When we began this journey, we set out with a hard cap of $10M in GUARD Token sales (this is still true).
We did well! We received over $8M worth of orders for GUARD during our presale period. This means we have actual signed contracts and KYC completed for all of these orders.
And yet: only $3M of those orders actually sent in their ETH or BTC.
We reached out to these people to find out what happened. A very clear answer came back: "The market dropped significantly after we signed the agreement. Our ETH and BTC suddenly had far less GUARD purchasing power. So we decided to wait until the market rebounded to pay up."
Ah. The main issue here was that we priced GUARD in terms of dollars -- $0.33 USD per token -- and yet, the payment mechanism was wildly fluctuating crypto. This was a big disconnect. If the market took a downturn -- which it did -- the impact of this disconnect was magnified.
This really hurt our collections. Lesson learned.
So when we moved our blockchain to NEO, we realized that we now had a chance to fix this disconnect. We could tie the price of GUARD to NEO and GAS directly. That way, fluctuations in NEO and GAS would not affect anything -- the price of GUARD expressed in NEO and GAS would always remain constant.
So we ended the dollar-based presale. We gave everyone a grace period of a week to pay up -- which not many did, as the markets kept dropping.
And then we opened the whitelist sale registration. We set the NEP-5 contract to $7M, which is the remainder of we have not already allocated for pre-sale participants.
Anyone who signed one of our initial contracts, but did not pay up, is already whitelisted by default -- so you have another chance to participate.
We've been really welcomed with open arms by the NEO community, and we're very grateful for the reception we've gotten.
The future is bright as we've have a flood of new interest and signups for the whitelist.
Written by Guardian Circle CEO Mark Jeffrey
posted by Chris Hayes on behalf of Mark while he is Puerto Rico speaking at crypto conferences