Hey all,
As you can imagine, it’s been a wild week getting ready for launch and doing everything we can to ensure it’s met. I’m happy to say we are still on track :)
We’ve had to make a few on the fly changes to our marketing and launch as situations have changed, nothing drastic but read below for the full info!
KYC IS NOW MANDATORY
As most of you know, we’ve been reaching out to token sale teams everywhere and had plenty that have reached out to run their sale on our platform.
Unfortunately, with that has come a huge influx of teams that are obviously just trying to rug pull. So, we held a top 100 vote and made a small change to our process.
Previously, a team could create a sale but it would be marked as “KYC not completed”. We have changed this. A team will not be able to start a sale until they have completed all KYC procedures. This involves government-issued id, a photo of the team and a deep dive into their company and previous work/history to weed out any sale that is likely to exit.
This, of course, doesn’t rule out that they will rug pull but it increases the barrier of entry which helps cut down on the obvious rug’s we’ve seen coming through.
This is most likely temporary, once we have a solid launch and several projects running it’s not necessary to be so strict.
What does this mean?
It means DISTX is going to be heavily involved in the sale creation for now, we’ve already reached out to teams and have several completing KYC as we speak.
Teams will go to the site, create their sale as per normal. However, this is then sent to the DISTX team to approve BEFORE it’s entered on-chain and allowed to take funds from users.
We understand this add’s a little centralization to the process, but it’s temporary until we grow enough that it doesn’t matter as much and users can filter non KYC projects at that time.
Will this limit sales?
We’ve been in talks with over 13 teams, out of those 6 are happy to complete KYC and 2 (excluding carbon) have submitted back their NDA and KYC paperwork.
It’ll obviously limit sales, but we’ll have higher quality sales and for launch, that’s definitely more important.
So, is launch happening?
Of course! Since the first sale date available is the 5th of November, we will launch the site as expected on the 28th and teams will have that week to complete KYC :)
At launch, we will have Carbon and 1 other sale, which we will announce shortly.
AUDIT UPDATES
So, we submitted the audit two weeks ago and heard back yesterday. They mentioned mainly minor issues and one major (which was intentional for testing).
We’ve fixed everything they’ve mentioned and resubmitted now.
Obviously, this means there won’t be an audit on launch but as there’s time before the first sale opens we aren’t concerned.
If the audit doesn’t return before the first sale opens, we will still have everything open sourced and are happy to do a code by code run through on youtube or twitch to let people know what the contract does.
NEVER SELLEPHANT
I know everyone is still waiting, it’ll be sent out shortly! Launch is priority right now :)
MARKETING UPDATES
As you know, we started our marketing in the last 48 hours. So far, engagement has been high and I’m happy with the result.
There’s still more to come! Once we announce that first sale, we’ll be marketing for them also to bring in buyers which will help the entire DISTX ecosystem.
We also had a bunch of marketing planned around two exchange listings, however both exchanges have paused listings due to security issues that they experienced so we’ve had to refocus!
We have 5 youtube videos across 3 creators all paid and ready to go, they will come out shortly. We have Instagram,facebook,youtube comments,4chan,tiktok all picking up and driving engagement.
That’s it for today! Just wanted to give you guys an updated and let you know what’s happening.
Cheers,
Adrian
