Yesterday the Integral team announced the difficult decision to suspend the Gnosis Auction step of the original listing process and delay our expectation of listing. To our community members, it seemed sudden, conflicting, confusing and even frustrating to see the announcement. We realized this and collected your feedback and concerns through a variety of channels including a survey we circulated in Discord.
We want to first thank everyone who’s shared their thoughts with us and offered constructive suggestions to our future development. These responses show that the community is still excited to build the Last Exchange with us, and the best thing we can do is to work harder towards our KPI and be more transparent to all the stakeholders, especially around decision making.
This post focuses on the community’s most common questions & concerns around the listing delay, clarifying our rationale from the original announcement, and measures we will take going forward.
How will you time listing?
Many of you pointed out, that there’s no guarantee the market will rebound because we do not have a crystal ball.
We communicated our expected date of late August, because it’s a metric-driven listing date. We believe the strongest listing day requires the following ingredients, of which are solidly in our control, most of which we are simply not ready on now:
Grow to a point of strong consistent volume daily.
Raise awareness about our traction, progress, and growth potential beyond our current stakeholder base.
Ready outlets for token utility, specifically the ITGR staking program.
How is delaying listing taking a long-term view?
We have made good preliminary progress towards the listing metrics above, but we believe our best progress is in the coming weeks.
During the market downturn, investors across the market have set a higher bar for all projects and tokens – many of you have observed the market-wide dump across even the mature DeFi blue-chip tokens in the past month. Therefore, we choose to take this extra time to grow and buildout our project, in order to meet the criteria of even the pickiest token investors out there.
It seems illogical that a 2040-looking project cares about a short-term market crash. However, listing is never a short-term thing. For any token the first action on the open market holds incredible leverage for setting the token’s later perception and pace in the long-term.
We know as stakeholders you are with us in the long run, and simply put, we want you to feel proud as the owner of an investor of a 10,000x token. The only path forward to growing into our shoes as the last exchange, necessitates as strong a listing start as possible especially since multiple positive inputs are within the team’s reach.
The delay is painful; what do stakeholders get out of this?
We understand that any delay is borrowed time from all ITGR stakeholders and we must be mindful of the pain of illiquidity and waiting. Thus every ITGR holder will automatically earn 10% APY in ITGR (3-year vested) to your current stakes, starting effective now (2021-06-14) until the listing day (TBD). This applies to all holders, EXCEPT the team and advisory.
The intention is to incentivize the team to deliver as soon as possible regarding the listing factors in our control, along with enough flexibility to aim for the strongest listing day of our dreams.
How will you increase trust and transparency with the community?
Integral team must take better care of the community starting now, as indicated from your feedback & concerns. Integral is transitioning from being a bootstrapped project to a growing DEX with utility and thousands of new stakeholders. This is without growing pains, so thank you for bearing with us. We’ve heard you out, the need to grow up and create healthier processes for communication, transparency and building trust.
We will make the following changes which you will see moving forward:
Communicate roadmap, major events, especially token-related concerns on a forum that we will roll out in a couple of weeks. For future important topics/events, we will propose on the forum to ensure stakeholder awareness and give the community a consultation period for feedback.
Take the following steps towards becoming a DAO by implementing snapshot voting mechanisms.