not allow for new registrations or KYC processes. Therefore, only users that were previously KYC-approved through the primary service will be able to access the backup service.
The ONLY channel for official news on the sale, including the backup sale website URL, are our official Telegram announcements page (https://t.me/avalanche_announcements) and Twitter account (https://twitter.com/avalancheavax). Do not use your credentials on any other site.
Token Sale Queue FAQ
Q: Will it matter what time I visit buy.avax.network?
A: No. It is a randomized queue that is not impacted by the time you visit the website.
Q: Can I open multiple computers and increase my chances of being selected by the queue system?
A: No. The queue system tracks you based on your account. It is enabled after you log in, so launching multiple browser sessions and from different machines will not help. We may also choose to ban anyone logging in from multiple browsers.
Q: If I close my window, will I lose my place in the queue?
A: No. Your place in the queue will not change. However, if you do not complete the sale within 10 minutes of being selected, your spot will be given to someone else.
Q: When will the queue open for the token sale?
A: The queue will open 3 hours before the sale (July 15, 2020 7AM ET).
Q: When will registration and KYC open for people who didn’t sign up before July 8, 2020 10AMET?
A: Registration and KYC will open on July 15, 2020 at 11AM ET.
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.