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.
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 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:
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.
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
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!