Crowdsale Update
So far more than $18 Mio USD worth of ETH & EOS have been committed to Iryo’s crowdsale. We are thrilled to have such strong community support, however, after careful and thorough consideration the team has decided to push back the dates of the upcoming crowdsale.
The Iryo ICO will now officially be held on EOS once mainnet is live and stable (June or July of 2018). The exact date and time of the new crowdsale will be communicated as soon as possible. The softcap of $8 million USD and hardcap of $26 million USD will remain unchanged.
Why are we changing the crowdsale dates?
The State of the Market: Current conditions are turbulent, even for crypto standards. We have seen the price of Ethereum plummet from an all time high of over $1,400 USD in January to a current price of just over $500 USD, more than a 60% decrease in price. At the same time, the crypto community has been facing increasing legal uncertainty (e.g.
https://www.coindesk.com/icos-iced-12-month-freeze-us-token-trading-just-beginning/). However, there have been positive signs in terms of regulation and adoption such as the recent G20 Summit and news coming out of South Korea. (e.g.
https://www.coindesk.com/south-korea-may-lift-ico-ban/). Iryo aims to be highly compliant to ensure the long term value of its token for its future holders.
Whales: We are thrilled over the amount of funds that are currently committed and are looking forward to increasing that number. However, we have had a relatively large share of so called “whales” in the current whitelist and would like to see a more even distribution of IRYO tokens.
EOS Mainnet: Moving forward with this decision, we will be one of the first ICOs to hold a crowdsale on EOS. The team initially debated on which platform to hold the ICO. By holding it on Ethereum, members would have had to eventually perform a token swap to migrate over to EOS once launched. This seemed feasible given the bull market in Q4 2017 but now the costs and risks involved with doing a double issuance of tokens and a token swap are becoming prohibitively high. After careful consideration and weighing the benefits, we have decided to wait and hold the ICO directly on the EOS platform.
Are we still going to have a presale?
Yes, as many of you have already whitelisted and have shown interest in participating, we will still be holding a pre-sale for everyone who has successfully whitelisted or will attempt to whitelist in the next few days.
This pre-sale round will hold a 30% discount as a courtesy to those who have shown their confidence in the project. The contribution will have a floating ETH and EOS exchange rate. That means that you can potentially receive a higher discount than you would have in the originally planned pre-sale. If the ETH/EOS appreciates between now and the ICO in June, you will get additional IRYO tokens. The ETH & EOS price will be fixed shortly before the crowdsale.
The funds raised in this round will be held in an escrow account and will be returned in full if the softcap during the ICO is not reached. You will always be able to check the balance on the publicly available ETH address and will be able to verify that the funds have not been moved or used.
We will share the detailed instructions on how to participate in this new pre-sale round tomorrow. Until then, we are available on our Telegram channel to answer any questions you might have.
In order to support the ongoing product development and community building, we will potentially also hold an additional private round and sell up to 5% of total token supply.
Conclusion
Pushing back the crowdsale dates was a tough and controversial decision, however, the team strongly believes it will be the right call moving forward and appreciates the support we’ve received around this decision. We excel through community driven feedback and are always open to hearing what the community has to say.
MORE
https://medium.com/iryo-network/crowdsale-update-ef12ee4a19b8
