Menlo One Token Sale Success Part 1
We’re happy to announce the completion of our token sale. Menlo One is making a framework to make decentralized applications faster, more user friendly, cost effective, and easier to build. The ONE Token is a utility token which powers all of the transactions within our framework. Over the last 12 months we’ve been building software and selling tokens. This is our story.
Part 1 of a 3 part post.
Token Sale Metrics
We started privately selling tokens in December of 2017. We launched our public, on-chain crowd sale September 17 which ran until October 15. Tokens we’re unpaused within 24 hours after completion of crowd sale.
- ONE Tokens Sold: 323,463,813 (including the presale, bonuses, and gifts to the community).
- Percent of crowdsale allocation sold: 91.37%.
- Total sales: 15,028 ETH.
- Products which use the ONE Token at launch: 2, Townhall & Block Overflow.
- Townhall, which handles the communication aspect of our framework. It was released in April 2018 on Github for anyone to use to build dApps.
- We launched Block Overflow, the first consumer facing Menlo dApp during the crowdsale on testnet. People who purchased ONE token during the crowdsale can use their ONE Tokens on this consumer facing dApplication, which will launch on mainnet within one month after the end of the sale. It’s mostly built from TownHall, and apart from being a useful product on it’s own, serves as an example of what can be built from our framework using the ONE Token.
Accomplishments during our token sale
- Menlo One was named #4 in “New Blockchain Companies To Watch For In 2018” in Forbes.
- Menlo One was also featured by dozens of tech, business, and blockchain focused publications including Venture Beat, Entrepreneur, Hackernoon, Inc, Influencive, and many more.
- We received top ratings by ICO Bench (4.5 stars), Track ICO (4.8 stars), ICO Marks (8.8 stars), ICO Bliss (4.6 stars).
- Launched two major product tours, and spent over 2 months on the road. In that time we hosted meetups, spoke at conferences, formed partnerships, and gained users in New York, Puerto Rico, London, Paris, Singapore, Tokyo, Taipei, Hong Kong, Seoul, Bangkok, Shanghai, and California (all the way up the coast from LA to SF and spots along the way).
- Had two major product releases including TownHall (the communication component of our framework), the first dApp built with Menlo One, Block Overflow, which includes an alpha version of Menlo Core.
- Formed multiple of partnerships with companies who want to use our framework.
- Formed multiple partnerships with companies whose products we’re incorporating into our framework to make blockchain more accessible to users.
- Hired some all star team members and advisors.
We worked to keep the bar high
It was out goal to set a high bar in crypto, and be “best in class” in terms of compliance, upholding values of decentralization, and how we run our token sale
- We took painstaking efforts to ensure we ran what we and our legal counsel feels is a compliant token sale. We worked with some of the best lawyers in the space. We also partnered with DATA, a blockchain lobbying group who’s behind many of the recent regulatory successes.
- We worked with a Malta law firm who have a legal opinion that the ONE token meets the requirements of a “utility token” in Malta, perhaps the most advanced country in the world in terms of blockchain regulation.
- Our smart contract underwent considerable testing, and we engaged one of the leading auditors, Hosho, who found no critical errors.
- We published our token sale smart contracts on GitHub, and have open sourced all the consumer oriented software we’ve built. Our smart contract was also verified on Etherscan.
- We wanted to decentralize token distribution as much as possible. We got a few offers from people who wanted to “buy the whole thing”, which wouldn’t do much to build community around the token. The largest holder of ONE token holds less than 1.5% of total supply. View ONE token distribution here.
- It’s been common place for many ICO’s to make token buyers wait weeks or months before being listed on an exchange. ONE Token was listed and trading on IDEX within 24 hours after the un-pausing of the token.
- We sold our token as a product. It’s common place for ICOs to sell tokens as though they represent some sort of sake in a company or other investment vehicle. ONE token was marketed and sold as a piece of software which is required to use Townhall, Block Overflow, and products built by our developer community.
The ONE Token was listed on 4 exchanges within 2 weeks of the end of the crowdsale. Since we want users who didn’t buy ONE during the crowdsale to be able to use Block Overflow and other Menlo dApps, it was important that ONE be available though sellers besides ourselves. Our hope is that ONE is as accessible to as many people as possible, which will increase the usage of Menlo dApps. Listings include:
- Bitmart, a top 20 exchange by volume at time of listing. With ETH and BTC parings.
- IDEX, the most popular decentralized exchange. (ONE was listed within 24 hours after the end of the crowdsale).
- EOSex, an up and coming EOS focused exchange with a ONE paring to Tether.
- Delta Relay, a decentralized exchange with a 0% trading fee.