Preparing for Round 2

The full article was originally published by Soonlabs on Medium. Read the full article here.

The $SOON TOKEN SALE re-boot is ready for takeoff

Based on the general sentiment from the community, we quickly realized that the parameters around our first attempt at a token sale were too ambitious. That’s why we decided to end it early and refund all participants.

It’s important to note that the launchpad tech was able to refund 570 participants in less than 5 minutes, all with zero fees. You have to love a feeless Tangle!

We’ve created a new token sale and development strategy based on community feedback and are very excited to share it with you.

Leaner and More Profitable

We’ve worked with our advisors, partners, and community to develop a new set of goals and priorities to adapt to what we learned from the previous sale.

Based on those discussions, we will now be seeking to raise about ⅓ of our original amount, extend our runway by reducing all our operating expenses to the most essential activities, and pivot to a more lean and profitable approach to operations. Here’s our plan of action:

  • Scale down operations to reduce our high burn rate and focus on increasing our longevity
  • Open source the platform as soon as our full security audit is complete to bring in more community developers and compensate them with $SOON from the Treasury
  • Have our teams heavily focus on profitable service modules to provide continuous funding to the Soonaverse Vault to improve token utility

We believe that making these changes will benefit the Soonaverse community for many years to come. We’ve learned a lot over the past year and will continue to improve.

Open Sourcing the Platform

Moving to open source is happening sooner than we were expecting, but this was always our ultimate goal. So, we will be completing a series of security audits and then deliver the entire platform to the community. Our ETA is July 2022. This will make it easier for new dev teams to contribute, and also relieve us of the burden of being the only team building out the core modules.

This will allow our developers to focus on the main profit centers of the Soonaverse. Our dev team will also prioritize and complete the platform migration to Shimmer and enable SOON staking when that becomes available later this year with smart contracts.

We would like to emphasize again that the entire Fab 5 are staying on with the project. No one is leaving, and the platform will continue to operate “as is”, however as we move our own dev resources to the profit modules, core module development outside of maintenance will come from an expansion of our community developer outreach and rewards issued from our Treasury.

An article further detailing our open source strategy will be released soon.

Community Feedback for the New Token Sale

A lot of community members have taken time to express their feedback on how we could create a better token sale. Here are the main takeaways:

  • Reduce the valuation significantly
  • Increase the time span of the token sale
  • Make it a first come first serve sale and remove the cooldown period for refunds
  • Create a very simple image / few lines of text of the most attractive features of the token

You can see how we’ve implemented each of these suggestions in the following section.

Token Sale 2.0

A new token sale will commence on June 14th at 6:00 pm CET and will last either 7 days or when the tokens are sold out. We chose this date after the IOTA Build vs. Burn vote ends, so everybody can make sure their voice is heard on such an important milestone in IOTA’s history.

A big change is that this sale will be on a first come first serve basis. That means if the IOTA deposit threshold is exceeded, we’ll manually end the sale. This might take all 7 days or it could take 15 minutes, so adjust your strategy accordingly.

Those who participate in this new token sale should understand that they are buying into this new lean, open source approach. The entire vision of the Soonaverse is more or less the same.

So, now that we’ve reduced our overhead and made a pivot to focus more on Soonaverse profit centers, we would like to share these cost saving measures with you and offer a recalibrated token price of $0.20 per $SOON. We will sell 12 million tokens instead of 10 million, creating a raise amount of $2.4 million, an initial market cap of $3.2 million (16 million $SOON in circulation at $0.20 per $SOON) and a fully diluted valuation of $20 million (FDV is calculated after 3 years staking incentive period).

We will use this raise to establish our runway for Token LaunchPad, the Token Exchange, DEX, and Service Module development. Our primary focus will be on the L1 to deliver low cost token creation and exchange at scale. This will feed the entire platform and maintain and expand the impact and value of $SOON for everyone.

To recap…

Token Sale 2.0 Date/Time: June 14th, 2022 at 6:00 pm CET

Raise Amount: $2,400,000 USD

Launchpad Type: First Come First Serve

SOON tokens will be able to be bought with IOTA tokens on the Soonaverse Token Launchpad. Instructions on how to buy tokens can be found here: https://docs.soonaverse.com/en/token-launchpad/buying-tokens (please note that the cooldown period will not be applicable in this particular token sale).

The price of IOTA will be locked 1 hour before the sale starts.

Experience Token Trading TODAY

A lot of people have expressed their interest in trying out the trading module that’s been built and our developers are excited to see it in action. To accomplish this in the interim before our token sale on June 14th, we’re going to be airdropping a meme token to the entire community to test out the trading functionality.

The $FEE Token (thank you for the name, emmap3!)

The $FEE token!!! Every user who has done at least one of the following as of May 30th, 2022 at 8:00 pm PST will receive a 10,000 $FEE token airdrop:

  • Voted on a proposal
  • Received an award
  • Validated their IOTA address
  • Bought/Sold/Bid an NFT
  • Participated in the first token sale

Please understand that the $FEE tokens are meme tokens and have absolutely no utility. Their sole purpose is to give our community an opportunity to test out and have fun with the new trading module.

Thank you so much for your support and this opportunity to continue our operations with this new, more focused approach on liquid markets.

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