As we watched the Avalaunch community grow over the last few weeks, two things became clear. The first being that the extraordinary potential of this new technology is resonating, deeply, amongst individuals concerned with a truly scalable and decentralized network. While we certainly could have told you this prior, we achieved a stronger appreciation for just how unique, and quite frankly rare, this community is.
You could argue that the cryptosphere, over time, has strayed from its ideals. Real decentralization somehow matters less than it once did, and the centralized end of the spectrum is bloated. Avalanche, we feel, represents a meaningful return to those principles.
The second point worth mentioning is that when it comes to user interest, the Avalanche community is alive and well in this regard, too. There is simply no shortage of individuals who are anxious to be a part of it, and want to contribute with their time, money and passion to its continued growth. As a result of this enthusiasm, the response to the public portion of our private sale inquiry was overwhelming, and simply stated, we severely underestimated the potential demand.
The unanticipated response presented a few hurdles, but we believe we have found a workable solution. However, before moving forward, let’s take a minute to look back.
The Avalaunch Fundraise
By crypto standards, the entire raise for Avalaunch, from seed to private, is small — less than a million dollars total ($944,625, to be exact). The vast majority of this was filled by friends, family, close community members and a few others who have helped immensely along the way. There was zero VC or institutional involvement at any point. This statement is not pejorative. We simply had the privilege of being surrounded by people that believed in what we were doing and were happy to help. This approach may be somewhat unorthodox, but it does offer us a finer degree of control as we navigate through the earliest days. This distinct advantage, we believe, also extends to future XAVA token holders.
When it comes to our overall launch strategy, our thinking is simple: take in a responsible amount of capital from people we know personally, execute like our lives depend on it, and list directly on Pangolin, with liquidity ($175,000.00, or 5% of the total supply) provided at our private sale price. No hectic IDO, whitelists or confusing sale mechanics. Additionally, with no suitable launchpad platforms already available on Avalanche, this feels like a somewhat obvious choice.
All in all, pretty straight forward.
Our Public, Private Round
With all that being said, we did allocate 10% ($66,412.50) of the private sale for the community we knew was still to come — our future supporters who simply hadn’t had the chance to support us yet. While a public portion of the private round is, in our experience, unconventional, this was an attempt to be inclusive of our, at the time, very small community.
For context, this public allocation of our private sale represents 36% of our initial market cap of $181,913.
The Winners, at Random
The form for our public private round had 4,902 submissions, far outpacing our original estimates. When looking at the amount available, and the number of individuals willing to contribute, the math immediately becomes problematic. There’s simply no good way to slice it and end up with a distribution that even remotely resembles fair.
So instead of deciding who is in, and who is out, we are just going to give it away, and distribute it evenly to as many people as possible. We won’t be taking any money for it. More specifically, we will be giving out 1,328 allocations, of $50 each, at the private sale price of $.035. The recipients have been chosen randomly from the private sale response form. Like all other private sale contributions, these allocations will be vested according to the private sale schedule, and distributed after our Pangolin listing.
From where we sit, this is the fairest approach, while also allowing the most amount of people to participate. It’s very hard to be preferential with 1,300+ allocations, and we plan to see a very broad distribution as a result. Instead of a public sale or similar where a very limited number of individuals end up gaining access, what we have here is over a thousand community members participating in our private round, with no financial obligation.
To be clear, we are giving this money away, and are asking for nothing in return outside of your continued support and enthusiasm.
How & When?
If your entry was selected, you will receive an email from email@example.com, tomorrow, 5/4/2021, at approximately 9:00 a.m. (PST), with a link to a private submission form. We will announce through our social channels when these emails have been sent out. Through this form, you will confirm your email, and your C-Chain address for the XAVA token distribution. This email must be the same email you provided in your private sale application. No exceptions. Any email submitted which is not on our list of selected recipients will be discarded. If for some reason you need to use a different email, you will unfortunately become ineligible.
Once the emails go out, recipients will have 48 hours to reply to the form with the information needed for distribution. After the 48-hour period, the form will close, and any unclaimed allocations will be added to the initial Pangolin liquidity when XAVA is listed there.
XAVA Validator & Delegator Airdrop
Avalaunch also appreciates the valuable service that the validators provide in securing the network. Let’s face it, if it weren’t for them, Avalaunch wouldn’t be possible. This is the rationale behind our guaranteed allocation for validators in our sales, and also why we have decided to perform a XAVA airdrop to all Avalanche validators and delegators. The total airdrop will be 2,000,000 XAVA tokens which constitutes 2% of the total supply. The airdropped XAVA will come from our Ecosystem allocation, which is 30% of our total supply, and will be used to incentivize and reward token holders and the Avalanche community in the coming months and years.
The team at Baguette Exchange has established the gold standard in this type of distribution, successfully executing a similar snapshot and airdrop this month. They were gracious enough to share their process and code with us, and we plan to utilize it, while adjusting it slightly for our specific purposes.
The details are as follows:
- Snapshot Date & Time: 5/3/2021–12:00 p.m. (PST)
- Eligibility: Avalanche network validators and delegators
- Total Distribution: 2,000,000 XAVA (2% of the total supply)
- Weighting: The tokens will be evenly distributed amongst all eligible addresses
- Vesting: The airdrop will be vested for 1 year, at which point there will be a daily distribution, occurring over the course of 12 months.
What’s Next for Avalaunch?
As a team, we are looking forward to completing this phase of our rollout and moving toward our own launch. Helping the application ecosystem on Avalanche grow stronger is our primary focus, and until we are live, it will be impossible to fully execute on that vision.
In the coming days and weeks we will have some announcements about our Pangolin listing, as well as more detailed posts about how Avalaunch actually works, and how we think we are different. We have thought long and hard about how Avalaunch can best serve Avalanche, and as we move closer to our first sale, we can not wait to tell you all about it.
As a project, Avalaunch is here for the long-haul. What we are today is only a fraction of what we will become. In the grand scheme, our launchpad is a big first step, but far from the last one. We will always be here to grow alongside Avalanche as it inevitably evolves and matures.
To the future!