After an extensive internal discussion within the Elysian team, we have collectively decided to pursue a lucrative token release strategy as we acquire clients for our Ecommerce platform and end the Token Generation Event at a capped hard cap of $7,000,000 USD due to market conditions. We have decided on this for several reasons and we feel that it is the most fair decision that could have been made with respect to our community.
Elysian has successfully completed its private sale and pre-TGE, primarily receiving private contributions. This has also continued in the TGE itself. We are pleased to announce that we have received a private contribution during the initial stage of our TGE, and we feel that this contribution is more than enough money, combined with our private sale and pre-TGE allocations, to operate as a company and directly begin further development to achieve our roadmap milestones either on time or ahead of schedule.
Elysian has received several pending offers and decided to accept an absolute maximum of $3,000,000 with a maximum of $1,000,000 allocated to each of our 3 stages of the Token Generation Event. This way, the metrics remain at a stable, whole number as well. We have developed a strategy for the remaining 120,000,000 ELY tokens that will allow the tokens to be released in a way which benefits the entire community. For each store that launches on our Ecommerce platform, we will release an ELY token amount equivalent to $1,000 USD. In addition, there will be an option that store owners can pay their monthly subscription fees with ELY tokens. New businesses will be able to pay their store subscription fees and all other potential fees with tokens from the 120,000,000 available ELY to receive a discounted rate, which means that the more successful the project becomes, the more tokens will be released. There will not be any tokens released as long as we do not deliver what we promise.
As we all know, the current market conditions are difficult for the entire market. The ongoing bear market has affected various aspects of cryptocurrency, from investors to traders to companies. In this type of market, until it recovers, it is important to focus on large private funding in amounts that are reasonable enough for the project to survive without any issues and continue to develop their project.
We believe that our current amount raised is a more than fair amount for Elysian to function. We will use the remaining 120,000,000 ELY tokens to create an allocation that is specifically for acquiring clients which launch their Ecommerce stores on our platform. By doing this, we will be able to focus strictly on development and building a massive client base, which will in turn allow the tokens to be released in the $1,000 USD increments per client. We have decided on this number because we expect to build a large client base and we will have to do so in order for all of the ELY tokens to be in circulation. This will provide legitimate stability for the project because Elysian has enough funding to comfortably function for the next 24 months minimum, at which time we will not only have a revenue generating product but also several merchant stores on the platform.
This will also appeal to the Elysian community and token holders for various reasons:
*The hard cap is lower
*The circulating supply of our token is lower
*It allows us to focus strictly on continued development
*Most importantly we have to deliver our roadmap milestones and sign clients in order for the rest of the tokens to be released
This is extremely fair, and it will give confidence to our community that they can trust that our team is constantly operating at optimal efficiency and working hard to deliver our goals on time.
Elysian will use its remaining token allocation from its referral program, which was closed due to the TGE being hosted by QRYPTOS, to allow individuals to continue to purchase TGE tokens on QRYPTOS until the allocation is filled. Referral tokens are equivalent to 1% of our maximum supply, which is 10,000,000 ELY tokens. The referral tokens are divided up as follows:
*QRYPTOS platform for Token Generation Event
*Referral Campaign
*Airdrop Campaign
*Jury.Online platform
*Bonus tokens for pegging ETH at $600
The Elysian team has concluded this based on a number of independent factors that have influenced the entire process. We are certain that this decision is strong for both the project and the public, and at the same time protects our investors.
We decided on this course of action to show the public that we are more focused on the continued development of our platform instead of raising more money than what is necessary to comfortably function. This decision was made in the best interest of all acting parts of Elysian, and will give us a safety net to raise more funds for the implementation of roadmap milestones that are further in the future by contacting Ecommerce merchants and having them launch stores on our platform.
Elysian appreciates the support it has received from its community, and we are excited to begin our post-TGE journey. Stay tuned for more news regarding our project, including the development and release of the mobile wallet over the next few months, which will be a vital connecting piece between users and the platform.
About Elysian:
Website https://elycoin.io/
Telegram https://t.me/elysian_ely
Whitepaper https://elycoin.io/whitepaper/english
Reddit https://www.reddit.com/r/Elysian_ELY/
Twitter https://twitter.com/Elysian_ELY