Crosswise Pre-Sale Round 2 Voting Results
Hello Crosswise Community,
The votes are all in for our first Community Vote on whether to organise a second CRSS pre-sale round.
Link To Voting Results
The community has voted Yes with a significant majority. 70.9% (363) of you voted in favor, and 29.1% (149) of you voted against. We’re pleased to see a clear majority, which reassures us that the community understands the benefits, and that we can act based on a clearly expressed preference.
We know some of you have expressed reservations about holding a second round, but we would like to reassure you that this will have a very positive effect on the project. I would like to take this opportunity to address the major concerns we encountered again here, so that everyone may form a considered opinion.
Addressing Investor Concerns
1) Rug Angst
We know in crypto people have naturally grown weary of the scams and rug-pulls that abound. We’ve been rug-pulled several times ourselves and understand the caution or distrust it results in. It’s certainly good to be skeptical when investing in crypto. However it is also important to look at the bigger picture when assessing trustworthiness.
Our team is fully doxxed, we’ve undertaken audits with the two of the most respected and expensive auditors in the industry, TechRate and CertiK. We’ve signed contracts with Chainlink and Biconomy. Overall a lot of effort and resources have visibly been invested into this undertaking, which is just uncharacteristic of a rug.
Transparency is another factor. I believe to date we have answered every single query in our communities, and I hope to your satisfaction. Likewise not a single user has been banned for questioning or criticizing any aspect of the project. We are demonstrably cultivating a culture of transparency.
2) Decreased Market-Cap Headroom
Many investors will look at the market-cap to assess how much potential headroom the token price has if the project makes it.
The big proviso is IF. Most crypto projects run out of steam and ironically cash, well before they hit their theoretical max potential. Thus in practice, to us other factors seem far more critical in a project’s success.
Let’s also unpack market-cap a little. When looking at a young project like ours, one implicitly also looks for generalised perception of value. After all if only a few people value something very highly you might doubt its wider appeal, and thus market potential. A “healthy” market-cap, especially for a small project, is also implicitly associated with a wider holder base.
So there is an inherent tension between wanting market-cap to be low with maximum headroom, and yet high enough to validate it’s appeal. Our view is simply that for early stage projects such as ours, the benefits of a wider holder base and added resources outweigh the benefits of having a marginally lower market-cap at launch, as it increases our overall changes of success. What we are trying to do is shift our growth curve — so that we can grow faster. Additional funds would allow us to do so.
If we look at the wider picture, we’re only selling a modest 8% of max supply. Most comparable projects have sought far more funding. Thus, even if we sell out again, the headroom remains very ample.
The theoretical trade-off could be captured in this simple question. Would you rather invest in something that is 20% likely to work and provide you a 100x ROI, or something that is 40% likely to work but “only” gives you a 95x ROI?
3) Decreased Demand at Launch
The notion that demand could be deflated at launch rests upon the assumption that none of the additional resources would be used to increase demand, or that we have already depleted demand for our token.
Whilst the latter is implausible, the former relies on your trust in the project and the team to to do what is best for the project. Our plan is to use those funds to expand the team and accelerate our growth. Marketing and acquisition costs in crypto are extraordinarily high, and the available resources will surely help us make quicker progress.
4) Sell Pressure at Launch
Whilst the increased launch price might exercise sell pressure on holders that bought early in round 1. Existing investors need not worry about this as most if not all the tokens sold in either round will only vest after launch.
It is normal for investors to want to book their profits and as such we won’t be surprised to see some holders sell on the day of launch if the price goes high enough. However the impact this would have is unlikely to be significant as most of the pre-sale tokens won’t have vested by then.
5) Adverse Impact on Early Investors
This notion is largely related to the points addressed above, but worth expanding on. In reality, the launch price will move from 0.75 BUSD to 0.95 BUSD which represents a guaranteed unexpected increase in the value of your Round 1 holdings of more than 20%. When considering this in the context of the points addressed above, we believe round 1 investors stand to benefit from this additional pre-sale round.
I hope this aptly addresses concerns, and answers questions members might be asking themselves. Should you have any further questions, please ask us in the chat. As always we’re more than happy to answer. We’re excited about this unexpected chapter in our growth and hope you are too!
As a reminder, the second round of the pre-sale will open at exactly 8AM UTC tomorrow, 25th Nov. There will be only 1M tokens for sale over 2 stages. Stage 1 will sell 500K tokens at 0.7 BUSD, and Stage 2, 500K CRSS at 0.8 BUSD.
Members that have already whitelisted their wallets will NOT need to whitelist again. If you have not whitelisted your wallet yet, we recommend you do so as soon as possible before the sale begins.
The same buy limit of 25K applies, but the Round 2 limit is calculated separately. If you already bought the maximum amount in Round 1, you CAN buy up to 25K again in this round.
Once again, please find the link to the official results here.
Get whitelisted following this link.
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About Crosswise Finance
Next-gen cross-chain Decentralized Exchange (DEX) building a seamless DeFi user experience. Crosswise Finance bridges the gap between centralized and decentralized exchanges, bringing together the best of both worlds. Crosswise is committed to it’s community and brings back customer service and support to the DeFi space.
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.