Wemark’s Token Sale Summary — Everything you need to know

wmk (40)in #fundraising • 6 years ago

We’re excited to announce the final data of our sale and mark the official end of Wemark’s token generation event. Although we canceled our public sale, we raised 233% of the soft cap. We’re now laser-focused on launching our marketplace and kickstarting the economy.

In case you missed it — here’s a recap of the past few months:

We released Wemark’s whitepaper in April, kicking off an inspiring journey, and received the majority of the private sale’s contributions during May-July.

While we originally planned to end the TGE with two rounds of deposits and an open public sale, we made the tough decision to cancel the public event. The number of contributors and whitelist requests on both of the deposits’ rounds exceeded our expectations and left us incapable of completing all the required measures for complying with the regulation.

At that stage, we already reached the soft-cap target of 3,250 ETH, and raised enough resources to afford to cancel the sale (and lose potential contributions), but also removed the risk of unverified or unlawful contributions, which, with the absence of a rigorous manual process, we could not prevent.

Deposits came in between July and early August and many contributors were required to provide more information about themselves or the source of their funds, in addition to the basic KYC application. To keep the process as clean as possible, we’ve taken extreme measures to comply with regulation and anti-money laundering (AML) instructions. Furthermore, citizens of 11 countries weren’t allowed to participate in the sale, including major markets such as China and the US.

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Token Sale Data & Results

The required amount (soft-cap) for our sale was 3,250 ETH, and the hard cap was set for 16,750 ETH.

The final amount raised is approximated by 7,562 ETH.

We sold 25.87M out of the 46.50M tokens that were designated for the sale. This means that 55.63% of the tokens were sold, and the rest will now be burned to reduce the total supply of WMK.

We received contributions from 66 different countries, with the largest number of contributors coming from Italy, the UK, Canada, and the Netherlands.

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We had to be picky and declined over 800 contribution requests in various stages from rejected KYC applications to deposits and private sale contributions. For a variety of reasons, these contributions have been rejected and refunded.

Our bounty program has also come to an end. 3,859 participants helped our cause and will be rewarded with WMK tokens. The KYC process for bounty participants has begun and is available right here. The distribution of bounty tokens will start next week and continue on a rolling basis.

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Token Burn

Based on the final data from our token generation event, 20.63M WMK remain unsold and will be burned and removed from the total supply.

During the token distribution, which started after the sale, we’ve made more than 5,000 different transactions to different types of WMK holders. We’ve spent considerable time making sure this process goes smoothly, and while most of it was errorless, one mistake turned out to be significant.

To be fully transparent: during one of the private sale’s distribution batches, our team made an error that caused 2.87M WMK to be locked for a significant period of time. Instead of a 12 months vesting, those tokens were sent with a lock-up of 49,066 years.

That may sound strange, but here’s a quick rundown of the simple human error that caused it: Instead of setting the vesting time in seconds, the time was entered in milliseconds. Although this mistake is unfortunate, it’s important to mention that this is not a bug or a system malfunction but rather a human error made while manually sending the tokens. This has nothing to do with the smart contract itself, which was audited multiple times by leading security audit providers, such as Hosho, and was found to be safe and secure.

The 2.87M tokens that were indefinitely locked will be considered as burned. As the total number of burned tokens should be 20.63M WMK, an additional 17.75M tokens will be burned in the next 48 hours.

This brings the total supply of Wemark tokens to 114,369,350.

Where we’re headed:

We’re thankful and humbled by the incredible support and trust we received. Before we started this journey, we could never imagine that this amazing group of contributors, advisors, partners, and supporters would join our team to build the Wemark community. We couldn’t do any of this without you!

But the token sale was never the target, just the means. We have big plans for the foreseeable future of Wemark, and we’ll unveil them over the next few weeks.

In case it slipped through the cracks of your daily content feed, we recently announced a major update to our product, enhancing the marketplace with new features, UX improvements, infrastructure upgrades and more. Additionally, images by more partners have been added to the search engine and we continue to sign new content partners continuously. As we’ve announced in the past, the marketplace is ready and supports the full licensing process including payments with WMK tokens. Once the tokens release, it will become fully active.

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And last but not least: photography submissions are flowing in!

After receiving countless image submissions from photographers all over the world, we’ll soon announce our updated roadmap and strategy for content review. This will allow us to onboard photographers faster, selecting the best possible photos for the marketplace.

We’re all working extremely hard to complete our plan for releasing the tokens, activating the marketplace and making the product accessible for customers who doesn’t know how to work with cryptocurrencies. This will be followed with a major marketing campaign aimed to get adoption right from the first months. We’ll share more details on these plans soon.

Thanks again for your patience, enthusiasm and support. We couldn’t do it without you!