Well, the hype was real, and the presale was manipulated by whales!
Let me start with the Tier System:
Legend (top 0.2% stakers): $25,000 Hero (top 1% stakers): $5,000 Master (top 10% stakers): $3,000 Champion (staked more than $1000 TOKEN): $2,000 Apprentice (hold more than $1000 TOKEN): $1,000 The sale was going smoothly through tiers 1 & 2, but when tier 3 opened…
“Barely minutes after the Master tier opened, the amount of Simon's Cat tokens purchased during the presale surged to an impressive $1.95 MILLION raised! That’s almost $1.5 million within minutes, and this is just the third tier.” - @BDaViking B (Floki Team member in TG)
The presale hit the hard cap of $4.25M and closed early.
HOW???
Whales discovered they could buy, unstake, and move tokens to different wallets, buying again after 10 minutes. This tactic was used by many wallets, selling out what was planned for two more tiers.
Team Response: If you unstaked before TGE, you will lose tokens (burned) and be refunded. No scammers will get tokens.
My Response: Sounds good, but you've messed up the launch, and that’s hard to undo. The whales have screwed the masses… Again!
The majority of the tokens went to a very small group.
It’s frustrating how projects preach community yet don’t realize the community is the 90%, not the 10% (or less)…
I’m also upset they’re acting like it was just demand when it was poor planning and execution by the TokenFi launchpad. Allowing dynamic tiers and wallets after the first round started was a mistake. A snapshot or cut-off time is best practice. I can only imagine someone realized it was good for the TokenFi $Token price.
If you care to do the math on the leaderboard, it should have easily extended to tiers 4 and 5 without manipulation.
Less than 1,000 people got $4.25M worth of tokens ($4.3K average per whale). I hope they find a fair way to distribute tokens, or the TokenFi platform I’ve invested in since day one is doomed to follow other bad players in the space. Show Less
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