This is an important update about Xircus token sale. After careful consideration, we have decided to push the main token sale further for various strategic reasons. We understand, it may be disappointing for some of you but pushing the token sale further is in the best interest of our investors and other stakeholders. In the meanwhile, we are confidently moving ahead with the project making progress, and adding new developments. We don’t want to take any unnecessary risks because of the market conditions and compliance-related requirements for Dapps and creators to start deploying their NFT marketplaces on the platform.
It is not an easy decision to make, but here’s why we considered delaying the make token launch date:
- Compliance Issues: We had planned to launch the main token sale after at least a few projects had already deployed their custom NFT marketplaces. We have been very diligent with the product development and the platform is already operational. However, we have learned that there are a few very strict compliance measures that must be in place before we allow NFT creators (Ringmasters) to deploy their custom marketplaces on the platform. We have already started by creating a whitelist and getting with the documentation to ensure compliance. Once we have projects running their NFT marketplaces on the platform we expect a better and more successful main token sale.
- The Market Condition: Bitcoin is giving obvious signs that we are on the edge right now to go to lower levels or to continue the bullish uptrend (it did not strongly create a move downwards but didn’t make strong moves to the upside either), this means chances are significant that it could take a nosedive. Imagine while this will happen during our launch week.. Launching the main sale would be unnecessarily risky that will result in people not willing/daring to invest in Xircus (and crypto in general) during the main sale while there is fear in the market.
- China’s Crypto Ban: Xircus has a strong community of investors from China. We have also been in touch with groups from the mainland. However, with China’s hard-handed approach and a complete ban on cryptocurrencies, we have been working on alternatives to ensure how such investors could become a part of the Xircus token sale. Putin them out can be detrimental for the entire project. We are hopeful and certain that we will find the best way out for them.
- Strategic Partnerships: We are still in the process of choosing the right strategic partners for Xircus. We have been approaching actively since the very beginning, but now we are getting noticed we also receive requests from institutional investors. Choosing the right partners would accelerate Xircus growth, not only in the token sale stage but more importantly in the stage after the token sale stage.
In the meanwhile, we are gearing up for a massive and more successful main token sale by using the time before we start allowing creators to launch their NFT marketplaces. There will only be benefits.
- We’ll be creating more brand awareness and momentum when we attend the top global blockchain events in October (Dubai blockchain week). We would be representing the Xircus and promote not only the product but also the token sale event.
- We get additional time to build up the momentum and get more reach because of the new and active strategic partners.
- With creators deploying their NFT marketplaces on the platform, we will have better product/market adoption. This in turn would help us achieve our goal with the token sale. With requisite funds, we would be able to develop and promote the project and justify the solutions we have created. Moreover, with active deployment, the investor confidence and scope of the token sale would have a strong positive impact. We had never wanted to go to the token sale without having active deployments. With the compliance and regulatory requirements met, we can very soon have the first batch of creators deploy their NFT marketplace on the platform.
- Aside from our product intrinsic value, we are not letting the token sale become a victim of the current market situation. After carefully analysing the situation, we see that we will have a better chance to get momentum for the token value to grow rather than launching while the investor confidence in the market is at its lowest (the fear & greed index flipped from “fear” yesterday to “extreme fear” today. We just cannot see the market sentiment change in just a few days, it might take a few weeks)
What does this mean for the token distribution?
It means we will not distribute the tokens just yet. We will finish the presale rounds and then onboard the strategic partners (institutional investors). We are intending to distribute and host the token sale event on October 28 2021.
What does this mean for the remaining presale stage?
Rest assured: those who want to buy more XIRCUS tokens would still be able to buy (more). The presale will be scheduled in 3 weeks from now during Dubai Blockchain week (we are anticipating Tuesday October 19th 2021).
What does this mean for the IDO and public sale?
It means the IDO and public sale will be held after the final presale stage.
Creating a disruptive solution and successfully launching it using a technology that’s still evolving is bound to be challenging. Throughout the journey with Xircus so far, we have faced many different challenges and have had to make tough decisions. However, postponing the main token sale on short notice has been a very tough call for the entire team as much as it is for our stakeholders. We all know that not everything always works as anticipated. We are sure to turn these adverse market conditions and delayed launch into an opportunity by dedicating our time to further promote Xircus token sale and the product at top blockchain events globally. We are sure that we are now stronger than before and we will also ace the token sale event with product adoption and in-person promotion of the project at top Blockchain events forging strategic partnerships on all fronts.
We’ll share an update later this week with more interesting news to share!
PS. if you are interested in the pre-sale round that we will commence in October, make sure you subscribe here.
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