Gimmer on the details behind the pause of the token sale, and the upcoming one
Gimmer, the decentralized crypto-trading platform, recently announced the pause of their token sale, and all the details about the reason, the new token sale and the changes that have been made are detailed below.
Previous token sale
How many people supported the first token sale?
6,729 people created Gimmer accounts and 1,164 of those actually contributed in the token sale. 9,378 ETH was pledged in our token sale, 4,888 ETH was passed to KYC/AML and 2,018 ETH was contributed.
Why did you cancel the token sale?
We need to revise the token structure to ensure it is suitable for the hold-to-use model. This includes the need to change the smart contract. We will take this opportunity to also make some other strategic changes to make the overall offer more appealing in order to get the contribution and support needed.
What happens with the old GMR token?
The GMR tokens currently showing in your wallet will remain non-transferrable as we have stopped the smart contract and they have no utility or value. Once the new token structure is established and the new token is minted, tokens in your wallet will be replaced by the new GMR tokens.
What do I have to do to stay invested in Gimmer?
If you decide to continue supporting Gimmer, which we sincerely hope that you will, you do not need to take any action at this stage. We will transfer your contribution to the new contract once it is made and distribute your new GMR tokens once they are minted. Moreover, of course, you will be rewarded with bonuses for your trust and support. We may need to ask you to agree to new token sale terms and conditions as these will document token price and token sale dates.
New token sale
When will the new token sale start and end?
We are currently planning the new token sale strategy, we want to ensure we allow enough time to be successful. We will announce start dates in the coming weeks and we do not expect the new token sale to take more than 2–3 months in total. In addition, we expect to be able to share all the details of private round, presale and token sale in the coming weeks.
What is the new soft and hard cap? Total max supply?
We are working on it right now and will inform you soon. It will be set in US dollars instead of Ether, so we don’t fall victim of market volatility. By setting our previous caps in Ether this caused many contributors concern, as when the price of Ether doubled in January it made our raise look very high in USD, almost doubling what we set out to raise.
How will you ensure the new token sale succeeds?
We are working with some very experienced teams in strategy, marketing and PR. We have a very strong community behind us and many large investors, funds, and pools wanting to support Gimmer. Our team is 100% dedicated to making this happen.
Do you already have any early investors?
We have many large investors showing continued interest and support for Gimmer. We are working closely with many of them while revising the new token structure.
Will the US accredited investors be able to participate?
We will be inviting US accredited investors to participate in the new token sale.
What are the major changes?
We listened, we analyzed and we realized where improvements could be made to the business and structure. This includes changes to the token structure, the smart contract, and the platform. This will include a new demo app allowing people to use the simulator mode — which will allow users to test bots in real time using real market data. We are adding a private funding round to ensure we have the finances in place to work with the best professionals in the market. We will also be changing our marketing and PR strategy to raise even more awareness and support for Gimmer.
How can you prove you are not a scam?
Gimmer launched an MVP in 2017 where over 800 customers successfully used the app. We have launched a semi-functional demo app, that had over 20,000 people download it. The trading bots are currently working and being further developed. We are about to launch a simulator mode which will allow customers to try the bots in real time but risk-free.
What changes will be you making to the smart contract?
Although the details are still being worked through the following big changes are expected. The tokens will be minted upfront rather then as they are sold. Unsold tokens will be burned. A minimum token supply will be coded in. And a much simpler bonus structure will be included.
Will your new smart contract be audited?
Yes, we are already discussing auditing with our previous smart contract auditor and also some other experienced external auditors.
All about GMR tokens
What changes are you making to the token structure?
We will be changing the overall supply based on the new hold to use, spend to customize the model. We are working with a third party specialist to ensure this is done correctly. There will be more flexibility added to the new structure to ensure minimum supply.
What will you change about the token?
The utility value of the token will remain the same. Hold the token to use the bots. Spend the token to customize the bots. The token supply will change along with the base purchase price. The token name will stay as GMR.
Are there any major differences in a token application?
The main difference is the financial model of holding tokens to access all bot types and spending tokens in order to customize bots. The bot store marketplace is evolving every day into the most advanced cryptocurrency trading bot store, with an increasing range of indicators and add-ons, including community and partner generated ones.
Bonuses and refunds
What is the benefit if I stay?
For customers wishing to continue to support Gimmer, we will move their contribution into the new presale, this will make them entitled to 40% bonus, which for many customers is double the bonus. We will also offer all contributors early access to the platform and some other exclusive benefits that we are currently working on. We will announce more in the coming weeks.
Can I have a refund and when?
All customers who contributed to either the presale or the public token sale will be offered a full refund.