We are announcing an additional bonus for all participants in the SportyFi Token Crowdsale, taking into account the ETH market price fluctuations.
The SPF Token Crowdsale was always set up on a very transparent platform: all the bonuses, crowdsale milestones and other properties of the crowdsale are written in the smart contract for everyone to see and analyse. This includes the 1 ETH to 2998 SPF ratio, which was set when the USD price for 1 ETH was $358, based on the pre-set token valuation of $0.12 for 1 SPF token, and written in the smart contract on November 20, 2017.
In the months prior to the SPF Token Crowdsale the price of ETH in US Dollars was mostly stable. In the last two weeks of November ETH started a dramatic rise in value, and is valued, at the time of writing, at almost $500 for 1 ETH. This significantly changes the parameters of our crowdsale, both for us as well as for potential (and existing) participants.
As it is hard to predict where the price of ETH will be at the end of the crowdsale (but apparently it will be still on the rise in the near future), we have decided to perform a Bonus Airdrop. In the last few days, we have been internally discussing how to approach this best and we have come up with a solution, which would put all our Crowdsale (and Pre-sale) Participants in the same position.
We have decided that the price on November 21, 2017 at 1 pm UTC will not be decisive for the amount of SPF Tokens received for each ETH contributed. Instead, ETH price on or closely around the very last block of our SPF Token Crowdsale (block №4,708,120) will be decisive.
We will scan the ETH price on or closely around the block no. 4,708,120 (we reserve the right to round it to the nearest full amount of USD, without decimals) — or at the time the hard cap is reached, if that happens before the block №4,708,120.
A. The calculation (without bonuses) will be performed as per the following formula:
(X/358*2998)-2998 = the number of SPF Tokens that will be airdropped for each ETH contributed without bonuses
Where X is the price of 1 ETH at or closely around the time the block №4,708,120 will be mined.
B. The calculation (with bonuses) will be performed as per the following formula:
(X/358*3298)-3298 = the number of SPF Tokens that will be airdropped for each ETH contributed with bonuses.
Where X is the price of 1 ETH at or closely around the time the block №4,708,120 will be mined.
Thereby it will be achieved that each Participant will get the SPF Tokens close to nominal value of USD 0.12 (calculated per the last block of the SPF Token Crowdsale).
Example case presentation: If the calculation would be done at the time of writing this blog post, when the price of ETH 1 is USD 481, the calculation would be the following:
Without bonuses: (481/358*2998)-2998 = 1030. In such case, without being eligible for bonus (i.e. contributions after block 4615076, when the 10% bonus finished with less than 100 ETH), each Participant of each 1 ETH, would get an Airdrop of additional 1030 SPF Tokens (thus each ETH contributed would entitle Participant to an additional amount of 1030 SPF Tokens, together thus 4028 SPF Tokens).
With bonuses: (481/358*3298)-3298 = 1133. In such case, with being eligible for bonus (i.e. contributions before or on block 4615076, or contributions with more than 100 ETH, regardless of time of Contribution), each Participant of each 1 ETH, would get an Airdrop of additional 1133 SPF Tokens (thus each ETH contributed would entitle Participant to an additional amount of 1133 SPF Tokens, together thus 4431 SPF Tokens).
So, to simplify the above written: if at the time when the last block of SPF Token Crowdsale will be mined the ETH price will be 35% higher when compared to the locked price of USD 358 per 1 ETH, each participant would get 35% more tokens than it would have if there would be no Airdrop Bonus.
General rules of this SPF Token Airdrop Bonus:
Anyone participating in the SPF Token Crowdsale will be eligible for the SPF Token Crowdsale Bonus, this includes (i) Participants from the SPF Token Pre-sale, (ii) Participants from the Crowdsale, who already contributed and (iii) Participants who will contribute in the future, before the end block №4,708,120 will be mined;
This SPF Token Airdrop Bonus is in addition to any other bonus earned in the past or future;
This SPF Token Airdrop Bonus is applicable only if the price of 1 ETH on or around the time the block №4,708,120 will be mined is above $358;
The SPF Token Airdrop Bonus will be distributed within 10 days after the block №4,708,120 will be mined;
This SPF Token Airdrop Bonus will be distributed out of the SPF Tokens that would otherwise, if there had been no SPF Token Airdrop Bonus, be burned.
The smart contract is written in such a way that the hard cap is set in number of ETH received. Due to the ETH price rise and consequentially this additional Airdrop Bonus, it may happen that the hard cap (since we are limited with the number of 200 million SPF Tokens) will be reached sooner. In such case SportyFi Ltd reserves the right to stop the Crowdsale prematurely, taking into account the limitation of 200 million SPF Tokens. In such case the price of ETH at the actual last block of the Crowdsale will be relevant for the calculation of the Airdrop Bonus;
All remaining SPF Tokens from the SPF Token Crowdsale, after the distribution of all bonuses (including this SPF Token Airdrop Bonus) and claim for SPF Tokens for Founders and Team (18%), SPF Tokens for Advisors and Ambassadors (10%) and SPF Tokens for future incentives for fast growth (e.g. strategic future partnerships) (5%), will be burned.
Need more details? Check out the SportyFi Website (https://sportyfi.io/) or read the SportyFi Whitepaper (https://sportyfi.io/SPORTYFI-Whitepaper.pdf). And come chat with us on Telegram (https://t.me/sportyfi_official).