Update: Lition’s Token Sale. Summarized.
Reduction in Public Sale Hardcap
In the lead up to our public sale, we have previously communicated a potential public sale raise amount of between $2 and $3 million USD. Now that we have successfully completed our private sale raise and given the excellent progress we have made with our successful testnet launch and our second use case in banking, we feel comfortable in saying we don’t require for more than is necessary in the public sale. Therefore, instead of taking in more funds than are needed, as is the case with so many other ICO’s, we instead want to create a sale structure that fairly favors initial contributors and early supporters, while also supporting the long term goals of the project.
As such, we have reduced the public sale cap from $3M USD to $2M USD.
We are also aware that many community members highlighted in our Telegram channel the risks of not being able to contribute to the public sale, due to the proposed individual user contribution cap of $100K USD. Taking into account the concerns of our community, we have lowered the initial individual contributor cap from $100K to $25k in the whitelisted round, to make sure as many contributors have the option of contributing to the public sale. However we do encourage contributors to participate as early as possible to be on the safe side.
Enterprise (Private) Sale concluded at $0.9 M USD
We are proud to announce that our private sale has finally come to an end at $0.9M USD. Our private sale was different to most, focusing solely on enterprises that plan to utilize the Lition infrastructure at a very earliest stages and therefore required preferred developer access to be on the platform, right from the start. We recently announced an example of such an enterprise collaboration in VR-Bank, who together with Lition are exploring a securitized syndicated loan on the Blockchain. Additional official collaborations will be announced by us in the very near future.
Because our private sale was structured in a way that it only made sense for enterprise contributors and not financial speculators, you can be certain that, despite expressed interest, no allocations were given out to syndicates, pools or VC’s. There were no bonuses in the private sale, and all private sale contributors are locked for 3–6 months, as opposed to public sale contributors, who are unlocked immediately.
Token Burn, 31 Million Tokens Will Be Burnt
Since we have decided to reduce our public sale allocation by $1M, 10M tokens will remain without usage and will be burned straight away. The same applies for unsold tokens in the private sale, in which which 21M tokens were unsold. In total, Lition will burn 31M tokens, reducing our overall token supply to 145M tokens and our overall valuation from $17.5M to $14.5M.
It is important to note that due to the locks on seed and private sale tokens, our initial circulating supply of tokens will be much lower. Assuming the public sale sells out, 26.7M tokens, or $2.6M USD of tokens will be on the market for the first three months.
This is visualized in the table below, which outlines our full token and unlock structure:
The unlock schemes are ensured through fixed coding in our token smart contract that is available open source at our Github. This makes it technically impossible to transfer tokens before they are unlocked.
Lition Exchange Listing
While we cannot comment on specific exchanges just yet, we are keen to publicize an announcement as soon as possible to confront uncertainties. We understand that for potential investors, liquidity is one of the most important metrics for a potential investment. Many investors have been disappointed by projects that have postponed their market launch over and over because of ‘bad market conditions’. Lition is not one of those projects and as such have ensured a quick turnaround in regards to token listing and liquidity.
Key Milestones of Our Public Sale
The table below summarises the important dates for our upcoming private sale. All times are CET.
Tokens can only be obtained through our website www.lition.io.