The token sale format of SUI is adopted by many projects such as SEI and Cyber, too. The on-chain airdrops are being replaced with KYC'ed CEXs or the launchpads with millions of users. As expected, the airdrop hunters are not happy with the new mechanism.
$CYBER is the token of the project CyberConnect which is like a social identity on the Web3 ecosystem. It connects tens of different Web3 platforms to each other via personalized handles and profiles.
The number of active users of CyberConnect has been exponentially increasing (300,000+) and the growth will be more meaningful with a multi-chain token as the users wished for.
Though there are several other options, why did CyberConnect team choose CoinList for the token sale?
Actually, the performance of past ICO's on the platform looks pretty solid. We see several top-tier coins such as Solana, Flow, IMX, and Near in our market cap list.
Details of Token Sale on CoinList
Coinlist is a popular platform to make it happen when we consider the performance of previous ICOs.
Only 3% of the total supply will be distributed via public sale. I believe this is a pretty low percentage considering the allocation for the team members and the private sales (which is more than a quarter of the total supply)
The tokenomics looks so VC-friendly to me. I have no problem with these projects but the exposure to seed sales terrifies me for the future of the projects.
The price of $CYBER is open to discussion.
Community members will be able to participate at the fully diluted value (FDV) of $180M ($1.80/per CYBER), compared to the Series A fundraise at FDV of $300M ($3/per CYBER).
Though the price was $3 per token, it will be $1.8 per token on CoinList public sale.
The lock up period is linear 6 months
25% unlock at TGE followed by a 6-month linear release starting in Q4 2023
I believe we need to get used to getting token sales in this way. Slowly but firmly 😅
One more thing is that you can apply for getting more from the token sale. Normally, each person can buy minimum $100 maximum $500 worth of $CYBER tokens.
Additional Allocation Request is a new feature that allows sale participants who purchase the maximum amount of CYBER tokens ($500) to submit a request to purchase an additional allocation of tokens.
Yet, if you want to ape into it, your limit may reach up to $2000 if you can luckily get one of the lucky tickets.
Potentially, the token can reach 10x its sale price regarding its seed investments, active users, and collaborations. I'm okay with 5x in the first distribution, too.
The rules of the game have fundamentally changed. We will always see KYC processes, lock-up periods, some extra privileges for community members and token sales on centralized exchanges. I really do not know if it is good for crypto in terms of regulations but one thing is obvious that blockchain-based activities should never be put aside that easily.
On-chain drops may never happen in the near future. If this is the era of a regulation-friendly crypto ecosystem, there are thousands of questions to be answered.
Token Sales are also explored in our ecosystem.
Hive On ✌🏼