THORWallet Update

Recap of THORStarter Launch (Phase 1)

The THORWallet Phase 1 Launch was held on THORStarter on November 15th. In response to the overwhelming demand, we increased the allocation for this launch. The launch went smoothly and overall we think it was a huge success.

⚡️$500k total commited

⚡️> 5700 total allocations

⚡️FCFS allocation sold out in 1min 36 seconds

It was a rare opportunity where the whole THORChain community had the chance to participate in an ecosystem project at the entry level price of $0.025 per $TGT — the same as 1st round private investors.

To show our appreciation to early THORWallet community members, those who minted their free THORWallet Soldiers enjoyed an increased allocation as THORStarter Tier 2 participants.

Even though we previously increased the allocation for the Phase 1 launch, the demand was so overwhelming that we had to increase the allocation again. At the end of the day, we have increased the allocation 10x to meet the extraordinary demand for THORWallet.

As many of you can appreciate, an IDO is a moving target. Launching a token is like trying to walk a straight line on a rocking boat whilst carrying a few drinks. There may have been a few splashes, but so far we are happy with the outcome.

Despite months of preparation, we had to make last minute changes with the launch at phase 1 with THORstarter as well as phase 2 the launch on Thorchain with Thorswap to accommodate ecosystem changes.

Those changes needed to be addressed quickly in a very dynamic manner. No-one is to blame and there is nothing particularly interesting about it, but we’ve had to roll with the punches to deliver.

In making these changes we always had our community front of mind in balancing the short and long term requirements of the project. With the changes we have made, we are confident that we have shown how deeply we care about our community. THORWallet will be the leading wallet on THORChain and we want you all along for the ride with us.

Phase 2 & 3

Unfortunately, due to the halt of THORChain, we have had to postpone phase 2 and consequently phase 3. As soon as we are able, we will announce the new dates. Keep an eye on the website, Discord, Twitter, and Telegram.

Phase 2 updates:

  • We have decided to set the starting price at $0.075 per $TGT for the THORChain launch (Phase 2). We have made this change to compliment the 10x increase of the Phase 1 allocation which was at the price of the first private round ($0.025). $0.075 was chosen because it is the same price our strategic investors paid in the 3rd and final round. Again, we do not believe in starting at a premium because we want to see a genuinely fair launch for all our stakeholders.
  • Given our total allocation for the different phases and overall tokenomics, Phase 2 will have a 2–3% allocation, putting the initial supply of $TGT at a healthy 12–13%. We think that this strikes the right balance between price discovery and depth of liquidity.
  • New dates for phase 2 & 3 will be communicated through our channels.
  • Please use the time to get prepared: Read our How To and fill out this form (we will send the 1 TGT Airdrop 12–24h ahead of IDO phase 2).
  • Questions are best answerd in our Discord server #Questions. During the IDO itself we will mute all channels except the Helpdesk on Discord, as this worked very well for phase 1.
  • You can claim your $TGT tokens of phase 1 on the THORStarter platform after the $Rune-$TGT pool starts trading.

THORWallet Incentive Program

Dont forget to read our recent medium article about our short & longerm incentive program for $TGT holdres. In short:

⚡️ $TGT buyback & burn increase to 50%

⚡️Single-sided $TGT staking with 800% APY

⚡️LP $TGT-$RUNE rewards with 1200% APY

⚡️10m $TGT THORWallet Referral Program

⚡️THORWallet Mission Rewards

Read the full post here.

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