The Exnetwork Token Private Token Reservation Report

Hi Exnetworkers!

Last August 26, 2020, the Exnetwork group took its first step to becoming a Social Finance (SoFi) DAO by dispersing IOUs for its binding token — EXNT. Here are the details of the event:

1. 60m EXNTs up for grabs.
2. 140,000 EXNT cap per participant.
3. $0.02 or 2 cents per EXNT
4. 100% no vesting.
5. Total of $1.2m to be reached.

We used Google Forms and a wallet to do the sale. Having begun a simulation already of the Tiers structure for the syndicate. We decided to do the cascading of the access from Tier 0 to Tier 1 to Tier 2 to Tier 3 then to the Lobby group with an interval of 2 minutes.

Unbeknownst, to everyone we actually made different forms for each Tier to capture people who do not respect the rules. :)

We started and in 20 minutes, we immediately reached $1.12m of USDT sent to the wallet. It took another 10 minutes to reach the $1.2m to sell out completely!

The team celebrated with the members on the fast sell out. The next step was the manual audit.

We then spent 1.5 days combing they the google form submissions to check each entry one by one. The good ones where then allowed in the Tier 3 of the EXN groups as a manual simulation of the bot controlled access control.

As indicated in the Pitch deck, Tiers require a minimum number of EXNTs to be staked for an account to access it. It is a follows:

1. Tier 1 are the top 15 stakers globally.
2. Tier 2 requires 150k EXNTs minimum to be staked.
3. Tier 3 requires 50k EXNTs minimum to be staked.

Since everyone can only buy 140k EXNTs, everyone ended up in T3.

As we did the audit, we found a bunch of violators who did any of the following:

1. Accessed and sent thru a form higher than they are.
2. Sent over the $2800 (140k exnt * $.02) limit.
3. Sent from an exchange.
4. People who were not part of the private groups.

In total, we had to refund $96,822 or 3,668,098 EXNTs.

WHAT HAPPENS TO THE TOKENS FROM THE REFUNDS

So what happens to these extra tokens? We decided to do the following:

1. We will reward anyone who bought EXNT thru the OTC room 5% extra EXNT for showing enthusiasm in hunting EXNT. The cutoff for this would be August 29, 2020 4pm.
2. The rewarded EXNT will be locked for 30 days from TGE date.
3. We will now update our EXNT staking counts to include OTC records.
4. We will manually shuffle people up and out of T3 based on OTC deals done in records.

As for the rest of the tokens, we will put it in as reserves for future strategic usage.

Overall, the sale went smoothly and we are excited to get to building the best crypto community in the industry — the EXNETWORK DAO!

Thanks to all who believed in us. We will not let you down.

Sincerely,

t.me/ercsu and team