Operation Phoenix — Consensus
We are excited to share the voting results for Operation Phoenix!
A quick recap; our ‘Sharing not Burning’ program is in the process of being improved with inputs from our community. Our aim with this change is to maximize the benefits for everyone in the community. Together with the FintruX Nation, we came up with six suggestions to improve the program and held our first round of voting from June 29 17:00 UTC to July 6 17:00 UTC.
The vote was between the following options, and was open to all FTX holders:
- Distribute Sharing Tokens Immediately to whitelisted wallet owners only
- Distribute Sharing Tokens to all Voters
- Keep the Original Program
- Mix of Burn and Marketing
After the vote, we carefully audited the results to ensure that the data was accurate, free of duplication/voter manipulation. Without further ado, please see the results below!
We had a 57.46% voter participation — with 31,848,849.33 FTX holders voting out of a circulating supply of 55,428,631 tokens. Of the voters who participated, 26.62% were confirmed crowdsale participants; and 73.38% identified as anonymous/new supporters. We are happy to hear that we have so many new supporters of our platform involved!
As stated in our previous Operation Phoenix article, votes coming from a whitelisted crowdsale wallet will be weighted three times more than those coming from non-whitelisted wallets. This balanced the overall voting power to 52.12% for crowdsale supporters vs 47.88% for new supporters. We will use these weighted figures from now on.
An overwhelming 86.2% majority — 48.64% crowdsale and 51.36% new supporters chose the option to “Distribute Sharing Tokens Immediately to Whitelisted Wallet Owners (Crowdsale Participants!)”. This means that the community wishes us to stay true to our original promise of sharing leftover FTX tokens, not burning. However, instead of waiting until Q4 for distribution, we will have our second and final distribution shortly.
We will have no further voting rounds as we have concluded our first vote with a winner that exceeded the 30% minimum voter turnout, and 51% majority vote.
The raw results from our first round of voting are available here.
We will distribute following our initial rules set out in the original Sharing not Burning strategy:
“In order to ensure that our loyal supporters benefit the most from this mechanism, only those who opt to hold FTX in their whitelisted addresses at pre-defined distribution dates will be eligible to claim their proportional share of FTX reward — supporters who have less FTX than their original contribution will receive a proportion of their bonus. The remainder will effectively be named “unclaimed tokens”.
Unclaimed tokens will be used by the platform for the benefit of the community (airdrops to all FTX/partner tokens holders, incentive programs, partnerships, marketing, etc.)”
This will be our final distribution for the Sharing not Burning program at the amount of ~29,571,369 tokens. All original token holders will be able to claim additional ~75% of their crowdsale tokens if they hold the full amount of FTX tokens at the time of the snapshot.
This adjusts our crowdsale token price effectively to 1 ETH = 2848.5 FTX / 1 FTX = 0.00035 ETH.
We have compiled a list of basic scenarios for your convenience:
Scenario 1. Hodler — Luna has purchased 7500 FTX during the crowdsale. Luna holds these tokens or accumulates a greater amount until the snapshot, which is when we register that she is a loyal supporter. Within the next week, she will be able to claim 5625 (+75% of the original crowdsale amount) FTX for her distribution.
Scenario 2. Seller — Sally has purchased 1500 FTX during the crowdsale and has sold 1050 FTX. Sally now holds 450 tokens in her whitelisted wallet and will receive only a proportion of the intended bonus. Since her initial allocation has been decreased (by 70%), the proportional amount to be distributed is decreased (from 75% to 22.5%). Within the next week, she will only be able to claim 337.5 FTX, instead of 1125 FTX.
The snapshot will be taken on July 13, 2018 at 17:00 UTC to determine FTX holdings by crowdsale participants. Claims have no expiring date, but once the snapshot is taken, your bonus will be set to the proportion of FTX held in the whitelisted wallet. Claims will begin on July 16, 2018 at 17:00 UTC on our website at https://www.fintrux.com/claim.
Update: Visual step by step tutorial below!
We want to thank the community for the encouraging participation and constant support. We sincerely hope that this will enable FintruX Network to reach the next stage of growth together with the #FintruXNation.
Follow us on our Telegram Group for more updates and discussions!
The FintruX Team
About us: FintruX Network is the global P2P lending ecosystem powered by blockchain and no-code development. FintruX facilitates marketplace lending in a true peer-to-peer network to ease the cash-flow issues of SMEs that typically face challenges getting loan financing, such as startup companies.