Recently we published an update that recapped what we have currently achieved & released, looked at our interim ICO results and mapped out how we plan to move forward for the rest of 2018. We then hit our Ethereum Classic hard cap, took a little break to celebrate and started to reflect as a team on the best way to complete our new plan.
It was during this reflection that we realized our new plan had some downfalls, which could potentially alienate our investors. Though running our main ICO until it hits its Soft Cap sounds like a great idea on paper, to raise the funds needed to work on Saturn Protocol, it is impossible to put a timeframe on this and as we know in the fast-moving world of crypto patience is not everyone's virtue.
We are sure many of you will become tired of hearing When we hit Soft Cap! to every question asked. As you know we do not like to work in the world of What ifs? as this can too easily fall into a false promise.
Two main concerns our current path does not address
Problem A. The upgrades we are actively developing for Saturn Network, as great as they are, will not magically make traders appear on our exchange. We strongly believe our architecture for a DEX is superior to our competitors, but we still need an incentive in place to bring them to our platform. Having trade volume on our exchange is crucial for the success of our protocol’s deployment on any blockchain.
Problem B. Our multi-chain airdrop formula, though it sounds great for marketing, can be very negative for our expansion into new blockchains. Investors who are only interested in Ethereum will dump their “free” Saturn tokens immediately, which will dash any hopes of our protocol really generating growth on the new blockchain. Which takes you back to problem A. It will also require a lot of administration and eat up a lot of valuable time from our development team because an airdrop is done manually & if we continue the main ICO we will need to do several snapshots and various airdrops.
We need a solution that solves these two problems, but also ensures Saturn tokens on any blockchain are distributed adequately enough that the DAO is not just controlled by one single party.
We believe that our crowdsale should reflect our decision to focus on turning Saturn Network into a profitable exchange because we believe this to be truly the best way of showing the value of our tech. Essentially, we want every part of our roadmap to be concentrating on generating trading volume. If we continue our ICO, then we will be creating the extra overhead work of taking multiple snapshots & administering continuous airdrops. Therefore, we have decided to respect our original whitepaper’s roadmap and end our main ICO on August 1st.
Please note only the ICO smart contract will be paused, our HODL dApp will continue to run until every token has been sold.
The remaining unsold tokens from the ICO smart contract will be withdrawn to be distributed on our exchange as an incentive for traders to use our platform & therefore generate volume, generally referred to as trade mining or trans-fee mining(more on that below).
This is something we want to implement in every blockchain we enter because it promotes active usage of our protocol across multiple chains and will mean a new deployment of Saturn Network will not just be a way for Saturn ETH holders to dump their new tokens. This new model will also require amending our airdrop formula, which we have outlined below.
Here is our new proposed timeline:
- Our main ICO will finish on August 1st 2018, 00:01 UTC.
- Create a new smart contract to support an exchange mining model, using the unsold ICO tokens.
- Strategic Investor Program will run until the last token sold. To be included in our airdrop formula you need to buy with our HODL dApp before the snapshot date.
- Take a snapshot of the ETH chain on October 1st 2018, 00:01 UTC.
- Use the snapshot for the airdrop of Saturn Classic, in October, following the new formula outlined below.
- Publish a new version of our whitepaper to outline these changes and also provide a clearer timeline in terms of dates.
- Updated whitepaper will also outline a DAO activation process, that our community can review, prior to Saturn Protocol's mainnet launch.
Saturn Network’s Exchange Mining Model
The next release we make will be to upgrade the exchange's existing smart contract to support collecting fees in ETH & reimbursing traders with the unsold Saturn tokens. This will be an incentive to actively trade on our exchange and therefore, align with the future updates we are actively working on to help generate volume.
- Develop and launch Saturn ERC223 Order Book. This will be an upgraded smart contract based on Radex that will reduce number of on-chain transactions needed to trade, while staying entirely decentralized.
- Release API. It will be of utmost importance to both community enthusiasts who are already building customized dashboards for themselves, as well as for trading bot writers.
- Develop and release trading bot making guides. Our goal is to teach you how to use Saturn API in order to create trading bots and let you apply your creativity.
- Deploy the new exchange. Once the API and Saturn ERC223 Order Book are released, we will release an update which will make the exchange accessible for read-only mode without Metamask or Saturn Wallet, as well as enable mobile trading using Cipher or Trust wallets.
- List more tokens. Once the Order Book is released, it will be a great time to list more tokens on Saturn Network and grow our community. Many more tokens. Way more, helped by enabling token self-listing.
We will be able to implement this model onto any blockchain, so for example for trading ETC tokens our exchange would collect fees in ETC and reimburse traders with Saturn Classic.
Updated Multi Chain Airdrop Formula
We have reworked our airdrop formula to support implementing an exchange mining model across all blockchains that our protocol will be deployed in.
The main change is that we are only ever going to take one snapshot of the ETH chain, the snapshot will be the one continously used for our airdrop formula.
We have decided to airdrop everyone who participated in our ICO or Strategic Investor Program, up until the snapshot date, on a 1 to 1 basis. For example, if you bought 50,000 SATURN in our ICO then every time we scale into a new blockchain you will be airdropped 50,000 of the new Saturn token, even if you have sold your original Saturn tokens.
We feel this is a great way to provide our early investors with a reward for believing & supporting our project from day one.
What does this mean for our HODL dApp / strategic investors?
- Anyone who bought or buys Saturn ETH with our HODL dApp before we take the snapshot will be eligible for our airdrop formula.
- After the snapshot is taken, Saturn sold via our HODL dApp will no longer be eligible for our airdrop formula. Of course, you still receive the bonus percentage for agreeing to lock up your tokens.
- This allows us to launch a HODL dApp on new chains because the full allocation of our strategic investor program will not be airdropped, unless its cap is hit before the snapshot date.
It also makes everything much clearer for how we will scale into new blockchains in terms of the new token's allocation.
Token Allocation for launching onto a new chain
When we publish our updated whitepaper we will also include a new section to go into more detail about launching onto a new chain and the new token's allocation.
We hope you agree with our new direction and see the benefits of steering Saturn Network to being an actively used and profitable exchange. Ultimately, the success of our protocol and the value of Saturn tokens will be decided by its usage. More traders will mean more trades happening, allowing more fees to be collected and more dividends to be distributed to our token holders.
Thank you for your support! If you have any queries, please do not hesitate to drop by our community forum and ask here.