Dear Relite Finance community,
Thank you for your continued support of Relite Finance! We wanted to give you some exciting updates that concern you all:
1. Relite Finance Private Sale Closed & 100x Oversubscribed:
We have closed our Private Sale capital raise in which we raised over $1mm. Our Private Sale of RELI was highly coveted and we were oversubscribed by nearly $100mm! We’d like to thank all of you for the support and interest. We’re sorry we couldn’t accept investment from everyone interested but we will be performing a public sale (IDO) on PAID’s Ignition platform soon!
2. New Relite Finance Advisory Team Members:
Orion Depp (New) of Master Ventures (Managing Partner, Master Ventures Polkadot VC Fund I) has joined us as an active advisor and will work with our team to advise on company partnerships and strategy as well as on our Initial Dex Offering (IDO) launch. Orion brings to us a wealth of knowledge with a top-20 Finance MBA background and institutional sell-side cryptocurrency research experience covering Binance (BNB), Zcash (ZCH), and VeChain (VET) among others.
Kyle Chasse (New), Founder & CEO of the PAID network, and head of FUEL, Master Ventures Incubation arm (As some of you know we are a Master Ventures’ incubated company). Kyle is one of the most influential people in all of crypto with an influencer network of over 5 million crypto investors and has advised top projects including Elrond (Binance: EGLD), Spl.yt (SHOPX), and Litentry (Binance: LIT) among others.
Dr Deeban Ratneswaran, Founder & CEO of GD10 Ventures, an influential VC in the web3 space with investments in Reef (Binance: Reef), Kylin, Bondly, and Polkadex (Kucoin: PDEX) among others.
Marco Calicchia, Director of Business Development at Certik, (Binance: CTK) one of the world’s leading smart Contract auditing and Decentralized Insurance companies for blockchain and cryptocurrency.
3. Redenomination of the RELI Token:
In order to create a stronger community and better incentivization for all parties involved we have decided to redenominate our RELI token 20 to 1. Similar to a stock split, this means we will simply multiply the number of RELI tokens outstanding by 20x and lower its price by a corresponding factor of 1 for 20.
This will NOT affect our basic Tokenomics and Token Distribution.
As many of you know, a good amount of the success of Polkadot (DOT)’s launch and price appreciation were attributed to the fact that they performed a 100 to 1 redenomination prior to the company’s public sale of DOT. Doing so they were able to encourage more widespread community involvement through purchase of their DOT token and more excitement around their public sale offering. Acala Network (ACA), a tier 1 Parachain on PolkaDot also performed a similar denomination prior to their recent public sale.
We also studied a number of recent IDOs (Initial DEX Offerings) conducted over the past 12 months including those of some of our friends and colleagues at Spl.yt (SHOPX), PAID (of course 😊) and AIOZ and decided it would make sense us for us to model our IDO pricing and influencer/community incentivization structure on those IDOs in order to encourage strong and long-lasting community involvement and market activity.
Lastly, we realized that with our former numbers, we needed to provide more liquidity on the market to provide more market maker incentivization and as well, to allow for potential future CEXs (Centralized Exchanges) to consider listing the RELI token without liquidity concerns.
As such the RELI token will be divided as follows:
Redenomination of 20 to 1 on April 21, 2021
___________________________________________Old____New_________
Private Sale (Closed) Changes ……………………..$.70→$.035
Public Sale (Upcoming) Price Changes…………….$.90 → $.045
Initial Circulating Supply Changes…………………744,683 →14,893,666*
Initial Market Capitalization Stays the Same………$670,214→ $670,214*
*Old Supply differs slightly from previous numbers to account for new advisors (with 12 month vesting). Final Initial Circulating Supply will be updated once DEX Liquidity is added on Uniswap.
A detailed outline of the updated RELI tokenomic structure can be found here.
What does this mean if you’ve already invested in RELI in the private sale?
For example: If you’ve invested $1000 at $.70, your investment amount ($1000) and % of the project’s coins (.0156%) stays the same. However, the number of your coins will be multiplied by 20x (old 1,428 → new 28,571)
That’s it! The market changes fast and we are ready to adapt. We believe this will bring more exposure to our protocol and will benefit all stakeholders involved.
Thank You All!❤️
The Relite Finance Team
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