Announcement: SHOP Token Release – Model Enhancementvia our blog here:
https://shoppers.shop/2018/04/01/shop-token-release-model-enhancement/After exceptional feedback from Co-op participants, we’ve adopted a normalized SHOP Token release model in order to better serve our ecosystem and drive early network adoption of the SHOP Token, and we are transitioning our Public Sale from a reverse dutch auction into a capped sale at $50,000,000 USD.
SHOP has aimed to create a token sale that promotes fairness, equitability, and transparency in a field crowded with misleading and fraudulent activity. From the onset, our core goal has been to create value and utility for SHOP Co-Op members, and we initially created a token sale structure we thought best reflected this. As SHOP continues to grow as a company, we have studied the token sales of notable peers to better understand the prevailing sentiments behind equitable releases with appropriate levels of governance.
Through this, we have noted several key desires from SAFT investors and ecosystem participants, including:
Clarity into initial token prices in terms of fiat and cryptocurrencies
Incentives for early adoption
Price levels encouraging token sale SAFT investments while empowering ecosystem participation
Clear insight into post-sale use of SAFT investment funds and token sale proceeds
After review, we have concluded that our original token sale structure insufficiently matched the desires of SHOP and those of SAFT investors and ecosystem participants. To maintain our core tenets and better align with the current ecosystem, the reverse dutch auction originally scheduled for the SHOP Token Public Sale is no longer the best vehicle with which to operate.
We are transitioning from an auction-style sale of the tokens into a more conventional pricing approach involving a hard cap. We are releasing the SHOP Token equal to $0.50, setting the hard cap of the private and public sale to $50 million USD. The differences between the old and new format are illustrated below.
We believe that by adopting this format, we can best support market desires, while maintaining our core values for a fair, equitable, and transparent token sale. In this new model, Token sale participants will have clearer insight into the value of their purchase; SAFT investors will be able to actively engage without eroding ecosystem participation; and SHOP will be able to reflect use of funds to dollar amounts for all parties. We believe that this transition is to the benefit of SHOP, SAFT investors, and ecosystem participants. As we prepare to launch with direct utility for our token, this adjustment will further facilitate growth and stability in the weeks, months, and years to come.
— John Wantz, CEO | SHOP
Please let us know what you think on our telegram:
https://t.me/shoppersshop
