AZ Fundchain post IEO announcement
Our pre-sale and main sale stage have ended on the 30th of May, 2019 with the last session on STEX IEO. It was a long and overwhelming journey, and we thank you all who were with us on this adventure. We have now ended the sale stages and will be focusing on releasing our application and on its go-to-market strategy.
We would like to report you the results on our IEO on STEX.
The tokens bought through IEO are: 25847.28 AZT
The tokens allocated to the bounty program are: 80,000 AZT
The tokens allocated to the advisors are: 40,000 AZT
The tokens allocated to the team are: 100,000 AZT
Please note that bounty rewards will be released in four (4) equal parts. The first part will be released at the end of June, the second part will be released at the end of July, the third part will be at the end of August and the last part will be released at the end of September.
Please also note that the team and advisor tokens will be unlocked every in three (3) sessions with first unlock happening on 10th of June. The first batch will unlock 40% of tokens for team and advisors on the 10th of June. The second batch will unlock 35% of tokens on the 10th of July and the last batch, which has 25% will be unlocked on the 10th of August.
The initial token circulation will be: 90,847.28 AZT
The initial market cap according to our buyback program will be: 90,847.28USD.
We also promised to burn any unsold tokens. The tokens on sale was 2,500,000 AZT. The unsold tokens are 2,474,152.72 AZT. The burn address will be released with burning proof as soon as unsold AZT is withdrawn from STEX.
With remaining bounty, team and advisors tokens, there will ever be 245,847.28 AZT in circulation. This amount won’t increase as the liquidity fund can’t be controlled by anyone. This might create a problem in the future with liquidity pool creating a lot of buyer demand as well as AZT being used within the circles. To overcome this problem, we will transition our buyback model into a Dutch auction model in the future. This will make the buyback contract increase the price it pays on AZT when there is not enough supply. The buyback will start with $1 per AZT and will gradually increase in the time if not enough AZT is bought back to fill the liquidity pool. We will get into more detail on this on a future blog post.
We will also start our buyback program, as we promised, right after the listing of AZT on STEX. More details on this will be published in next week’s blog.
We thank you all once again.