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Dear EEFS Community,
As you are aware by now, the team has had to take some drastic measures to protect the community. Here is what has happened.
In the last month, we saw a strong rally in ETH, with volumes rising within the meme space including on ETH Mainnet. However, despite all efforts and resources spent, the team was unable to raise volumes in the token in the same time period. We want to thank everyone for their convictions and playing their part in helping us grow the project; however, we've had a couple of whales who've had a change of heart.
With this weekend's downward pressure in crypto assets, a couple of whales (one of them having around 2% of supply) have voiced their demand and desire to sell their tokens. The team reached out and offered to purchase these tokens over-the-counter at a generous price. Unfortunately, the demands made by these whales was so excessive that, at times, the discussion seemed more like blackmail than a civil business discussion.
With our current LP strategy for EEFS (locked until next year), a selloff of their tokens in large clips at this market cap would drop the EEFS market cap by over 75%. This most definitely would have caused a panic and many community members would have been devastated.
Knowing we had a very short window to act, the team took a snapshot of all holders, their holdings, plus their current staking rewards and then proceeded to sell treasury tokens. The funds of these proceeds will be used to start the next project. Those of you who are holders will get airdropped tokens of the new project on a 1 EEFS for 1 new token conversion.
We plan on launching the new project sometime after June 1st. If market conditions are still risk on, we will do it closer to June 1st; however, expect delays if market conditions deteriorate. We want the launch of the new token to have as many tailwinds as possible, so we ask that you remain patient. We will update the community regularly on timelines and changes.
This new token will have a different LP strategy than EEFS to ensure a significantly lower chance of something like this happening again. Most likely, we will be launching this token in a different network. We will release more details as we get closer to launch.
In order for an EEFS holder to qualify for an airdrop for the new token, the holder must fill out this form by Friday May 23rd at 6:00PM Eastern. Everything will be reviewed and verified. Failure to fill out the form by the deadline will result in a forfeiture of the new token airdrop.
Form: docs.google.com/forms/d/e/1FAI…
We want to make it absolutely clear, that the team is sticking around and will never leave. We are committed to this community and we view this event as a speedbump on an otherwise long-term successful journey ahead. We understand that many may feel perturbed and inconvenienced by this, but considering the alternative of doing nothing and letting some bad actors destroy the entire community, we felt this was a hard pill that had to be swallowed in order to maintain the integrity and the long-term value of the community.
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