Snake City: Burn and IDO Update
As a result of an ongoing dialogue between Avalaunch and Snake City, the following adjustments have been made to the IDO in order to best serve our respective communities and honor the current market conditions.
TL;DR Updated Information on The Snake City IDO on Avalaunch:
- Sale Size: 30M SNCT at .02
- USD 600,000 USD
- Vesting: 20% at TGE, weekly vesting over 5 months
- Initial Circulating Supply: 14M SNCT (excluding liquidity)
- Initial Market Cap: 280K USD (excluding liquidity)
- 20M SNCT will be burned by Snake City
- All unsold tokens will be burnt
“At Snake City, we do our best to be strategic and take actions that we feel best support the future of our game and growing community. Currently, the first iteration of the game is ready to deploy and we have plans to launch it on May 27th, in coordination with our Avalaunch IDO, NFT sale and listing. The Snake City vision is anchored not in any particular market condition, but in the game ecosystem and community itself. It will only evolve with users and players and we are excited to begin accumulating the foundation that can only come from launching.
After consulting with Avalaunch, our long-time partners in this process, we both jointly decided that the best direction is always to go forward while respecting the climate in which we operate. The ability to be dynamic is demanded of us by our industry, which will always present countless opportunities for Snake City, as well as an equal number of challenges.
With that in mind, we have decided to reduce the size of the raise from the current $1,000,000 USD to $600,000 USD, with a few important details:
- $400,000 USD or 20,000,000 SNCT will be burnt prior to IDO.
- All unsold IDO tokens will also be burnt.
We feel that this adjustment can accomplish a couple of things. One, we’d like to put our best foot forward in a market showing apprehension for newly launching projects. While we are confident that Snake City will deliver a robust and sustainable gaming ecosystem, outside factors like prevailing economic conditions will always be considered.
Two, it allows us to reduce both the circulating supply of tokens very early while we are in a more speculative phase, as well as the total supply.
Crypto is driven by speculation but we prefer to show rather than tell people what we can do. As we move through our IDO, NFT sale and game launch, there can be a real demonstration of fundamentals which will allow a concerned marketplace to more accurately determine our value.”
Avalaunch is a launchpad powered by the Avalanche platform, allowing new and innovative projects to seamlessly prepare for launch with an emphasis on fair and broad distribution. With its values deeply rooted in the early Avalanche community, we are able to offer projects confident, informed users who are aligned with the long-term goals of the rapidly expanding application ecosystem.
Leveraging Avalanche’s scalable, high-throughput, and low-latency platform, Avalaunch is built by users, for teams, to help grow strong communities.