Digging into the Community Sale and G1-GX conversion

Digging into the Community Sale and G1-GX conversion

As we approach Grindery’s Community Sale (TGE) we want to share more details on the fundamentals of the sales and specifically on the possibility to exchange G1 to GX.


Revolutionizing Simplicity: The Ultimate Web3 Wallet on Telegram

Grindery is making crypto accessible and easy to use for everyone. We first launched our EVM Smart Wallet for Telegram that is continuously adding foundational DeFi  features including swapping, bridging, on and off-ramps inside Telegram. Ultimately we will bring dApps, protocols and merchants from EVM to millions of Telegram users.

This ecosystem will be powered by two symbiotic tokens: the G1 social token we released in September 2023 and the GX utility token we are introducing this year. The GX token, held by our team and investors, functions as a utility token within Grindery. It serves as the universal currency for all network activities, facilitating multi-chain operations such as sending, playing, swapping, bridging, and staking. As detailed in the tokenomics Grindery has reserved 28% of the GX for community members that will be made available over the coming 2-3 years.

We will bring the GX token gradually to the market  in three main phases:

  • The Community Sale or “TGE” during January and February

  • A public Token Sale or “IDO” scheduled for Q2 2024

  • The listing of GX on DEXs and CEXs during Summer 2024

The Community Sale

The community sales will mark a significant milestone in Grindery's journey. We are aligning this community sale with the completion of pending investments from Q4 2023. This funding not only extended our project's runway but also fortified our financial stability, ultimately benefiting all future token holders by minimizing short term selling pressure. In this context we are welcoming IDG Capital Vietnam Blockchain  joining Binance Labs, DFG/JSquare Capital, ANKR, MH Ventures, Perridon Ventures, Gate.io among other Grindery backers. 

The upcoming community sale is a pivotal moment for Grindery, and it's driven by several key objectives:

  • Empowering Our Community: We believe in the power of community. This sale is an opportunity to reward those who have contributed to Grindery's growth and to further involve our users in shaping the platform's future by giving the voting power.

  • Innovating on Telegram: By integrating our services with Telegram, we're not only showcasing the platform's versatility but also pioneering new user Telegram-native crypto experiences.

  • Expanding Financial Options: Accessing the market opens doors to a diverse array of investor types and funding sources. It allows us to strategically partner with key players who share our vision for revolutionizing Web3 interactions.

Our commitment is to the long-term success of Grindery, which is why we have implemented industry-standard vesting periods for investors and the team, ensuring that our goals are aligned with the sustained growth of the platform. Similarly, participants in the community sale will be subject to lock-in periods, whether they are purchasing GX directly or exchanging G1 for GX. We seek to engage with investors, partners, and users who understand the significance of our journey and are ready to support us for the long haul.

In the Community Sale the GX token will be priced at $0.036 USD for users that have actively contributed to the growth of the network. This price  mirrors the valuation given to our project by institutional investors in the latest funding round. This ensures that our community members can buy into GX at equitable terms. Transactions can be made using major tokens on Polygon including USDC and USDT, as well as G1. Every active Grindery user will receive a personalized discount rate, determined by a purpose built algorithm to ensure fairness. However, no matter the personal discount no user will pay above $0.036 USD per GX token based on their level of contribution.

  • No entry barriers: Minimum participation starts at 1 G1 allowing broad accessibility for any Grindery user

  • Equal opportunity: All current G1 holders can obtain GX without requiring additional fiat nor tokens.

  • Real contribution: Users with higher contribution levels (MVU) receive better exchange rates when obtaining GX

  • Skin in the game: Those that put their money where their mouth is will get better exchange rates. Add USDC, USDT or any other major token and your rate increases. Significantly.

  • Reward Early Buyers: Leadership and as a result the ability to make early commitments to purchase will also be rewarded with better rates.

  • Empower Community:  gradually empower our community and to take over control of important aspects of the ecosystem including the G1 token supply through token based voting.

  • Reduce G1 supply: The exchange of G1 to GX allows us to reduce the G1 supply and make it a more valuable social token to drive future growth.

The community sale will be rolled out gradually, privileging those that have high scores and staking other tokens. While the Grindery team is highly motivated to release the token to the market and the community is eager to exchange and purchase GX the primary objective is not to do this fast but to do it right. This means specifically

  • Product and technology must work seamlessly. Grindery is conducting the first ever token sale entirely inside Telegram. We want to make sure this experience sets the standard for all future token sales. Diligent testing and gradual roll-out are the way to achieve this.

  • Aligning with the community as much as possible. 700.000 sign-ups in less than three months naturally speak to the diversity of our community not only languages and cultures but in terms of financial objectives, past contributions and opinions. We want to make sure we get a good understanding of different opinions.

  • Formalizing partners and investors. The crypto winter has obviously slowed down decisions and processes. We are still in the process of finalizing investments of strategic angels as well as more formal VCs. This must be completed before public phases of the token sale.

Embark on the GX Pre-Order Journey

Starting today you can enlist in the beta testing program that will be rolled out later this week. Subsequently we will start un-gating the pre-order feature to users on a  one by one basis. 

If you have any questions or comments regarding the Community Sale please join the discussion on Telegram.

Again, our primary objective is to do things right, not fast. Our Community Sales is the start, not the end of a long and exciting journey. Stay tuned!