Letter to Nftfy Community
NFTFY Launch Week Recap
Hello, community
I believe this week will go down in the history of Ethereum. The ATH aligned with the highest gas price in history may have made the joy of many speculators, but without doubt, frightened too many users of DeFi.
Given the last few weeks with a certain calm in the gas fees, we had everything already planned to launch our NFTFY token. So far, everything was going perfectly well with a successful partnership onboarding and a thriving IDO on Poolz. The next step would be launching our Liquidity Bootstrapping Pool (LBP) on Balancer on May 10th at 13:00 UTC, lasting 36 hours.
The entire team had prepared everything for this moment. We did incredible marketing work, and our community couldn’t be more excited for that Monday. However, a few hours before the big moment, we experienced an unexpected movement on Ethereum. In the act of publishing our contract and launching our LBP, we had to pay more than $12,000 in fees (the first time I created a pool, it cost me $80).
We even considered the postponement of the launch event. However, considering that high gas prices are reasonably short peaks, we decided to continue and launch our LBP at the time scheduled.
Unfortunately, gas fees and ETH kept increasing in value, hitting unbelievable peaks of 500 GWEI, making simple swap transactions cost $550 during our LBP event. It was impractical. It was clear the insufficiency of Ethereum for some DeFi services in the medium term, leading us to make a difficult decision to advance our cross-chain solution.
Upon reaching the end of our LBP, we announced to the community that we would launch Nftfy on Binance Smart Chain (BSC). As the NFTFY token was already in circulation in Ethereum, we had to make a quick move. We understood that the best solution was to open our first cross-chain bridge between Ethereum and BSC. It would represent the advance of one of our roadmap plans, not a radical change of ideas, and I was proud to see all the team engagement and delivery capacity carrying out this migration in less than 20 hours.
We were always thinking about the well-being and sustainability of our community and ecosystem in the long run. Although some users were not happy with that move, we made the fairest decision. It was better than simply opening a Pool on Uniswap with swap fees of more than $200 and Farming costs of more than $1000.
We managed to deliver everything on the informed date of May 12th, at around 19:00 UTC:
- Pool creation on PancakeSwap
- Bridge opening for NFTFY tokens circulating on Ethereum (LBP and IDO Poolz)
- Release of 12% of the Private Round
- Airdrops of our marketing campaigns
To make this operation possible, we had to adapt our front-end application to run on BSC and define all the new operational logic.
Our product was ready to be launched on Ethereum. However, due to this change, we will need to make some adaptations which may take a little more time.
The actual bridge is a manual process that only allows tokens to move from Ethereum to BSC. Our development team is working on the bridge right now to make it a two-flow and automatic process. It should be ready soon, and we will be able to launch the Uniswap pool next week.
In addition, everyone who bought NFTFY tokens in the LBP on Balancer is already on our whitelist and will participate in the other rewards programs we will offer in Nftfy.
We apologize for some decisions that may have contradicted some of you. It is an honor and a relief to have delivered the token to the market and finished this highly complex process with a clear conscience and the certainty of much work ahead.
The best part is that now we will have more time to dedicate to the product, new features and actions for the community.
We invite everyone to follow our next steps and what we are planning for the future. We thank all those who have been close to us these days and have supported us in our decisions.
We hope that we have made the best choices for the Nftfy ecosystem in the long run. The Nftfy Team is honored to have this incredible community on our side.
Last but not least, find below a link to a spreadsheet containing the information regarding the number of tokens circulating in this first week.
In addition, we would like to remind all of you that the entire team is under vesting of six years. We will work on this project for a long time, bringing new features and constant innovation to the DeFi and NFT ecosystem.
If you have any particular issue, we would be happy to hear from you and do our best to solve it. You can contact us at contact@nftfy.org.
Best Regards
Leonardo Carvalho
CEO and co-founder Nftfy
