Quick update before the first ever Initial DEX Offering (IDO) for Raven Protocol on the 17th
Dear Raven Protocol and Binance Community,
We wanted to give you a quick update since we announced the first ever Initial DEX Offering (IDO) on Friday. The response was crazy. We didn’t expect the community growth to happen so fast. This really shows that whenever you are pushing the industry forward, the crypto community will rally behind it and drive innovation. We love building closely with you!
A quick recap of what happened
We announced an IDO on Friday which was only three days before listing. In the announcement, we wanted to be very clear with you that we are paving the way forward for a new concept.
“This is all a work in progress. We know it won’t be perfect and we know some people will be upset because they couldn’t get in. Please bear with us. This experiment could lead to setting the gold standard for how young projects can get the resources they need to stay heads down and build. “ — Raven Protocol Limited on the first IDO
The Raven Protocol community has been absolutely awesome with their feedback. We got some things wrong and they were very quick to help and push us in the right direction to make this new concept work.
Question #1 — Why is the KYC process confusing?
This is true. We only had a short amount of time to execute this mission versus having a few weeks to plan for traditional Launchpads on the existing Binance.com platform. We didn’t have access to any of that on Binance DEX.
When we announced the IDO, we thought we would only need to handle ~150 KYC applications. 15,000 BNB for the IDO would mean 150 contributors x 100 BNB Cap. That would have been easily manageable for the team to do.
The growth was honestly unexpected and we weren’t prepared for it. We got thousands and thousands of applications. At one point the form broke. Who knew there was a max data limit in Google Forms?!?
Checking them manually meant we couldn’t keep up with the demand. We just couldn’t process them fast enough. This led to people starting FUD about sending fake dog pictures and not getting rejected 😂
Thanks to your feedback, we are going to close applications now. Everyone that managed to get in and pass, we gladly welcome you to the Raven Protocol family. You will hear from us later in the next couple weeks when things calm a bit more down. We have something special for you because we love you!
Question #2—Why do need to do KYC?
The answer is simple: we are doing an IDO so we have to be compliant. Sorry that wasn’t clear. Binance Launchpad requires you to do a KYC as an FYI.
Let us re-iterate here about participating in the IDO:
* Users from the following countries are not allowed to participate in the IDO as users they will no longer be able to access www.binance.org from an IP address belonging to one of the following countries :
USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, or Zimbabwe.
Additionally, these are the excluded jurisdictions that Raven Protocol Limited is placing. Users from the follow countries are not allowed to participate in the IDO:
- United States of America
- The People’s Republic of China (which for the purpose of this Agreement shall exclude the Hong Kong Special Administrative Region of the People’s Republic of China, the Macau Special Administrative Region of the People’s Republic of China, and the Republic of China (Taiwan))
- Democratic People’s Republic of Korea
- Democratic Republic of the Congo
- Sri Lanka
- South Sudan
- Trinidad and Tobago
- Any jurisdiction in which the Initial DEX Offering (IDO) is prohibited, restricted or unauthorised in any form or manner whether in full or in part under the Laws, regulatory requirements or rules in such jurisdiction.
If you fail to meet KYC or country requirements, then you are solely responsible for the legal repercussions of your purchases. By Participating in the IDO, you acknowledge and agree that the tokens subject of the IDO are being issued by and sold to you by Raven Protocol Limited (“Token Vendor”), a company incorporated in the British Virgin Islands. You also acknowledge all risks involved relating to purchasing of cryptocurrency. You also agree to indemnify, reimburse and hold harmless Binance, the Token Vendor, each of their respective affiliates and their respective officers, directors and employees from and against any claim, any and all loses resulting from your participation in the IDO.
Question #3—How are you going to restrict only KYC’d users during the IDO since it is happening on DEX?
Remember, we announced this only Friday which is when technical team started coming up with several options. In the KYC application, we collected Binance Chain addresses for whitelisting in the IDO. Participants in the IDO must still pass KYC. See #2.
The community demand for an IDO is apparent, this may be something that can be a developed feature for the DEX in the future.
The community is growing strong!
YouTuber Mr Kristof covering the IDO on Binance DEX:
Awesome FAQ created by a community member along with instructions on how to do the KYC, create a Binance Chain Wallet, and participate in the IDO:
Raven Protocol Community IDO FAQ
Q: What is Raven Protocol?
A: Raven Protocol is a decentralized and distributed deep-learning training protocol…
We hope you join us for the launch! We have a lot to learn from the community and we love all the feedback you’ve given us to drive the industry forward. Let’s do big things together :)
—The Raven Protocol Team