TuneTrade would like to thank our community for the outstanding participation in our TXT rewards program. We are thrilled to share that we have over 50,000 wallets holding TXT with over 85,000 users in our Telegram group today. Over 20 influencers have created a beta version of a community coin with many more on our waitlist eager to get started. Our community’s participation has been integral for forming partnerships with musicians, content creator, influencers and other established brands (stay tuned for more information).
In lieu of our upcoming IDAX Initial Exchange Offering (IEO), we wanted to provide our community with some information about how and when TXT earned from our rewards program will become liquid. In this post, we discuss some of our most frequently asked questions along with the logic surrounding our policies.
Before we start, it’s important to provide some context on the state of the market since TuneTrade first launched. It should come as no surprise that over 90% of publicly traded projects are currently trading significantly below their ICO Price. As many of us know, Bitcoin has dropped from it’s peak of $20,000 USD in December 2017 to a current valuation of around $5,500. Similarly, Ethereum has experienced over an 85% drop in value from it’s peak of $1,200 to a current price of around $170.
Why are you telling me this?
Observing these market movements has been an extremely beneficial learning experience. In response to these adjustments, we have already taken several steps to avoid the same fate. First and foremost, we avoided a traditional ICO and instead are focusing on a much more concise IEO where only 7-8% of our total supply will be sold to the public (as opposed to an average of 50% sold in most ICOs). We’ve published an updated and condensed Litepaper and have been heads down developing our beta with numerous utility mechanisms and partnerships to help promote price stability.
Most importantly, we’ve seen that premature bounty distributions are one of the main causes of price crashes on secondary exchanges.
Despite all the market volatility over the past year, TuneTrade hosted a successful friends & family seed round to develop our prototype and community. Rather than taking the “traditional” approach of immediately listing on numerous exchanges with little to no monitoring, TuneTrade will instead gradually release and unlock our circulating supply to avoid massive price swings.
But wait, I want to sell the TXT that I earned!
We understand that a portion of our rewards participants are looking to immediately liquidate their tokens following our IEO. With this in mind, we wanted to take added precautions to ensure that our true community won’t suffer from the greed of nefarious bounty hunters.
TuneTrade will be announcing a trustless migration process in which all pre-IEO TXT tokens will be swapped 1:1 with our publicly traded TuneTradeX tokens.
This is the pre-IEO rewards token – Tune Trade Token TXT : 0xa57a2ad52ad6b1995f215b12fc037bffd990bc5e
(Don Not Send This Token To IDAX. It must be swapped first)
This is the permanent project token – TuneTradeX TXT: 0x1CFA16ab69b187F9FE0227E069c9A25eF1b25243
Following the completion of our IEO and prior to public trading, we will release a detailed plan of action for our self-serving swap application. Once tokens have been successfully swapped and vested, our community is free to trade however they’d like!
It’s important to note that all early investors, team and reward holders will be subject to similar policies. As a result of this process, TuneTrade’s circulating supply will be drastically reduced. TXT supply will be far more organic with the only circulating tokens being those who purchase our IEO and tokens that are swapped and fully vested.
(Note: This will not affect IDAX IEO participants, as they will receive the permanent TuneTradeX, TXT token.)
Our intention has always been to provide our early adopters with the respect and attention that they deserve. We feel this swap process is the most adequate way to ensure that token dumpers are handled in a professional and efficient manner.
Our primary goal is to slowly weed out the fakes to make room for our real supporters. As such, we have created a truly next-generation system that we strongly believe other airdrop projects will soon adopt.
Here at TuneTrade we wanted to take necessary precautions to minimize token dumping and price speculation in order to properly promote real utility. We fully intend to promote liquidity for all of our ecosystem participants and want to stress that this liquidation method is intended to benefit all of our token holders.
As stated on our website, our IEO is scheduled to start this week. We’re stoked to be taking the next step(s) forward and look forward to seeing you on the other side!
Start Date: April 29th, 10:18-11:18A.M. UTC+8(+20%)
End Date: April 30th 10:18-12:18 P.M. UTC +8
Available For Sale – 35,000,000 TXT (7% of total supply. Issued from “Community Pool”)
Bonus: 20% for the first hour.
Hard Cap: $1,200,000 USD
TuneTrade allocated 35,000,000 TXT to the IEO (7% of our total supply) and 5% have been contracted to early supporters to date. The TuneTrade IEO will end on April 29th, 2019.
Liquidity is a huge concern with most cryptocurrencies. In the past, the easiest way to tackle liquidity was to list on as many exchanges as possible. TuneTrade has been and is currently still being approached by dozens of exchanges (over 50 to date) to list on their exchange. We are thrilled to get this much interest. However, we will take a methodical approach and pick those exchanges who fit our business model and vision the closest.
Thank you for your patience and support. We encourage you to continue to participate through the new Brand Rewards and Challenge Program and track our new feature releases over the next few months.
How will TXT from TuneTrade Rewards become liquid?
All rewards participants will be required to confirm that they are a real person with a unique wallet. We will be verifying addresses to search for malicious actors trying to game the system.
TuneTrade will be placing a daily limit on the amount of pre-IEO TXT that can be deposited into IDAX on a daily basis.
- Anyone that purchases in the IEO will be holding the real tokens
- Trustless system with IOU’s subject to 1:1 swap for exchange tokens
- New tokens are only minted after they’ve been swapped.
- Emphasize that circulating supply will be much lower/organic
- Vesting will be in place
- Self-serve web app