**UPDATE**
We have some good and some bad news. We have consulted with multiple attorneys to make a decisive plan of action that is both legal and efficient. The good news is that we have decided upon a plan of action that will allow us to launch without any worry of having legal consequences in regards to U.S. securities regulations. The bad news is that we cannot have a pre-sale. Any ICO or pre-sale in the U.S. is automatically considered the sale of a security, and thus illegal (unless registered as a security). Most cryptocurrencies fall under this regulation, and it is only a matter of time before the SEC will take legal action against these tokens and the team behind them. We have a long-term vision for the project, and if we set up everything lawfully now, we will not have to worry about having severe consequences in the future. I am sure you all will understand this decision to build a strong foundation for the long-term sustainability of the project.
So what does this mean?
We will still launch on the 22nd, but using the IDO (Initial Dex Offering) strategy instead of the ICO (Initial Coin Offering) strategy. This means that we will pair our tokens up with liquidity ($10,000 worth of BNB paired with the 300,000,000 tokens that would have been sold in the pre-sale) and that will set the market price of the token to then be tradable. The 200,000,000 tokens that would be used for liquidity after the pre-sale will now be burned instead. This way, the token distribution will not be changed from what was previously stated in the whitepaper. This is both a good and a bad thing for investors. The good side is that the tokens will be significantly cheaper per token (compared to the pre-sale prices) for those of you who are early. The bad news is that we won't be raising $2,000,000 to provide liquidity and $1,000,000 to purchase our first properties. Those funds will be raised through transaction taxes as volume increases.
Because of this, there are also going to be a few changes to the launch. The max supply someone can purchase is 2% of the tokens in the liquidity pool. For example, with the $10,000 that will be used for liquidity, the first person that will execute a trade will have a maximum value of $200 of tokens to be purchased.
I want to make this clear - That $200 limit will go up VERY quickly off of launch because the value of the token will go up significantly from the initial launch price. Just a warning for everyone who plans to take part in the IDO: The token will be VERY volatile the day of and the days after launch due to the low liquidity. As the token is traded more and more, the liquidity will go up drastically as well, helping the price stabilize.
We know that having a pre-sale to raise the initial funds is the most optimal way to launch the project, but building a solid foundation so that we will be able to be around for decades to come is our top priority. We are not a pump and dump project like many of these other DAOs that promise these insane yields. Long-term sustainability is our number one focus with Chain Estate DAO. The website and whitepaper will be updated soon to reflect these changes. We hope everyone understands why we have to launch this way, and we would love to hear your guys' opinions!
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