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Dear Degens,
We began this journey with $PIPE a few months ago, around the time Story’s Odyssey Testnet launched. We saw an opportunity to create a coin that would playfully highlight the ironies of Intellectual Property in crypto. After speaking with many players in this young ecosystem, we decided to give it a shot. The energy coming from the U.S. administration’s new stance on the SEC gave us hope that real liquidity could flow into the Story ecosystem — and that $PIPE could ride that wave.
Unfortunately, the optimism didn’t last. The promises of political change fizzled out (a reminder of the risks in trusting politicians), and while interest in Story remained strong, the memecoin ecosystem didn’t gain the traction we had hoped for. We were counting on at least one breakout memecoin to draw broader attention to the Story network and spark a wave of momentum. But that never materialized. The bull market began to lose steam, and memecoins across ecosystems underperformed. As a result, we lost the support of major investors who no longer saw enough liquidity in Story to justify their involvement. Without that backing, we couldn’t secure the resources needed to properly market the presale.
Given this, we’ve made the difficult decision to sunset the project.
Here’s what this means:
•100% refunds will be issued to everyone who bought tokens during the presale.
•In addition to the refund, all presale participants will still receive their PIPE tokens (plus a bonus) as a thank-you for their early support.
•We will airdrop additional tokens to all PIPE holders.
•The initial team members will receive a share of the remaining funds.
•A faucet smart contract will be deployed, allowing anyone to claim 10,000 $PIPE per day. While there won’t be a front-end, we’ll publish a simple Hardhat script in a GitHub repo so anyone can interact with the contract. The faucet will run until all remaining tokens are distributed.
With the team now reduced to a skeleton crew, and some of this requiring additional coding, we estimate this process will take around three weeks. Refunds will be prioritized first, followed by the airdrops and faucet setup.
If the community decides to continue the project in any form, we’ll do our best to support those efforts. Whether it’s sharing technical resources, reviewing smart contracts, or helping with handoff logistics, we’re happy to assist anyone who wants to carry the torch forward.
Lastly, we want to express our heartfelt thanks to everyone who supported $PIPE while it was active. The memes, the energy, and the belief in this experiment meant the world to us. We built this with love for the culture and appreciation for the weirdness of crypto — and we’re grateful for everyone who joined us on the ride.
With respect and memery,
The PIPE Team 👓
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