During the ILO and the following days, we have received thousands of messages. Some of them were from concerned investors, who asked us to comment on the below-mentioned topics. As we are committed to transparency and open communication, please find our explanations below.
Why was trading disabled for the first 10 minutes of listing?
To give our investors a fair chance and the time required to claim the tokens, and for the sake of bot protection where investors rely on bots to directly communicate with underlying smart contracts, we’d to put this mechanism so no one is allowed to trade.
Private Investors Sold Initially
We had no special treatment to private investors apart from them buying tokens 40% cheaper than what was sold at pre-sale, in-terms of them selling first was not something that was programmed in smart contract.
If our smart contract is read carefully, we do not differentiate any addresses if they’re private or pre-sale investors, it’s just a simple formula to open it for all.
Why was chat muted over Telegram during the event
We’d around 1000 members online and communicating over telegram, this chat was muted so that our announcements reach everyone, and they’re informed regarding the listing, graph, burning, and enable of trade.
Why was the token dumped so much?
Indeed it’s very saddening that our token is worth way less than what we expected it to be, and the sole reason was that we’d around 883 participants in pre-sale, and 68 private investors. There can be anyone out of these 951 participants to exit at listing and since AMM calculates the price as ratio between base currency and tokens.
So, every buy increases the price, and every sell affects the price, this is why there was a domino effect where the participants kept on exiting and the price failed drastically.
We tried our best to deliver as the price went up from $13.5 to ATH of $17.5. It was a fair launch which no one preferred over another
The Token is dumped so much, what’s the next steps to increase its value
I want to address this first with a case-study of Sushi, we all know Chef Nomi the developer who dumped around 90% of tokens and the value went from $170 to $1.07 in no time.
However, despite such a big move from the project developer itself, Sushiswap is Top 4th Decentralized Exchange in the world exchange around $500m worth of tokens are traded every day and PancakeSwap is the first. Both of these exchanges make good revenue, Pancake makes around $9.6m / day and SUSHI makes $1.65m in profit.
One very important thing to consider is both of their tokens are inflationary which means 40 tokens are produced every 5–13 seconds. Pancake produces around 750,000 tokens per day worth around $17.2m!
Inflating CAKE with such an amount should decrease the value of CAKE, but it’s stable due to fact that the platform is used widely.
Given very less platforms on BSC and more volume, it sets us in a very good position to make significant amount of trade-volume possible.
Our token is deflationary in nature which means its fixed at 1M supply, but is also bought back and burned from revenue the platform generates.
If we reach around $50m trade volume / day, which with our first of its kind futures contracts is very easy to achieve, we’ll be in a very strong position to earn significant revenue to buy back and burn, and thus increasing token value over time around 10–20X within first few months of operations.
What’s the development plan? How’s it going when we can expect the platform?
The product has been continuously developed since day 1 with our personal funds, we’re innovating the De-Fi space by introducing financial products in decentralized fashion. With our pre-sale we have enough funds to help us Blitzscale this project and bring it to market as fast as possible.
We’re launching our Governance Platform on May 3rd 6PM UTC. This will drastically help us in getting stakeholders feedback and also help in increasing our Tokens price effectively.
Meanwhile in parallel, our Spot platform is being actively developed, we’ve some high quality engineers working on it, with focus on UI and security of contracts itself.
Each of our contracts goes through extensive testing, and code security analysis, and the platform will be launched after a successful audit from a reputable firm.
Our Spot platform is expected to be live by the end of 30th May — June 5th, We’ll be sharing exact date and time as we get nearer to completion.
We’re speeding up Futures Trading as fast as possible, so that the project gets the traction that it needs.
What are the upcoming CEX listings?
We have started talks with Kucoin, ProBit, Bilaxy, and Latoken exchanges to list PSWAP coin and tokens. Our goal is to finalize the deal by the end of this month. We will keep you updated as soon as we reach the milestone.
As a community-centric project, we endeavor to carry everyone along. In keeping with this tradition, we have decided to seek your opinion. So, which of these exchanges would you prefer for PSWAP:
Unfortunately, Binance seems to be too competitive at the moment, but you can suggest other choices in the comments!
PSWAP tokens owned by the team
Out of total 1,000,000 PSWAP tokens 214,566 tokens were used for the ILO. From the remaining 785434 tokens, 700,000 tokens are locked
35,347 tokens were used for listing, 85,704.52 tokens were sold in presale, 1,542.68 tokens were paid in commission, 43,876.57425 were paid to private investors and marketing partners
91,970.8165751 tokens were burnt
500,000 tokens are kept for liquidity and staking rewards
100.000 tokens are kept for marketing, advisors, bug bounties and strategic partnerships
100,000 tokens are for teams that are locked for 18 months because the PorkSwap team is strongly dedicated to the project and is holding their assets with no intention to sell them anytime soon.
Injecting capital from product development funds
We did a in-depth chain analysis and identified that 9 addresses exited around 244.335 BNB which brought the price down from $17 to $14
In order to justify our position, dedication, and commitment to the project, we’ll be injecting the same amount (244.335 BNB) in the pool.
These funds will be deducted from 40% of pre-sale (607.5082 BNB) that we received from Unicrypt for product development and private investor funds ( 266.82 BNB )
We’ll be injecting this during our launch of Governance protocol and staking. We’ve plans to inject more as needed.
This will indeed take away some capital for product development, but nothing comes similar for the premise of gaining community’s trust and interest back.
Message from CEO
As a consequence of this situation, our entire focus and dedication will be on product development, while keeping accountability and transparency of my team members, and the whole environment. This experience, however unpleasant, is one of the main reasons behind the decision to step up with PorkSwap in comparison with other crypto projects — submit KYC checks on the team (by Chainsulting), onboard external auditors to verify our products (Certik, Hacken, TrailOfBits, Solid).
The product delivery is our ultimate goal, and we’re confident to deliver it with the quality and time promised. With the product and platform up and running, I am sure we’ll be looking back at this event, and realize that your investment in our mission would have grown drastically (10X).
If you have any further questions, you can leave them in the comments. We will answer as soon as possible.