Hard Cap Reduced & Other Important Updates
Dear all, today, we announce the important changes related to the project’s Hard Cap. This is a delicate subject we have been discussing a lot with our advisors, and we are sure it will work in the best interest of our contributors.
Based on the current market realities, more specifically, the drop of Ethereum rate, we are decreasing the Hard Cap from 60M USD to 18M USD, with the additional BNB Hard Cap (accounting for 300 000 BNB) remaining unchanged.
The former Hard Cap was far from being a large amount for the video game industry, and for the project that targets to compete with Steam, in particular. However, The Abyss is deeply integrated with cryptocurrency industry, and this decision is to show our respect to the potential contributors. We understand, that the change of the ETH rate and market instability have resulted in contributors’ significant financial losses, and we are reducing the Hard Cap to somehow accommodate them. We believe in our project’s success in the long run and consider that the additionally reserved tokens will allow us to attract the needed funds in the future. Therefore, we’re also changing tokens distribution structure. The volume of tokens to be assigned to the crowdsale is 40% instead of 60% now. The rest 20% of tokens goes to the Foundation and will be frozen for a 1 year period and used for further project development and growth. To show the seriousness of our intentions, we will also freeze the Company tokens for 2 years instead of 1.
Other changes include:
- Token pricing and token supply. Due to the introduced changes, we’re decreasing the token pricing from 0.24 USD to 0.08 USD. The maximum Total Token Supply is now 905.625 million, while maximum token Circulation Supply during the first 6 months will be 426 million.
- Minimum and maximum contribution raised. Because of the strong drop in the ETH pricing and the invariability of the KYC/AML procedure pricing (which is USD pegged), we are forced to raise the minimum amount from 0.1 to 0.2 ETH. Also we are raising the maximum contribution from 10 to 20 ETH.
- Max cap limit for 24H only. Originally, we implemented the 7 days-long Max Per-Person Cap to allow as many people as possible to participate in the DAICO. However, with the recent updates to the Hard Cap we would like to upgrade this concept also. One day (24H) after the start of Token Sale the max cap will be removed providing the opportunity to contribute any amount of ETH. This will allow us to achieve two important goals at once: make our DAICO fair for everyone and allow our contributors to receive the 25% bonus after the Max Cap is removed, as some of our contributors have asked.
- Securing sale bonuses before KYC/AML is complete. Proper KYC/AML appears time consuming, and some of our contributors have expressed doubts they will have enough time to complete it in time to get the maximum early participation bonuses. We have found the solution for this. The smart contract has been updated, allowing users to send ETH and lock the respective bonus even before KYC/AML is complete. However, we won’t be able to process the token purchase until the KYC/AML is finished, so if the Hard Cap is reached before this, you will not receive tokens, and your ETH will be returned back.
- Accredited U.S. investors’ confirmation procedure simplified. Since many accredited U.S. investors have already registered on Verify Investor, it was decided to avoid unnecessary delays due to the documents processing, and allow U.S. investors to verify themselves or even use existing verification. We believe this will provide more comfort for our U.S. participants. If you are an accredited U.S. investor planning to participate in our Token Sale, but have not yet registered on Verify Investor, please follow the link. Also, upon multiple requests from our community members and considering described changes to the Hard Cap and accreditation process, we remove the separate U.S. Hard Cap and lower the minimum contribution for the U.S. contributors to 0.2 ETH. The maximum cap for them in the first 24 hours is now 20 ETH. It is due to reducing the Hard Cap that we allow for maximum participation from communities from different parts of the world. However, the U.S. contributors’ tokens are still locked for one year.
- Referral Tokens distribution. The referral tokens (same as bounty rewards) will be locked by smart contract for 2 months after current token sale end date and will be accrued on July 16, 2018. These tokens will not participate in the first refund poll, which will happen on July 1, 2018. Also, this time will be used to manually audit referral networks to prevent any cheating.
If you have any questions regarding the new token distribution structure, or do not fully understand why all these changes are being made, please reach out to us on Telegram.
The Abyss Team