Looking back at our ETH launch & the road ahead
It’s been over 3 months since we launched the concept of KOJI on the Ethereum chain: a charity DeFi Token tied to a professionally written and illustrated comic book, collectible in NFT form.
Our team, made up from a core group rugged from another project, wanted to create something of value for those hurt by that project, and also help as many people as possible by donating to charity.
So what happened?
Looking back on the last 90+ days, it’s clear that we made several mistakes. From not capping buys/sells after launching on Uniswap, to not lowering the cap during the public sale (yes 2 ETH per wallet was too much!), to the amount of money wasted on centralized exchanges and the small marketing we did. So far it’s been a beautiful disaster and our chart reflects that. So to say KOJI has been a total success thus far would be highly irresponsible.
What we did succeed in was making three pretty decent donations to some major charities. Now if only we could have that WhiteBit money back, lol. We sometimes joke that probably far more people lost money in our KOJI launch than did the TOSA rug, so did we actually do any good?
Sometimes in life it’s good to stop and smell the roses. Perhaps if conditions were different, we could’ve weathered the storm that is the Ethereum network, put in some hard work and turned this thing around. But that was not meant to be. Our public sale had to be rescheduled twice due to gas fees, and when we were finally ready to get our poster NFT out to our holders, the cost of minting in the ETH network was several hundred dollars. It would have been irresponsible to ask our holders that kind of money to mint an NFT, so we decided to validate the ETH wallets holdings and move the minting process to BSC. Note: while the mint window as of this writing is now closed, we are planning more teaser NFT releases in the near future.
The ETH network being what it is has forced us as a team to rethink everything. With our chart at an all time low, no volume, no donations to charity, and redistribution needing to be sold in order to fund anything, we are in the proverbial crypto death spiral. Such are the risks when the conditions are right (high gas, slow artwork development, lack of momentum) and a token that rewards holders with its own currency. These were issues we knew going in, but hoped they would be minimal in the face of what we were bringing to the market. This obviously is not the case.
Outlined below are the measures we are taking to relaunch KOJI and take the project to the next step.
What we are doing now – New Network
Currently, we are designing and testing a new token contract. We are not 100% certain where this new contract will be deployed yet, but the top 2 candidates are Binance Smart Chain & Harmony ONE.
With Binance Smart Chain, we would enjoy low transaction fees as well as a massive userbase on Pancakeswap, just in time for Pancakeswap to release their own NFT marketplace. The downside of going to BSC is the terrible reputation the network has, as well as the more “centralized” aspect of it. However BSC is emerging as a feisty competitor to the slow, overpriced world of Uniswap and is an attractive option.
Another option is Harmony ONE, a layer 1 solution with sharding already in place and a working bridge to BSC and ETH. This would also be an attractive option since KOJI could bridge to BSC and ETH from ONE, and be on all 3 chains simultaneously. ONE is supposedly fully EVM compatible, it just takes a little more of a learning curve to test and deploy contracts there. We are strongly considering this as an option, however ONE doesn’t enjoy the massive userbase and volume that BSC/Pancakeswap does, so it may take us longer to gain any kind of meaningful traction by going there first.
We also don’t want to completely rule out staying on ETH, and since the market has corrected overall, it appears that this could still work for us under the new contract; however with our luck, staying on ETH would just end us up in the same place we are now, with volume all dried up and gas prices way too high in the near future as ETH 2.0 remains nowhere in sight.
What we are doing now – New Tokenomics
Our new token contract will have roughly the properties outlined below, with supply being the same, 1 Trillion tokens, minus the already burned ~20B. Total tax: 6-7% per transaction (TBD), broken down as follows:
- 1% burn
Just like our current contract, 1% gets sent to the burn wallet per transaction.
- 2% reflections
In rewards to the holders in the underlying asset (ETH, BNB, ONE) — this prevents the team (or anyone) from having to sell in order to cash in their rewards.
- 1% to charity
Again rewards are in the underlying asset. The team will no longer have to sell to donate to charity. It’s all handled by the contract automatically during the course of daily transactions.
- 1% to NFT rewards wallet
This wallet will be used to reward NFT holders with passive income if the NFT are held toghether with KOJI.
- 1% to liquidity pool
This is also something we are really proud of. 1% of all transactions get added to the asset side of the liquidity pool only, meaning if we are on BSC, then 1% gets sent to the LP as WBNB. We do not need to pair it with the token which only actually puts downward pressure on the token price.
- 0.5% to regeneration fund & 0.5% extra KOJI staking pool reward
This is still under review, we will give you an update once we have set the new tokenomics.
We are aware that the increase in tax may not be appealing at first BUT, even so with a potential change of chain and lower gas fees you will still be getting more KOJI per USD than before. We have reviewed the gas spent in transactions for all our buys, and on average, it accounts for 18% of the money invested. The average transaction incurred a $87 gas cost, and for investments below $1000, the average gas cost was between 37% and 14.5% of the total investment, and that is without taking our current 3% TAX in consideration.
We believe that these tokenomics are far superior to our current token and will be very bullish for the economy of KOJI. Another aspect of the new contract is unlike some other tokens, you will not have to withdraw your dividends in order to sell. If you sell all your KOJI, your dividends will still be there ready for withdrawal from the site, anytime.
What we are doing now – Token Dashboard
Since we are relaunching on a new chain, we also want our holders to be able to easily purchase/reinvest their funds/dividends into KOJI. We are well below presale price now, and even though the artwork has been slow to get to us, we are hopefully at the bottom and this should be an attractive time to buy KOJI for crypto comic fans.
Our new token dashboard will include a price chart, APY calculator, an area to buy KOJI directly without having to use Pancake, and an option to withdraw or reinvest your dividends immediately. We feel that these new tools will help current and prospective KOJI holders evaluate their position and adjust it accordingly.
What we are doing now – NFT’s
We have the first few pages of our NFT comic finished, however those pages are still undergoing the animations for the tier 1 versions. We have a loose framework of how we want these to be collected and held and besides generating a passive income through our NFT reward system each NFT will also have a random chance at minting to receive an additional reward boost percentage.
These rewards would stack, so for example if you had collected the first 5 pages of the comic, your NFT collection could look like this:
- Page 1 NFT: 0% boost
- Page 2 NFT: .2% boost
- Page 3 NFT: 0% boost
- Page 4 NFT: .3% boost
- Page 5 NFT: .1% boost
Since the rewards stack, the holder would receive 0.6% more of the NFT rewards pool, distributed daily. But only if that user is also a KOJI holder and staking to get the NFTs! This system will take time to develop, but we are already underway and should be in testing after our token relaunch.
Where we are headed & Liquidity Pool
Our target date for KOJI v2 relaunch is November 1st, 2021. We will be airdropping all KOJI v1 holders their v2 tokens on whatever chain we decide, and we will inform the community when that decisions is made.
We also need to pull liquidity to prepare for this migration. So currently you can’t buy or sell KOJI on Uniswap, but don’t panic!
You should still be able to trade at BKEX and Whitebit, among other exchanges. Removing liquidity now is to protect ALL holders, since we don’t know what the market will do for another month and our trading volume is very low. We need to preserve the liquidity we have for our relaunch, and our plan is to stick the money into a high APY staking pool to offset any market losses that may occur between now and then.
Just remember the funds are safu! This team has no desire to steal or rugpull. We are here to see the vision of KOJI into reality, even if it means in the end we really didn’t make a whole lot; the point is to get lost in the journey and see where it takes us.
If we were doing this for any other reason, then we shouldn’t be doing it at all.
We would also like to thank all of the supporters we have in our community. While the majority of people in our telegram channel are quiet (or complain!), we have a few eternal optimists that are with us. You know who you are, and the team sincerely appreciates your support and we will do everything we can to not let you down. Thank you again for being the wind at our backs.
Thanks for reading and stay tuned as we will keep all of our channels updated on upcoming developments.