1/ Here's an important update for the Elrond and holoride community.
We've been working hard to find the optimal solution for the challenges we've seen the last week.
After several discussions, here's the best proposal for the next steps.
Plus a powerful new growth program.
We've been working hard to find the optimal solution for the challenges we've seen the last week.
After several discussions, here's the best proposal for the next steps.
Plus a powerful new growth program.
2/ There are 2 challenges we're addressing, and one powerful new program for future community growth.
Let's take the challenges and their solutions first.
Let's take the challenges and their solutions first.
3/ Challenge 1: initial buying/selling confusion.
A lot of people buying during the first hour after listing, have been at a disadvantage.
With buying pressure super high, and immediate unexpected selling pressure coming in, some were caught in between.
A lot of people buying during the first hour after listing, have been at a disadvantage.
With buying pressure super high, and immediate unexpected selling pressure coming in, some were caught in between.
4/ Here's the solution we've arrived at.
First step we've taken was to compute the total sum of perceived losses incurred by the buyers during the first hour.
The simple formula is:
Temp Losses = Buys made during the first hour - current market price.
First step we've taken was to compute the total sum of perceived losses incurred by the buyers during the first hour.
The simple formula is:
Temp Losses = Buys made during the first hour - current market price.
5/ Second step was to discuss with the few initial sellers to potentially secure part of the initial selling profits they made to be reshared with the affected community members.
1st buyer returned 1,092,608 RIDE + 40,725 EGLD
2nd Buyer returned 500,000 RIDE + 4,000 EGLD
1st buyer returned 1,092,608 RIDE + 40,725 EGLD
2nd Buyer returned 500,000 RIDE + 4,000 EGLD
6/ In addition, the Elrond Foundation repurchased 5,295,510 RIDE from the affiliate.
A total of 6,888,118 RIDE & 44,725 EGLD (~$27M USD) are now ready to be distributed to the RIDE listing event participants.
A total of 6,888,118 RIDE & 44,725 EGLD (~$27M USD) are now ready to be distributed to the RIDE listing event participants.
7/ Eligible recipients are accounts that have purchased $RIDE on December 16 between 15:51 - 17:00 UTC, at a price greater than $1.65 USD - the price where RIDE settled after listing.
8/ The process of sharing this reward with the community will be as follows:
a) all tokens gathered have been added as liquidity in the EGLD/RIDE pool
b) the resulting LPs have been added to the EGLD/RIDE farm with LKMEX rewards
a) all tokens gathered have been added as liquidity in the EGLD/RIDE pool
b) the resulting LPs have been added to the EGLD/RIDE farm with LKMEX rewards
9/
c) resulting Farm tokens will then be distributed to eligible accounts, proportional to the perceived loss
d) additionally, the remainder of 1,944,254 RIDE will be distributed to eligible accounts, proportional to the perceived loss
d) all this process will be executed today
c) resulting Farm tokens will then be distributed to eligible accounts, proportional to the perceived loss
d) additionally, the remainder of 1,944,254 RIDE will be distributed to eligible accounts, proportional to the perceived loss
d) all this process will be executed today
10/ Challenge 2: initial impermanent loss.
Some people depositing liquidity right at the start have incurred impermanent loss.
To offset a significant part of it, we have enabled a MEX rewards boost for the EGLD/RIDE pool.
Some people depositing liquidity right at the start have incurred impermanent loss.
To offset a significant part of it, we have enabled a MEX rewards boost for the EGLD/RIDE pool.
11/ To be very clear, all these situations are normal, happening at every listing, on every exchange.
But this has been an exceptional case, with the first listing on the Maiar DEX, and some manifested problems leading to unfavorable outcomes for a large part of the community.
But this has been an exceptional case, with the first listing on the Maiar DEX, and some manifested problems leading to unfavorable outcomes for a large part of the community.
12/ Three important things I wish to underscore.
A - Challenges and problems are expected; they are part of the game. What matters is that whatever comes, we will push hard to find a solution.
Every. Single. Time.
A - Challenges and problems are expected; they are part of the game. What matters is that whatever comes, we will push hard to find a solution.
Every. Single. Time.
13/
B - Invest time for due diligence; invest only what you can afford to lose; only participate in projects you believe in, and want to join for the longer term. Be wise, choose the investor mindset, and skip the pain you would incur with trader illusions.
B - Invest time for due diligence; invest only what you can afford to lose; only participate in projects you believe in, and want to join for the longer term. Be wise, choose the investor mindset, and skip the pain you would incur with trader illusions.
14/ Take this as a second chance to carefully examine your goals and strategies.
A chance to carefully consider the long game.
A chance to play the only game that matters.
A chance to carefully consider the long game.
A chance to play the only game that matters.
15/
C - This recovery program could not have been implemented without good will & best effort from skilled community members that have outpaced everyone else in executing the buys and sells.
After the event on Thursday, all of them could have chosen to proceed otherwise.
C - This recovery program could not have been implemented without good will & best effort from skilled community members that have outpaced everyone else in executing the buys and sells.
After the event on Thursday, all of them could have chosen to proceed otherwise.
16/ Still, in spite of challenges, the Elrond community came closer.
And learned a few hard lessons.
Big respect for the people that choose to contribute profits made, for the community recovery program.
And learned a few hard lessons.
Big respect for the people that choose to contribute profits made, for the community recovery program.
17/ And there's one more thing.
Shifting us from the past, to the future.
@holoride is preparing a powerful RIDE staking program that will be introduced on the Maiar DEX in January.
The start of a remarkable new chapter.
Shifting us from the past, to the future.
@holoride is preparing a powerful RIDE staking program that will be introduced on the Maiar DEX in January.
The start of a remarkable new chapter.
18/ We are early.
Although a lot of rigorous effort is going into every step, problems will invariably appear.
Whenever they do, we'll carefully analyze, and find a solution.
Although a lot of rigorous effort is going into every step, problems will invariably appear.
Whenever they do, we'll carefully analyze, and find a solution.
19/ However hard, and difficult, and painful it may be.
One way, or another, we'll find a way to move forward.
Stronger. And together.
One way, or another, we'll find a way to move forward.
Stronger. And together.
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