We would like to take this opportunity to clarify the promise we made to the ICO participants to do an airdrop if the price doesn’t recover to the ICO level within nine months.
Why did we do it?As you might imagine, we’ve never before carried out an ICO, less so an ICO based on a live mineable blockchain. As such, we came up with coin pricing based on what we assessed to be а fair market value (very conservatively at that, comparing to other similar projects). One thing we didn’t know was that the price of the coin would be immediately driven down by ASIC miners, creating a large disparity between the ICO and mining price levels. As project leads we felt compelled to make it right by the ICO participants and to rectify this situation.
Terms of the AirdropThe following are the terms of the airdrop:
If the price of GRFT doesn’t recover to the ICO level (0.0000262 BTC) prior to November 18, 2018 (9 months from the end of the ICO) for a reasonable period of time (24 hours cumulative, according to CoinMarketCap), GRAFT project team will airdrop the difference in GRFTs to the ICO participants in good standing. The effective price at the time will be determined based on a 10 day moving average.
Example 1 ; September 20 GRFT price is 0.0000262 BTC or higher – no airdrop will take place
Example 2 : October 10 GRFT price is 0.0000262 BTC or higher – no airdrop will take place
Example 3 : November 10-18 GRFT price avg 0.0000131 BTC (and the price hasn’t crossed 0.0000262 BTC before then), each ICO purchase of 1 GRFT will receive ONE additional GRFT via airdrop.
The effect of potential airdropThe actual number of GRFT’s issued for the airdrop will depend on the price difference between the airdrop and the ICO price (in BTC). The funds will be provided from the undersold ICO funds, and since all the ICO funds were earmarked for circulation, should not result in an increase of the circulation supply.
Furthermore, to avoid “dumping” effect, any airdrop distributions will be spread out over time with exact schedule defined around the time of distribution once all the parameters are known.
ConclusionWe understand the controversial nature of this offer and value community’s opinions and feedbacks. We try to make decisions that are fair to all our supporters, while carrying on the mission of the project. Your support is highly appreciated and valued.