TL; DR: The Spin team has conducted an analysis of the latest token sale events and the subsequent token performance. Unfortunately, the current market conditions are not favorable for the token launch. There is a significant risk of token depreciation in the current market climate. As a result, we have decided to postpone the token sale event until there is a shift in the market sentiment.
Freaky Elves holders have the opportunity to vote on whether they prefer to postpone the priority round or utilize their priority access right away (at the current valuation) to receive tokens at a later date. The voting will finish July 11, 3 pm UTC.
Delay reasons
The Spin team has conducted a thorough examination of the latest token sales on platforms like Tokensoft and other launchpads. We have also consulted with our seed round investors and advisors regarding the risks of conducting a token sale in the current market sentiment.
Releasing the token in this market carries an extremely high risk of depreciation. This would lead to fear, uncertainty, and doubt (FUD) among token sale participants, requiring significant efforts to rebuild the brand and token reputation.
However, we are also not inclined to delay the token sale and postpone the release of the token itself, as we currently need precise information about the token release timeline. Therefore, we have decided to postpone Round A and Public Round, which do not have any specific entry requirements.
Priority round voting
In the case of Freaky Elves NFTs and Priority Round, we realise that many members of the community purchased a Freaky Elves NFT in order to join the priority round. That’s why we want Freaky Elves holders to decide themselves on whether they want to join the Priority Round now and invest at a $40 million valuation and get tokens later upon TGE or if they want us to postpone the event.
Only Freaky Elves holders will be able to join the voting. The voting will start on Monday, July 10th, 12 PM UTC and finish on Tuesday, July 11th, 3 PM UTC.
Further steps
The delay in the token sale will not affect Spin’s plans to build DeFi products. We will be publishing an updated company roadmap shortly.
