Tixl Status Update #3
*** Update: In a token split done in 2020, MTXLT became TXL with a split ratio of 1:1,000. The MTXLT mentioned in this article migrated to TXL.***
This is a really exciting time. We have just entered the last five days of our public token sale.
Why is the sale ending earlier than planned? It is because Tixl will be listed on Binance DEX on August 28. From that point on, Tixl will have a market price which is based on supply and demand. At this point, we could only continue the token sale if we were to sell at the market price on our website, or on Binance DEX directly. Since it would be impossible to estimate the price and the trading volume accurately, the safest approach is to end phase 2 early.
In this update, we will explain how the third phase of our token sale will be structured after the listing on the 28th of August.
Important note: Don’t miss out on your chance to purchase Tixl tokens in the last few days remaining before the DEX listing. Remember, you are getting them at a fixed price of 50 USD per MTXLT!
This update will be divided into two parts. First, what we have achieved over the past weeks and secondly, an outline of the exciting things we are planning over the coming weeks. This update is focused on the business and fundraising efforts. In September, we’ll dedicate an article to the prototype development.
What has been achieved so far
Since our latest status update, we’ve been working really hard on a lot of different projects. The most exciting and important thing we’ve achieved was the Binance DEX Listing scheduled for August 28. In addition to that, we’ve been focusing on different marketing campaigns around the token sale. Below is a list of just of few of the things we’ve been working on.
Tixl [MTXLT] Binance DEX Listing
We’re thrilled that the Tixl Token [MTXLT] will be listed on Binance DEX on August 28, 2019. The MTXLT/BNB pair will open for trading at 10:00 PM (CET). An exchange listing has been one of our major goals from the start and Binance DEX was our ideal initial exchange for Tixl. Our thanks to the Tixl community for all your support in helping this come to fruition. Read the full article here.
New Payment Methods
We’ve made it even easier to buy Tixl Tokens by expanding the purchase options to include Bitcoin Cash (BCH) and Litecoin (LTC). These options have been added to the other payment methods already available under the “Buy Txl Tokens [MTXLT]” tab in your account.
Community Growth
Our community has been growing steadily over recent weeks. The follower count on all social media channels is increasing every day. We are now at the point where Tixl continues to gain traction on social media without our active contribution. People are starting to mention Tixl more on Twitter and we are getting a lot more interest shown through LinkedIn. The more exposure we get for Tixl, the better for all involved.
You can find weekly updates about Tixl on the Binance Community Forum.
We’ve also created a Telegram announcements channel and released a separate Tixl FAQ page to increase the efficiency of our Telegram communication.
Awareness
We are really happy that a number of very well-known influencers on YouTube are interested in Tixl and have been talking about the project and published interviews with us. All YouTube videos involving Tixl can be found here. As well as the fantastic exposure we get through YouTube videos and press articles, we have also been invited to present Tixl at the Blockchance conference in Hamburg.
In addition to YouTube, we have been featured in different crypto magazines. DiaryCoin released an article about Tixl and also the German Cointelegraph.
What’s next?
Disclaimer: In relation to the items below. These are some business development ideas we are currently working on. Due to the upcoming exchange listing, we are talking about this for reasons of transparency. There is no guarantee that the following ideas will be implemented exactly in the way outlined below, or at all. Please understand that we will not say much more about the topics in social media until the ideas are finalized and officially announced in another blog post.
Tixl Hodlers Club (Staking)
Goal: The aim is to create an incentive for people to hold their tokens for the long term. This has a positive influence on the price on exchanges due to the lower supply offered for sale.
How are we planning to do this? First of all, we would choose a certain percentage of the token supply for the Tixl Hodlers Club. For now, let’s assume 5% of the overall token supply will be chosen, which equals 45,000 MTXLT. These tokens will be taken out of the Airdrop supply (see Airdrop paragraph below), and other areas of the token supply to be announced later.
So, how would you qualify for the Tixl Hodlers Club? Firstly, a Tixl Token Owner (hereafter referred to as “Hodler”) would have to accept the Hodlers Club Terms and Conditions. That means a Hodler must actively join the club.
An additional requirement for joining the Holders Club would be to own at least 10 MTXLT on one single Binance Chain address. The corresponding Binance Chain address used for hodling must be added to the Tixl account.
Starting at the end of September, Snapshots would be taken of the Binance Chain each month. If the balance of a Holder’s wallet falls below a total of 10 MTXLT, it would mean that the Hodler would no longer qualify to be part of the club and will cease to be a member.
When would tokens be distributed to the Hodlers? Tokens would be distributed at certain stages after launch. Probably after 6, 12, 18, 24 and 30 months. A Hodler can leave the club at any time by not maintaining the minimum required balance in their wallet (10 MTXLT).
How many tokens will a Hodler receive? The exact formula has yet to be defined. Our goal is that a Hodler who stays in the club until month 24 will get a bonus of approximately 100%. The exact formula will be released over the coming weeks.
The formula will be based upon the number of tokens a Hodler stakes. We are planning to introduce the following tiered Holders Club member status:
- 🥉Bronze Member = 10 MTXLT
- 🥈Silver Member = 50 MTXLT
- 🥇Gold Member = 200 MTXLT
- 🚀Moon Member = 500 MTXLT
The higher the number of tokens staked, the higher the number of tokens received through the hodler’s club.
Current Status: We are yet to define the exact number of tokens involved, and the way it would be implemented. Due to the fact that we always try to be as transparent as possible and act in good faith, we are taking legal advice before we outline the final terms and conditions for staking.
Update September 3, 2019: Introducing the Tixl Hodlers Club
Tixl Trading Competitions
Goal: Liquidity on Binance DEX
To celebrate the BEP-2 Tixl token (MTXLT) listing on Binance DEX, Tixl is rolling out some exciting MTXLT trading competitions on binance.org. We are planning to run the first competition in September.
Current Status: We are planning details of the competition.
Tixl Global Reserve Fund (TGRF)
Goal: Make Tixl Token [MTXLT] even more valuable.
Over the past weeks, we’ve been thinking a lot about the increasing market dominance of Bitcoin. Like some market commentators, we believe that Bitcoin equals digital gold.
Together with one of our investors, we have been considering how we could use the positive market view of Bitcoin to make Tixl even more valuable. We concluded we could use Bitcoin to partially back Tixl. In effect, Tixl would be, in part, backed by digital gold.
How would that work in practice? For every USD spent on purchasing Tixl tokens, we would take a certain portion e.g. 25% (or a little less in the beginning*) to purchase Bitcoin. These Bitcoins would then be transferred into a Tixl Global Reserve Fund (TGRF).
*We may start at 10%, with the ultimate goal of a 25% portion of the sales revenue to be used for backing.
We know that this raises a lot of questions: How does this fit in with our decentralized approach? Will somebody be able to switch their Tixl tokens with Bitcoins from the Tixl Global Reserve Fund? How can the Bitcoin supply of the TGRF be increased when Tixl tokens are sold through an exchange?
Current Status: We are in the process of exploring all implications. Not only the technical ones but also the legal requirements have to be finalized before officially announcing further details.
Airdrop
Goal: More efficient use of tokens.
We have noticed that the Airdrop generates a lot of traffic, and Tixl is shared accordingly. But most of the traffic is not high quality. We are glad that we have chosen to keep the tokens assigned per participant in the Airdrop quite low.
Given the above, we are considering reducing the tokens available for the Airdrop from 9000 MTXLT to 9 MTXLT. To date, less than 2 MTXLT has been assigned to the Airdrop.
We strongly believe that these 8991 MTXLT can be used in a more effective way to promote Tixl and its value (e.g. Staking, Trading Competitions).
Current Status: We are resolved that we will significantly reduce the number of tokens currently ear-marked for the Airdrop. This will not happen immediately since any adjustment must be reflected in our General Terms and Conditions, and in the Whitepaper.
Token Sale Phase 3
Goal: Solid funding for 2020
With Tixl being available on Binance DEX from the end of this month, a Tixl token will then have its price dictated by the market. We are keen to keep the price of Tixl as high as possible so have to decide carefully how we conduct the sales during phase 3. We expect that all sales in phase 3 will have lockup periods, meaning investors who purchase during this phase will not be able to sell their tokens for a period of 12, 24 or 36 months. Also, we expect higher minimum purchase amounts by targeting larger private and institutional investors.
As outlined in our whitepaper, we have been targeting a price of 100 USD per token in phase 3. Since our circulating supply will be relatively low, we may update the price for phase 3 in the near future. Depending on how the Tixl Hodlers Club reduces supply, and how the Tixl Global Reserve Fund and the Prototype Development turn out, we are currently looking at a price of 300 USD per token. To give a more detailed insight about how the Tixl circulating supply is calculated, a separate blog post detailing the calculation will follow soon. We have a direct contact to Coinmarketcap through one of our advisors and are currently talking about our listing.
