Global Mentor Exchange, and the $LRN token was IEO on Coinstore on Sep 4 2023.
Note that I'm an advisor to that project, so I put a 3 star rating in an attempt not to influence the score of the project.
This is mostly an update on the project to describe the launch process for other web3 entrepreneurs.
Fundraise on coinstore started on Sep 2, 2023 @ $0.0054. There was a $100K cap on the fundraise which was attained in the first 2 hours of launch. After 2 days, the fundraise completed with $535K of commitment, but since there was a cap of $100K, $435K of buying volume was returned to investors. Trading now started and none of that extra commitment resulted in any buying volume so was it fake commitment? The price is now oscillating around $0.006. First day only had $6K of buying volume, and 2nd day is still going but so far only $2K of buying volume.
Market making is handled internally, so volume is likely to remain low for a while, but grow organically instead of the usual pump and dump of typical crypto projects.
So, far I'm tempted to say IDO are better or then IEO on a lower tier exchange like Coinstore. Lots of trust has been put on Coinstore and so far that was not deserved, it would have been vastly more cost efficient to do it on a DEX.
30% to 40% of buyers at $0.0054 already sold out in the first day after listing at $0.006, which mean they were likely just bots or discount hunters, after 3 days this number was 99%. It is entirely possible that these buyers were Coinstore internal bots to extract additional revenues from web3 projects, of course it is difficult to prove but given that none of the so-called Coinstore buyers joined the telegram group also seems fishy. There was 394 buyers during the Coinstore fundraise, so you would expect some of them should be joining the telegram channel to ask questions.
After 3 days, $110K of sell pressure out of the $100K raised has already been sold. Given the cost of running the IEO on Coinstore, the project lost money (~$45K), and not gained anything. So at this point, it is 100% clear that launching on Coinstore (most likely same would results on lower tier exchanges) has negative value. Show Less
