As we get closer to our token (Web3 Bets Coin — BXB) distribution and launch, we want to inform our community that we have made some changes to our tokenomics. The reason for this change is to ensure a fairer distribution of our token and to be able to maintain the token price at a good level after launch. The current market situation and our commitment to the community also affected our decisions.
Reduced Fundraising Goal
We do not really care much about how much we raise in IDO, we care more about building products/utilities that people will use everyday. This is why for the past few weeks, we have been focused on developing paribet.io. The development is in the pipeline and the testnet for paribet.io will be ready in this second quarter according to our roadmap.
Considering the current market reality, we reduced our fundraising goal from 3,200,000 USD to 320,000 USD. Consequently, the prices for our token sales also reduced.
Token Sales
Our seed sales fundraising goal is now 20,000 USD. We have concluded the seed sales and a total of 20,000 USD was raised. 50,000,000 BXB was sold at a price of 0.0004 USD. The vesting schedule for seed sales token is now 0% at launch, 4 months cliff and 5% monthly release (20 months linear vesting after the 4 months lockup).
There will no longer be private sales. The tokens initially allocated to private sales will be added to the public sales allocation. 300,000,000 BXB will be sold in public sale IDOs at a price of 0.001 USD. The goal is to raise 300,000 USD in public sales. The vesting schedule for the public sale tokens has not changed. It is still 20% at launch, 20% monthly release (4 months linear vesting after launch).
What Did Not Change
All other token allocations and their respective vesting schedule has not changed.
You can find the up-to-date tokenomics at https://whitepaper.web3bets.io/tokenomics
Moving Forward
Token Distribution and implementation of locks and vesting will start in the next few days. During the week, addresses that will receive airdrop rewards for our 1st Community Giveaway will be announced. Distribution of the airdrop rewards will be immediately after the token launch.
