AELF Progress Report
Hi everyone, please check our first progress report, thank you for your support in aelf!
�lf private placement has been concluded. We distributed 250 million ELF tokens to raise 55,000 ETH (before the ETH price surges above USD 450). We would like to thank the global crypto community for trusting our project, working through this process with us, and for the continued support. Welcome to �lf!
The token sale started on the 28th of November in New York
During the Consensus Invest 2017 held on Nov. 28th in New York, Zhuling Chen, co-founder of �lf team officially introduced our project to the public, and launched the token sale.
No ICO, only private placement
�lf team always want to conduct a fair and transparent token sale. We decided to shift away from the popular public token sale model and focused on onboarding suitable investors in private. It comes with several benefits: firstly, the cap was enough to be funded by long-term investors. Secondly, the private placement enabled better compliance to investment regulations, as we conducted KYC for all investors, mostly accredited investors with track record in token investment.
No cap raise despite six times oversubscription within 2 weeks
We put 25% of ELF tokens for private placement. The remaining tokens are planned as below:
�lf token private placement adopted a flat pricing policy. Unlike some projects which provides monetary incentive based on investment size or timing, we offer all investors equal terms for transparency. We wanted to attract the right type of investors who agree with our vision instead of using discount or bonus to create arbitrage opportunity.
We received enormous inquiries and commitment from various investors across the globe since day one. By 10th of December, almost three weeks before the target closing date, we have gathered commitment six times more than the intended ETH amount. Although it is flattery to see oversubscription, the team was firmly behind the decision that we would remain the original ETH target to protect investors interest. In order to onboard as many as valuable investors, we reduced the average allocation size significantly to reach a more distributed investor group.
Top tier investors and truly global support
The number of commitments from top tier investors across the globe was definitely encouraging. To name a few from the investor list: 1kx capital, Alphabit, BlockTower, FBG Capital, Galaxy Partners, Hashed, Hyperchain, LinkVC, Signum Capital, etc. We are excited to have them onboard and leverage their resources to develop the eco-system.
On behalf of the entire �lf team, we thank you for your continued support throughout our project preparation and private placement. Looking forward, the team will keep updating the code, increasing the value of the network and exchanging ideas with other excellent projects in the community. We are working hard to get ELF tokens to be listed on several exchanges in near future. Stay in touch with �lf by joining our telegram channel : https://t.me/aelfblockchain and follow us on Twitter @aelfblockchain for official announcements.
We are going to launch the first round of our airdrop: You will get ELF tokens after you update your twitter account in our telegram channel. Come and join our Telegram to complete this process and get your free ELF!
The ongoing airdrop will end on Dec. 31, 2017 (Singapore time). ELF tokens will be released on Jan. 1, 2018 (Singapore time).
Welcome more of your friends to participate. Merry Christmas and Happy New Year to you all!
【Join the community】
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Telegram for Chinese: Join
Telegram for Japanese: Join
ELF tokens are used to pay resource fees in the system, such as deployment of smart contracts, operating and upgrading of systems (transaction fees, cross-chain data transfer fees). It also enables community to vote on major decisions, such as electing mining nodes, introducing new features to the system and other major decisions.
Total Supply: 1 billion ELF
Circulating Supply: 260 million ELF
Private Sale Price：1 ETH = 4,545 ELF （ETH price @450 USD by the end of private sale）