Spectiv has lowered its token sale cap to 14,000 ETH. The original higher cap was set in place based on information and surveys gathered in September. It has been over 3 months since this time and Ethereum prices have risen greatly, meaning that even though we are lowering our cap, we are still selling enough to allow future development of Spectiv and the Signal Token Protocol. Additionally, extraordinary market conditions have directly impacted buyer participation in the Spectiv token sale. Specifically, there are two major factors:
The CryptoKitties wave flooded the Ethereum Network with exceptionally higher transaction volumes than normal. This began at the exact time that the Spectiv token sale was scheduled to launch (December 5th 12:00AM CST). Due to the network congestion, we weren’t able to deploy the token sale contract as scheduled. After several attempts, the contract finally deployed 20 hours later. This directly hampered all enthusiastic purchasers from participating as intended which in turn blunted immediate sales.
The CryptoKitties wave also led to drastically higher transaction fees. Hundreds of participants in the Spectiv token sale failed to execute their transactions because their gas prices weren’t high enough. We placed notifications to adjust gas prices throughout the token sale portal, but many individuals never did. Most attempted transactions were set at MyEtherWallet’s 21 Gwei default when a minimum of 50 Gwei (and eventually 70 Gwei) was needed to successfully execute purchases.
- Crypto Speculation
Participants in the Spectiv token sale need Ethereum as a means of currency to purchase Signal Tokens. However, many Spectiv supporters also speculate in the crypto markets. At the time of the Spectiv token sale, Bitcoin prices were rallying at an all time historical high. As a result, many individuals wanted to hold Bitcoin through the price rally. This meant a number of buyers chose to hold their crypto instead of purchasing Signal Tokens.
The Spectiv team is excited to continue updating the Signal Token Protocol and Spectiv VR platform! We have a lot of awesome rollouts and announcements coming in 2018, so stay tuned. Learn more about how you can purchase Signal Tokens at ico.spectivvr.com.
Reach out to us at email@example.com with any questions.