VLaunch: Latest Update on Pending Projects
We understand that our community members have been eagerly awaiting updates on the progress of the three projects, Legion Network, FantomPad, and LaunchMyNFT, which were onboarded during VLaunch’s early development. We would like to share the latest news on these pending projects.
To maintain transparency, we would like to provide an update on the situation. Our team’s interactions with the project teams of the aforementioned projects resulted in the decision not to distribute their project tokens to the VLaunch community. Despite our best efforts to explore potential solutions to enable distribution, we have unfortunately been unable to find any successful resolution in all three cases, and thus the distribution of their tokens has been discontinued.
Pending Project Situation
The decision of these projects to discontinue their partnership with VLaunch is a result of a range of factors that were not under our control, including changes in management structure, divergent conditions, and unanticipated requirements that were not previously agreed upon.
Regarding LaunchMyNFT, the project team’s entire management structure was changed, which resulted in a complete severance of communication with VLaunch. It seems the project team eliminated the idea of its project token back then, which made it impossible for VLaunch to proceed with the project.
For Legion Network, the team continued to request more and more requirements from VLaunch, including additional actions from our community which were not previously agreed upon. Despite VLaunch’s efforts to work with the team, the decision was made to part ways.
Regarding FantomPad, there was a misalignment with the agreed conditions of their launch as part of the VLaunch platform. The FantomPad team had initially thought that the launch would be a funded IDO instead of a Free-IDO as mentioned to them. Ultimately, leading to the decision from their side to effectively stop distribution.
Looking Ahead
To avoid such situations in the future, we have strengthened our selection committee and prioritized launching only the highest quality projects that undergo meticulous vetting. Additionally, we have revised our project service and partner agreements to ensure that projects strictly adhere to the agreed-upon conditions.
Moving forward, the projects Legion Network, LaunchMyNFT, and FantomPad will be delisted from the VLaunch launchpad.
Compensation
Regarding the compensation for our community members who participated in these projects, VLaunch is committed to providing fair and just compensation for their support and participation. We understand the disappointment and inconvenience caused by the projects not distributing their tokens, and we want to ensure that our community members are not left empty-handed.
To compensate our community members who participated in one or more of the three project Free-IDO’s mentioned above, VLaunch is offering a guaranteed allocation for an upcoming Free IDO Engage-to-Earn launch. This means that each community member who participated in any of the three projects will receive an allocation for an upcoming launch.
It’s important to note that the eligibility will be according to the launch date, with LaunchMyNFT being first in line, followed by FantomPad and Legion Network.
Example: If a member participated in the Legion Network Free-IDO, then the member will be eligible for lottery tickets in the 3rd upcoming Free-IDO E2E.
Moving Forward
We reiterate our commitment to our community members, VPAD holders, projects, and team, and strive to succeed as a team, community, and game-changing launchpad. The VLaunch team apologizes for any inconvenience caused and looks forward to presenting new projects and collections to our valued community members.
