$VIS LAUNCH UPDATE
Welcome to any new members and thanks for being with us to any existing members. The Envision team listed our cryptocurrency, $VIS on UniSwap last week.
As some of you may have seen it’s been a roller coaster of a launch filled with excitement, frustration and disappointment. The team wanted to share some updates and insights into what happened and how we plan to move past it.
In an effort to provide to most regulatory compliant token offering, Envision chose LCX to act as our official token issuer, which in accordance with their FMA token issuer license dictates LCX must develop and deploy the token on behalf of Envision. In line with our agreement, the team worked closely with LCX in the lead up to listing $VIS on LCX and UniSwap, to build a listing plan which would ensure things went smoothly.
The plan was to focus liquidity on the VIS/USDC pair on UniSwap V3 and build our marketing efforts around this.
We listed $VIS on UniSwap V3 and LCX according to plan and experienced an incredible level of interest with over $100k in volume in the first 15 mins, pushing VIS/USDC from $0.2 to $0.6. This is when we started receiving feedback from some participants who were experiencing no ability to buy or sell VIS on UniSwap V3.
Working with the LCX and UniSwap teams we investigated why people couldn’t swap $VIS on V3 and decided in the meantime to remove liquidity to prevent anyone one from buying additional $VIS as we felt this was the only way to protect participants. After a number of hours running tests we found the issue was being caused by the $VIS tokens fees/taxes which are built into the $VIS token, the fees which create the deflationary nature of VIS.
The Envision teams hands were somewhat tied as unfortunately we were reliant on the LCX dev team to come up with solutions of which we were presented with two;
1. Redeploy a new token, airdrop the existing token holders and relaunch on UniSwap V3 at a later date
2. Deploy liquidity to UniSwap V2 and forget about V3 altogether
It was a difficult decision, however, we felt the second option made more sense and as you will now see, we redeployed liquidity to V2 at the price $VIS was previously trading at on UniSwap V3. Unfortunately and unsurprisingly so much of the hype and excitement from many hours earlier had now dried up, in addition to peoples understandable concerns about the project and its $VIS token.
We have since seen the price of $VIS come down from its initial ATH which is to be expected after the fiascos on launch.
The core Envision team worked 40hrs straight over this period in an effort to resolve the problems we faced and support the community that has been supporting us since we incorporated Envision last year. We wanted to thank everyone who was understanding of the situation and those who provided support over what was a very challenging period for the team, especially those who joined us on calls whilst we were problem solving a fix. For the team nothing changes, we will keep striving to build the best stock media marketplace that exists and will continue to remain transparent in where we are with development and adoption as we get closer to launching our beta platform.
The $VIS token is an important element of the Envision platform and there are many utility aspects to its existence, we remain confident that demand for the token will increase over time with increased adoption and awareness. Our marketing efforts will continue and starting from this week we will start targeting new jurisdictions which will bring many new eyes to the project.
As always the Envision team will remain completely transparent throughout the good times and bad as we continue to navigate the challenges associated with building a decentralised application. We are far from allowing this minor hiccup to affect our plans of disrupting a $4 Billion dollar industry and this is only the very start of Envision’s journey.
We thank you all for being a part of the Envision community and look forward to sharing more updates over the coming days and weeks.
