Public Sale of OPN Tokens by the OEL Foundation Will Be Rescheduled to 2019

The board of the OEL Foundation has determined that a public sale of the OPN token will not commence until 2019. The Foundation has been accepting private pre-sale commitments for several months, with the intention of hosting the token generation event (TGE) and a public sale by the end of September 2018. However, recent developments have forced the board of the OEL Foundation to review this timeline and roadmap.

The landscape for token sales has changed dramatically in the past year, with increased regulatory pressures, deflated ETH and BTC values, and less capital available to an ever-increasing number of projects. These market conditions mean that even token sales with relatively modest caps and strong token fundamentals are required to spend hundreds of thousands of dollars on promotion to both the public and institutional investors as a metric of their viability.

While these pressures will likely result in a more mature market long-term, at present they represent an unworkable situation for a non-profit entity such as the Foundation, where finite resources from an initial grant must be focused exclusively on development work.

Continued development of smart contracts and ultimately the OEL Enterprise Architecture is dependant on the Foundation raising capital through the token sale. At present, the Foundation has not secured enough pre-sale commitments to proceed to a TGE by the end of September 2018, as it had initially intended. The TGE and a public sale, therefore, will be postponed to take place in 2019.

The Foundation has, through discussions with shippers and transporters, suppliers and brand owners, universities, and investors received continuous praise and enthusiasm for its mission, but regrettably that has not translated to the financial support needed to continue operations per our original roadmap.

The Next Steps

Pre-sale contributors will be contacted directly regarding their options.

The OEL Foundation Rewards program is now closed and tokens will be calculated in the next few days. Participants in the rewards program will notified directly in the dedicated channels.

When a new date for the TGE is known, we will announce a follow-up to this rewards campaign with an additional allocation in tokens. All participants can rest assured that stakes are safe, and we thank you all for your participation and valuable contributions and apologize for the delay while we work to make this project a success.

OpenPort Ltd., who provided the initial grant to the Foundation, is continuing its work on blockchain applications for transport management and supply chain finance for commercial clients and stands ready to implement the OEL Architecture in the future.