Why we decided to lock the Ethereum exchange rate at 800 $
First of all, I would like to extend my sincere thanks for all your contributions in our presale and trust in the Eligma project. You are a great community!
As we announced yesterday, we will lock the Ethereum exchange rate at 800 $ before our token distribution on April 17th for private presale, public presale and public crowdsale phases. I wanted to share my thoughts on why we are doing this with the whole community.
As you all know, the whole crypto market has been very volatile in the last few months, e.g. Ethereum exchange rate has fallen from 850 $ in the beginning of March to as low as 365 $, which was the exchange rate on April 1st.
What would that mean for our contributors?
It would put our earliest contributors, our most loyal followers, at a disadvantage. Let’s assume they bought 1 Ethereum to contribute on March 4th, about two weeks before the start of our public presale. They paid approximately 850 $ for 1 Ethereum, which they contributed in our presale. For that amount they would receive 8,500 ELI tokens (our exchange rate is 1 ELI = 0,1 $). However, since we will be locking the ETH/USD exchange rate on April 17th, there is a very good chance they would receive a much lower number of ELI tokens. If we take today’s exchange rate of approximately 415 USD into account, those same contributors would only receive 4,150 ELI tokens.
How did we come to our conclusion?
This presented us with a dilemma, which in the end proved easy to resolve. While we could have simply blamed the market and say that we cannot do anything about it, that just didn’t feel right. We all felt it would be disrespectful to the people who believe in us the most and contributed early. By locking a higher ETH exchange rate, we created the same playing field for everyone and ensured that bonuses for early contributors do not get lost in the current lower exchange rate.
The second reason that helped us with our decision was our strong belief in the crypto world and blockchain technologies, so we gladly took a large part of the risk upon ourselves. By making this step, we wanted to prove that we are here for the long term and that our vision and roadmap are clear and solid. We are hoping that all of you feel the same and decide to keep our tokens for using them on our platform when it goes live.
I would like to take this opportunity to invite everyone to participate in our crowdsale, which starts April 17th, and join the future of commerce.
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