Crowd sale and burned tokens 🔥

We are a revenue-making project. Based on the Docker-style business model (an article on this will be out in the coming days), we can survive for years and focus on making real adoption happen. This is why we initially aimed for a smaller raise — to make sure we leave more room for growth rather than extracting the full potential at the start. And yes, we have met the soft cap!

Our total hardcap was $5,2M for 42% of the total token supply, of which $1.4M was raised back in 2017, that enabled us to grow and scale this last year. Just before the crowd sale, we raised around $1.8M in the private round in November-December 2018. Not enhancing quick flips from (crypto) VCs, but by joining forces with dedicated partners.

In general, the team approached the fundraising from a product-developing perspective: build -> raise a bit ->build more -> find a product market fit -> raise and launch. And we are doing it!

The cap for the crowd sale was 72,500,000 LTO tokens (14.5% of the total supply). Based on the $0.03 price per LTO token and a $123,- peg per ETH (4,100 LTO per 1 ETH), the smart contract for the crowd sale was set at 17,683 ETH.

A big spike at the beginning and the end. As predicted!

Staying open for 60 hours (11:00 AM Jan 14 — till 23:00 Jan 16), the contributions in total resulted in 7,990.98 ETH. This marked 45.2% of the crowd sale raise. Based on the small gas war bonus at the beginning, here are the numbers we’ve ended up with:

Raised: 7,990.98 ETH (45.2% of the crowd sale raise)

Tokens sold: 33,232,108 LTO (45.84% of the crowd sale offering)

Tokens to burn: 39,267,891 LTO (54.16% of the crowd sale offering)

This means we are going to burn 7.853% of the total supply. The total (ever) available token supply will thus be 460,732,109 LTO.

But don’t forget about the bridge troll!

He will be punishing early private sale dumpers, protecting the community.

Overall, the burned portion of the crowd sale tokens adjusts LTO Network to the valuation the market determines for it. In retrospect, it implies that we have more room for growth.

We are determined to make adoption happen here and today!