WMK distribution and release — an important update
As we get closer to finalizing Wemark’s token distribution, here’s a quick status update and an important announcement on their release.
After several remarkable months here at Wemark, our token generation event is about to come to an end. We canceled our public sale, but still held two rounds of deposits and a private sale.
Is this the end of utility tokens?
During our token sale, we witnessed a sharp, declining trend in the market sentiment. The blockchain community has lost much confidence in companies launching their own tokens after many of them over-promised and under-delivered, and others were revealed as a pure scam or money laundering schemes.
Over the past few months, the majority of issued tokens have declined in value, even significantly, right after their liquidation. The bear market for digital assets such as Bitcoin and Ether doesn’t help, and leads more people to ask: “Is this the end of utility tokens?”.
We firmly believe the answer is no.
The vision for utility tokens is real. Their true value extends far beyond money laundering, get-rich-quick schemes or anonymous “pump-and-dump” groups. Utility tokens are here to stay — it’s up to us to build better products, go to market faster, and disrupt real industries with decentralized networks as alternatives to traditional intermediates.
At Wemark, we believe the future of utility tokens is bright, and we’re committed to it in every single thing we do.
Our token sale is about to end, but our real challenge only begins — future plans and release of tokens
In the coming months, we will update and extend our technical and commercial roadmaps, release an updated version of our whitepaper and publish additional information on the coming Wemark protocol.
On the commercial side, we will sign and onboard new content partners, launch marketing programs for early adopters that include influential designers, bloggers, publishers and marketers, and exhibit Wemark in the some of the industry’s leading conferences (such as DMEXCO). We’re developing several high-profile marketing partnerships and as we’ve done before — we’ll share the announcements with our community as soon as we can.
We will also continue our efforts to work with the best liquidity providers and exchanges. In this climate, we believe that choosing the right partners, solutions and strategy for liquidity have an utmost importance. Getting a sustainable market for our tokens in their first years is a top priority as we work towards creating a truly decentralized ecosystem.
In light of the pessimistic market sentiment, and after much consideration, we decided to postpone the release of our tokens, and they will remain locked for further transfer.
The distribution of tokens will complete soon, but they will not be transferable for a little longer than we planned and announced before.
We haven’t set a specific date for their release but aim to expedite it as much possible. If the market sentiment does not look up in the following months, we will release the tokens anyway, better equipped with liquidity solutions, a better product and increased awareness. Hopefully the sentiment will bounce back and also support our efforts.
We’re confident in the long-term value of the Wemark tokens, and although it reflects a delay, we believe this is the right decision for everyone involved in our community.
Token sale and distribution updates
With the exception of the bounty program’s tokens, which will be distributed later this month, the majority of WMK holders have received their tokens. If you haven’t yet received your tokens or a communication from us regarding your contribution, please contact us. By canceling our public sale, all token purchases were subject to review and had to be compliant with the KYC (Know-your-customer) & AML (Anti-money-laundering) regulation.
Based on our attorneys’ advice, we’ve set clear guidelines for processing the contributions taking into account various metrics such as the contribution amount, country of residents, source of funds and other relevant factors.
Following those guidelines, some contributions were easy to accept, and some were easy to decline. Some contributions required more information than others, and some required information that takes more time to get.
We still have a low number of contributions with missing documents. This include contributions from both private sale and deposits, and we hope to clear them all in a short time.
The official end of the token generation event will take place once the distribution of tokens is complete. Although we canceled the public sale, we raised enough funds to reach the next stage of our platform and ecosystem. Once we clear the final pending contributions, we’ll post another announcement with more information about our completed sale and will also burn the unsold tokens.
As always, feel free to reach out to us directly or through our Telegram community and ask us any question. We’re here to help!
With much appreciation,
The Wemark team.