Dear Cypherium Community,
We are writing to you today with a long-awaited update regarding our token public sale, network deployment, and an overall progress report for the launch of our mainnet.
Public Sale Progress and Mainnet Launch
We are proud to have gathered 9,000+ participants in fundraising and 2200+ purchase orders amid various technical shortcomings we have faced together with our platform partner. These figures are unprecedented in our space. When comparing Cypherium to other major token sales like Tezos or Bancor in 2017, we stack up comfortably and this is something to be proud of.
However, due to the DeFi craze with the Ethereum network congestion, we have been impacted in our sales particularly with respect to the UNI airdrop. This transaction fee inflation bottleneck is exactly the kind of issue that Cypherium aims to solve.
Additionally, our fundraising efforts have been slowed down by a huge number of outstanding KYC processes for over 3,000 participants, more than half of which have not even uploaded their relevant identity documentation. We have followed through each application meticulously and provided a friendly video instruction for participants to more conveniently follow.
In light of the above two complications, we have taken the inevitable decision to further extend our Public Sale until our listing date in Q4 2020, carried over taking into consideration the Chinese national holiday period. We are also raising our minimum payment amount to $1,000 USDT, effective September 27, 2020 at 9 PM Pacific Time, during this Public Sale extension period. Shortly after this event, we will finally start to see the fruits in our mainnet launch.
Our mainnet launch commences the first step to make headway to a new normal with mainnet Phase 0 (Claiming Phase) on September 30, 2020 and conclude with the final Phase on October 31, 2020. We introduce a disruptive solution to address the key shortcomings of existing infrastructures and enable interoperability in every corner of the ecosystem. Our proprietary consensus algorithm CypherBFT features instant transaction finality, thousands of TPS, and linear scalability. Testnet users are a testament to the algorithm’s outstanding performance.
As sales participants are providing us with their CPH wallet addresses, we will perform the initial setup of the parameters and stress tests. Mainnet Phase 1 (Distribution Phase) will then happen in the next few days, during which tokens will become fully transferable. A detailed article will be released in the next coming days to explain our mainnet launch plan.
Cypherium Web Wallet — To Receive Tokens
In order to receive your CPH tokens at Mainnet Launch, you should take the following steps as soon as possible:
1. Create a wallet address at https://cypherium.xyz by following the tutorial at https://youtu.be/myGuW6LLSWQ
2. Add Wallet address:
- For Public Sale participants, add this address to your profile at https://sale.cypherium.io
- For Presale participants, add this address to your profile at https://presale.cypherium.io
We understand that the majority of our participants were unfamiliar with this crucial process, which unfortunately delayed our sales progress. We plead you to take action now to revisit this step if you have not already, and contact our admins with any questions or concerns that you may have.
Token Metrics
We would like to address your voices regarding our token metrics as well. Most importantly, we stress once again that the treasury is in no way related to the personal holdings of the team and it is only utilized for the community and ecosystem development. To ensure the title stays relevant and accurate, we have renamed the treasury to Cypherium Ecosystem Development Fund.
Back in 2017 when our metrics were set, we were operating under a slightly different framework with overwhelming community support for the distribution. This may have caused misunderstandings in our team allocation to look disproportionately placed. However, we have since altered the miner allocation from Bitcoin’s halving model to Ethereum’s disinflationary model. We have always stayed true to our core values in sustaining the price while making these strategic choices to reflect the best interest of our investors.
In return to your unwavering trust and patience we have received, we have also come up with a new token burning structure to maintain the value of our token as we go onwards. A maximum of 2 Billion CPH Tokens will be burnt. This figure implies 30% of the total supply is to be burnt once our initial sales breakthrough of 50 Million USDT is achieved.
- 1 Billion CPH tokens will be burnt unconditionally.
- Additionally, for every 5 Million USDT raised during the Public Sale, 100 Million CPH tokens will be burnt from the total network supply until a maximum total of 1 Billion CPH tokens are burnt.
- Due to market conditions, Phase 2 sale will not be conducted. Instead, the 100 Million CPH originally assigned for Phase 2 sale will be re-allocated to the Cypherium Ecosystem Development Fund. The total circulating supply six months after mainnet launch will be reduced to 800 million CPH from the previous 900 million CPH.
CypherSwap
As many of our community members are already aware, we recently executed a new system to compensate our supporters more actively as we work on launching the Cypherium network. After gathering your responses and concerns through a recent survey, we have reflected your opinions to decide to launch a Decentralized Exchange (DEX).
We are currently working on building the DEX with its own native token, CypherSwap, along with our Cypherium mainnet in a time-sensitive manner. CypherSwap tokens will be 100% community-owned, meaning our team will be receiving zero CypherSwap tokens. All presale participants and public sale participants receive the following, respectively.
- Presale participants: 2 CypherSwap tokens per 1 CPH bought
- Public sale participants: 1 CypherSwap token per 1 CPH bought
The Cypherium DEX applies a one-stop yield farming solution and manages multiple protocols under one protocol (Uniswap, Balancer, Curve, Ampl) automatically. The DEX will also support multiple market makers and liquidity mining. More details will be announced in the near future as well.
Backed by a strong fuel-ready engine, our successful launch will be only the beginning of the adventure for our rocket to reach endless limits in the blockchain space with the Cypherium mainnet and ecosystem.
Thank you for your pursued patience, participation, and enthusiasm for our project, as always.
Onward,
Cypherium Team
