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One year later: one gigantic pump to just below ICO price (for 1 hour), $HBAR is stalled at ~30% of ICO with years more pain to come. It's safe to say it will never see 12c again.
But we're not here to talk about that. Today's horror show is the upcoming $GRT Graph Token:
1/x https://twitter.com/adanthar/status/1174829386677325824
But we're not here to talk about that. Today's horror show is the upcoming $GRT Graph Token:
1/x https://twitter.com/adanthar/status/1174829386677325824
$GRT is an upcoming token sale with massive amounts of hype. It's being talked about everywhere because The Graph are one of the few teams with an actual product that people in crypto actually use IRL. I have absolutely nothing bad to say from a technical standpoint.
But...
2/x
But...
2/x
The tokenomics on $GRT are venture capitalist hell.
The ICO is priced at 3c, fully unlocked.
The seed rounds? .001-.003, up 10x-30x day one. They're vested, though!...for six months. The VC dumpfest on this will be brutal.
But wait, there's more.
3/x
The ICO is priced at 3c, fully unlocked.
The seed rounds? .001-.003, up 10x-30x day one. They're vested, though!...for six months. The VC dumpfest on this will be brutal.
But wait, there's more.
3/x
In between seed and public, $GRT also had a 'strategic round' for people who actually use their software IRL. Each of their 'partners' got a SAFT offer for that round.
The offer was .026 (10% off public, +800% from seed). With 1yr cliff+1yr vest.
4/x
The offer was .026 (10% off public, +800% from seed). With 1yr cliff+1yr vest.
4/x
Using the public sale to let the VCs exit is time honored tradition in crypto (& stonks). That's a terrible look, but caveat emptor.
But here, Graph've gone the extra mile of graciously letting their best customers buy in at a 10% discount to public with +2 years lockup.
5/x
But here, Graph've gone the extra mile of graciously letting their best customers buy in at a 10% discount to public with +2 years lockup.
5/x
The fallout from this:
-VCs will immediately move on when they can
-The public will be dumped on, as always
-And as an extra bonus, the people this incredible tokenomics pisses off the hardest are the ones that $GRT has the most to lose by upsetting
6/x
-VCs will immediately move on when they can
-The public will be dumped on, as always
-And as an extra bonus, the people this incredible tokenomics pisses off the hardest are the ones that $GRT has the most to lose by upsetting
6/x
I don't know who designed that sale. But the blatant nature of the cash grab is enough that I will go the extra mile and yell about this into the Twitter void. Which is hard for me to do about the rare company whose tech I actually like!
Looking forward to $GRT futures.
fin
Looking forward to $GRT futures.
fin
