Cancellation of the NBT Presale on Bounce.finance
First we would like to thank all of those that supported and invested, but we have made the decision to cancel the NBT presale.
Most will be aware of the situation but to clarify;
1) Chaotic issues with the Bounce.finance platform
We chose bounce.finance to host the presale with the assumption that it would add some familiarity and authenticity to the token sale process. Unfortunately it quickly became apparent that the platform isn’t fit for purpose and has a slew of issues, and based on the constant stream of complaints we received — bugs we witnessed ourselves, this undoubtedly put many investors off participating. On top of this in the middle of our sale Bounce decided to upgrade their platform, without redirecting old presale links, rendering all of our links posted on social media useless.
The issues included but were not limited to:
- Constant 404s and redirects to their homepage when trying to access our presale link
- Users being unable to search and find the genuine NBT sale from the homepage
- Several fake NBT sales on their front page, with no way to flag or remove
- A non-responsive website ‘rebuild’ went live half way through our sale
- Bounce did not redirect the old URL to the new destination, destroying our marketing
- Attempts to contact them over telegram were ignored even though they were online
Over 250 still managed to participate in the sale while struggling with these issues so we know the demand for NBT is real, and our disappointment is real.
It is inconceivable that Bounce.finance decided to change our sale URL without putting in place any redirect and without making any effort to rectify or communicate with us. We kept positive throughout these issues and had a final marketing campaign planned for the final day with the aim of pushing us over the soft cap, but realised all of our marketing efforts thus far now lead to a nondescript 404 page, leaving us with no other option but to cancel.
2) Community feedback on the tokenomics
We saw low take-up relative to our soft/hard cap targets, even after trending on social media and LunarCrush. We received much feedback from the community about why this might have been, and feel that some aspects of the tokenomics and discount structure might have acted as a deconvincer, so this has been taken on board. Thank you to all who provided constructive feedback, we appreciate it, and we will announce within the next couple of days a redesigned tokenomics distributing 85% to the community.
All investors will now be refunded to prevent the ETH deposits being locked up unnecessarily and we will begin the new sale via our own platform.
Unfortunately the bounce protocol does not allow us to end the sale early, so we request that nobody deposits any more into the presale at this stage. Further erroneous deposits will still be refunded at the end of the timer.
All refunds have been processed less the 1% protocol fee that bounce has taken. We request that anyone who wishes to reclaim this fee, please attempt to contact bounce.finance directly. NBT only ever received 99% of the deposits and have refunded everything received.
The Next Stage
We have listened to community feedback and we will organize another token sale in the near future via our own smart contract, with improved tokenomics and incentives. Max supply will remain at 60,000 and the new price will be 1 ETH = 24 NBT, with a tiered bonus percentage distributed in NBT to all token sale participants.
- 60% Presale Allocation
- 20% Initial Locked Liquidity
- 15% Treasury (Marketing, Dev)
- 5% Liquidity Incentives
This means 85% of NBT is reserved for the community and 1/3rd of the ETH raised will be locked for liquidity permanently.
The development of the NIX Bridge will thus continue, as it realizes the goal of NIX to offer interoperable privacy to any token or blockchain.
We will shortly be announcing the new process on the website and ask that participants stay engaged with us for a much smoother process.
Thank you again to all of those that supported and continue to support — more info in the next 48 hours!