We have heard the concerns of our community regarding the Venture Round unlocks and wish to make things right before the start of our Cellchain auctions in June. Thus, after thorough consideration, we present the details of resolution in the following community update.
Venture Round Vesting Release
We have listened to the community and our experienced partners, and have decided to fully release the remaining Venture Round vesting at the next unlock date — May 19th. This decision was made as a means to alleviate the constant economic and psychological pressure of the current vesting schedule that would have lasted until early September — which evidently hindered the onboarding of new and retainage of current community members.
By essentially “getting it over with”, we can have a fresh start just in time for our Cellchain auctions in June. This should result in a healthier community and better market conditions to ensure the success of said auctions.
Market Buybacks and LP Rewards Boost
As a means to offset the market impact from the remaining Venture Round tokens, reward current LP providers, and incentivize potential future LP providers, we will utilize the initial liquidity supplied at listing for buybacks of CELL tokens from the open market to be added to our LP Rewards Program.
- LP Removal: The initial liquidity supplied at listing, currently worth approximately 420 ETH and 800,000 CELL valuated at a total of ~2.900,000 USD, will be removed.
- Market Buyback: The 420 ETH from the initial liquidity at a valuation of ~1,450,000 USD will be used for multiple strategically planned buybacks of CELL tokens from the open market. The completion of buybacks will be realized between May 20th and May 30th.
- LP Rewards Boost: The 800,000 CELL tokens from the initial liquidity at a valuation of ~1,450,000 USD will be added to our LP Rewards Program on May 19th. Additionally, all CELL tokens acquired from the Buyback Program will also be added to the LP Rewards Program after its completion.
Cellframe is a quantum-resistant layer-1 network focused on facilitating secure and scalable cross-chain transfers. Cellframe aims to create an infrastructure for decentralized low-level services through its multichain nature. It is quantum-safe — it uses post-quantum encryption by default. Cellframe is built from scratch with plain C, which results in more efficient utilization of CPU and memory.
Stay tuned for more info and follow us at:
Telegram ANN: https://t.me/CellframeANN