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Hi everyone,
We understand that the last few weeks have been frustrating, as we continuously promised updates and the dApp launch without delivering. We sincerely apologize for becoming less active and for the delays. The reality is, multiple variables have contributed to SolHive’s current position, and we want to be fully transparent with you.
Before launching the project, we carefully calculated our finances and supply allocation, believing we had more than enough funds to cover fixed expenses and marketing campaigns. However, the reality has proven more challenging. In the first 1.5 weeks of SolHive’s existence, we spent over $70,000 USD on KOLs alone. Influencers like Wolf, Bossman, and Exy each cost us 1% of the supply, plus 30 SOL. While this initially brought us from a $400k market cap to $1M in a single day, it was short-lived as people quickly sold off their holdings. This was an expensive and painful learning experience.
We also made mistakes onboarding some X KOLs with botted audiences, despite assurances that they were reliable influencers. Our monthly fixed expenses—including designer, developer, and mod salaries—along with other smaller costs, averaged $16,000 USD. This placed us under significant financial pressure. Additionally, the token was created without transaction fees, which is common for meme tokens. However, as a utility token with fixed costs, especially on the Solana blockchain where holders often face challenges with long-term retention, this has put us in a position where we must rely on high transaction volumes from the dApp to cover operational costs.
Despite our best efforts to raise funds and attract private investors, it has been difficult without a steady revenue stream to show. These funds are essential for a large marketing campaign that will give SolHive the attention it deserves. Although the SolHive dApp is now complete, launching it without proper marketing would risk underperformance and fail to generate the traction we need.
Recognizing these difficulties, we began exploring alternative options about three weeks ago. One of those alternatives was an idea we’ve discussed in our Spaces: the belief that SolHive’s growth will extend beyond just being a freelance marketplace. The vision is much larger. To that end, we have focused our recent efforts on developing a new utility token, designed to offer immediate revenue-generating capabilities for token developers.
This new project is related to SolHive, and although we’re still working through the details, there may be opportunities in the future to merge the two projects. Rest assured, SolHive investors will benefit from this, and we’ll ensure that our community continues to be a priority as we navigate this next step.
Originally, we planned to launch this utility tool after SolHive was fully operational, but given our current situation, we’ve decided to launch it earlier. We are confident this new project will help raise the funds needed to push SolHive forward as well. We’re planning to launch the new token within the next two weeks, although it may be ready even earlier. The project will launch with functioning tools, and any remaining features will be added soon after.
To clarify, this does not mean we are abandoning SolHive. It remains a key focus for us, but we must acknowledge that certain financial decisions have put us in a difficult position. Additionally, one of our co-founders has been dealing with personal issues, which contributed to the lack of communication recently.
As a result, we are delaying SolHive’s dApp launch until the end of October, which we believe is a realistic timeline. This will give us enough time to secure the necessary funding. We will provide early access to the new utility project shortly and share more details as soon as possible. We won’t reveal the exact nature of the tool just yet, but it is a critical solution for token developers and has significant revenue-generating potential.
Thank you for your understanding and continued support. We remain committed to SolHive’s success and are working tirelessly to ensure that both projects thrive for the benefit of our community.
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