later edit (24th of June): All refunds (if any) will be made in the currency the private investor contributed. Notice, that until today no refund was requested.
Thank you for being part of the Elrond family. Exciting times ahead of us!
We have officially announced the closing of our private round yesterday. We have raised $1.9 Million from Binance Labs, Electric Capital, NGC Partners, Maven 11, and Authorito Capital. The round also included contributions from international investors in the UK, India, Israel, Asia, and the European Union.
But this is not all.
Binance Launchpad just announced Elrond as the next project to do the IEO on their platform. Elrond’s token sale will follow a lottery format and begin on June 22, 2019 at 00:00 AM UTC. Thus, Elrond will be the sixth project that will receive support from Binance in the field of raising capital, as well as benefit from Binance insights and experience. Be sure to check the official announcement here.
In light of this amazing news and in the spirit of transparency, some small changes needed to be done to the token metrics, especially in regards with the vesting schedule, all other things remaining the same.
Here are the most important token metrics changes:
- Ecosystem Rewards: 7.00% — 50% at IEO and 50% 6 months after IEO.
- Marketing/Grants/Accelerator Pool: 8.50% — • 81,17% at the IEO, 9,41% every 6 months after IEO.
- Team: 19.00% — Locked until 2020 with 3.5 years vesting period: 10% — 6 months after IEO, 10% — 12 months after IEO, another 15% — 18, 24, 30 and 36 months after IEO, 20% — 42 months after IEO. To show our commitment, the team has agreed to postpone unlocking team tokens until 6 months after IEO, and has extended the vesting to 3.5 years.
- Private Round: 19.00%— 7.5% unlocked at IEO, remaining 92.5% unlocks 15.42% every quarter over 18 months. Early supporters and private investors are a very important part of Elrond ecosystem and should be here for the long-term, so aligning interests between private investors and team are instrumental for long-term value creation. Therefor an increase in vesting was also added to the private investors.
Any private investor who wishes to cancel investment based on recent changes regarding the vesting period, will be refunded in the currency (fiat or crypto) the investor contributed.
We have shared all the above in an email to our investors yesterday and the interest and demand have been overwhelming.
No investor has requested a refund until now, and most investors actually requested significant allocations increases if they become available, so we have a long waiting list of investors.
Now is the time to come together, rally around the project, and help build the Elrond community in preparation for the IEO and beyond.