Thread by @CryptoEdgar_

1/ Yesterday I've posted my thread regarding the #StepN treasury analysis.

Since then I've received many comments, DMs and information from various sources.

It's a lot to take in, buckle up.

[Thread 🧵]

https://twitter.com/CryptoEdgar_/status/1590751192660865031

2/ I'd like to start with the answer from @tyson_schubert (#StepN head of community).

"Those are influencers",

"And advertisers are not free. So we... yep, you guessed it... pay them"

So in short. Individuals or companies paid by #StepN to advertise the product?

https://twitter.com/tyson_schubert/status/1590930703965118464

3/ Next, I've got some DMs stressing that the vesting schedule (by investors) is still followed and very active meaning that none of the vested tokens have been paid out.

But let's recap.

What does that mean, vested tokens?

4/ Projects are vulnerable when they start. They've got a small user base and usually have a small market cap.

Big players can bully everyone if given access to too many tokens and project funds from the start.

That's why usually two things are in play:
- "Cliff"
- "Vesting"

5/ "Cliff"
Hold off with paying out investors. Let the project mature, grow and improve before paying out tokens.

Based on the shared tokenomics (stepn.com), the cliff for private investors is +/- 12 months (1 year).

6/ "Vesting"
In order to avoid projects from dumping all the bought tokens as soon as they'd get em, you assign a vesting.

Payout small chunks of tokens in a certain timeframe. For example every block, every day, month, ...

Private sale will get 0.6% of the total supply monthly

7/ @CM_Gilgamesh mentioned before that the wallets being paid out from the treasury funds weren't VCs and thus made me believe that no one from the private sale was being paid out.

Just employees, marketing etc.

Also, adding all numbers together I come to 94.9% 🤷‍♂️

https://twitter.com/CM_Gilgamesh/status/1584805425475883008

8/ Enough background

Back to the thread of yesterday. Everything that I wrote above made me think that we should be looking in the direction of influencers, employees and others.

Please remember that I was only able to identify 3 out of the 55 wallets (a little over 5%).

9/ @tehMoonwalkeR and his followers were the most upset by me labeling them as 'Influencer paid by #StepN'. Literally what @tyson_schubert hinted at in his statement.

@MontanaTunz came out stating:
"Private investors" & "Vesting schedules"

https://twitter.com/MontanaTunz/status/1590773371280961536

10/ He's right. Investors do take risks but they also sign an agreement in which they should follow the cliff & vesting schedule proposed by the company they invest in.

And as I wrote before. This should start in Feb '23. Not April '22.

11/ But maybe he doesn't know the true insights?

The following screenshot was taken in the Telegram channel of @tehMoonwalkeR

"I'm a private sale investor of #StepN yes"
"Always been open about that"
"Not paid, those are my vested tokens"

Wait ... vested tokens? Not paid?

12/ "Blocked him for lying and making conclusions" - He sure did

Let's make one thing clear. We have Team Members from @Stepnofficial (the project he invested in), stating that these payouts went to influencers. Exactly what I wrote yesterday.

13/ Can't get back to him as he blocked me so we've got two parties telling us a different story.

But the fact that another account receiving funds from the #StepN treasury has Twitter Bio, 'Web3 angel investing', could mean that @tehMoonwalkeR might be telling the truth.

14/ And this makes me upset & angry.

@FTX_Official just blew up and an enormous amount of people have lost money because the company thought they could outsmart others.

People invested into #GMT believing that private sale funds would be locked for at least a year.

15/ Believing that big players had to purchase funds from the open market just like any other of us.

But instead we have a private sale investor openly stating that the received funds are part of their vested tokens that they sell on the open market.

16/ I guess that, theoretically, these funds still need to unlock 'and the vesting is active' but in the meantime:

Have they already started earning back their share with funds taken from the #StepN treasury? @Stepnofficial

17/ Please remember that all of the above is a summary of information gathered from on-chain data connected to social media posts.

In the end, only @Stepnofficial holds the key to all posed questions and it's up to them if they want to provide clarity in this matter.

18/ Am I doing this for the likes & retweets?

Of course

Because it means we share the message of transparency.

Because every ❤️ means that someone is made aware of what's happening.

And every 🔁 means that one of his/her followers might read what's going on as well.

19/
We're in one of the worst crashes in history. Now is the time to be transparent.

As always NFA. I don't hold nor trade #GMT.

Make sure to follow me (@CryptoEdgar_) to receive future updates.

Please help me to share the word by Liking ❤️ & Sharing 🔁 the FIRST tweet below:

https://twitter.com/CryptoEdgar_/status/1591199295075516416

20/ Everyone wishing to make a donation can do so on one of these wallet addresses:

Solana: 5PMsmkFjbXm86t6BH8UUjxgkKt32WKtNN2kt9Q6ouDkk

EVM-based chains (ETH, BSC, ...):
0xb4c6A8A8926Ed3F94b594aB8A8C93C538D24557D

All proceeds will be used to push for transparency in #Web3