ProductShare Newsletter #2
Oct 17, 2022
Namaste Fellow Co-Creators!
We know that you have all been waiting for an update on the progress of our private sale and the subsequently planned launch of the StakeShare token on a decentralized exchange. Regrettably, we were unable to adhere to the originally proposed schedule and are publishing this update a week later than everyone has expected. That being said, we want to thank you for your patience and continued support while we had to take a short pause to analyze performance data from the private sale in order to identify and approve the necessary adjustments to our token launch strategy based on the findings we share with you further in this memo.
First off, we are delighted to inform you that we have made several improvements to our processes of sharing information with the community and this update post marks the first time we are using this Notion-powered news portal to publish the update you are reading today. Starting from today, our latest company news and memos will be accessible at news.productshare.co and this is where we will be releasing our weekly update for our Co-creators and members of the PS community on telegram.
Now even though our efforts running the private sale marketing didn't quite achieve the result all of us had hoped for, we do have a couple very positive major updates to share with you today. Today’s update is broken down into the following 4 parts:
- Announcing our IDO launchpad partner: Unicrypt and our joint collaboration with them for holding our presale
Private Sale Results
The result of the first round of the Private Sale was quite disappointing as we were only able to fill 56% (302K) of the total allocation of 555,555 PSS in the allotted time frame. As you know we ran a small marketing campaign with a group on influencers on Twitter ( Phoenix_Ash3s, TrueGemHunter, GeneralCrypto_, ElCryptoDoc and Nostra_D4mus ), but despite their best efforts, the participation rate from their posts was extremely low. The snapshot of the results is provided in the following table.
Private Sale Postmortem Analysis
We realized that we were not adequately prepared to hold a successful private sale and now have a clear understanding of a number of missing conditions that would have been necessary for the optimal outcome.
We spent the last week analyzing our results in order to make several key decisions on how to proceed. This process wasn’t exactly straightforward and regretfully this is why we were unable to make this announcement when it was originally expected.
We tried to dig deeper into the data that was available to us in order to uncover areas for improvement. Our investigation was relatively successful and we have uncovered a number of issues and have reached 3 main conclusions:
- We were not reaching the right audience. We discovered that ProductShare appeals to a more mature audience who would take time to understand our vision and be willing to share in the long term success of the project.
- Lack of education and understanding among prospective token buyers. Our marketing materials and documentation had a high level of complexity and many of the visitors and people had trouble understanding how the PS Ecosystem works.
- The StakeShare Token portal at productstake.com did not have an optimally intuitive user interface. After speaking to a group of potential token buyers, we understood that the process of participating in the private sale was not explained as clearly as it should have been and we have a identified a number of improvements to both the User experience and the supporting documentation.
Updated Private Sale Schedule & Token Reallocations
Based on the data we have obtained in the course of private sale we have concluded that we need to dedicate additional time and resources to expand our exposure to a more favourable audience, to improve our marketing materials and bring our information portals up to date as well as assign developer resources to optimize the user experience on the productstake.com portal.
After estimating the required effort and costs associated with the above undertakings, we have decided to cancel the second round of the private sale and move that allocation of 555,555 towards the Public Presale which will have to be postponed until the second week of November. This would give us ample time to adequately prepare, make the strategic improvements mentioned above and begin collaborating in sync with the launchpad partner we announce below.
Furthermore, we have decided to re-open the partially-filled first round of the Private Sale to allow us to complete the full allocation and obtain the funding needed to market the Presale with our launchpad partner. This will also extend additional opportunity for our early supporters to benefit from significantly discounted token price of USD $0.11 as well as the 60% Airdrop bonus that we have originally offered. Starting Oct 18, 2022 we will launch a short campaign based on the lessons we have learned during the conduct of the Private Sale and expect to fill the remaining 243,125 PSS within the next two weeks. Here is the updated schedule that will lead up to the TGE and launch of our token on a decentralized exchange. To participate in the Private Sale you can visit www.productstake.com and use your PS account to login to the dashboard. More info is available upon request.
Postponement of the TGE & DEX Launch
Based on the updated schedule above we expect that the DEX listing will occur upon the completion of the Presale Period and we estimate that the listing will happen in the last few days of November. After receiving their approval of our proposed schedule, we will be making a joint announcement with our launchpad partner in the coming week to confirm the exact presale schedule and the expected date of the Token Generation Event (TGE).
Announcing our IDO launchpad partner: Unicrypt
During the last few weeks we have come to realize that we have a significant knowledge gap and lack familiarity with the current landscape of the decentralized token launch ecosystem and that in order to succeed at launching our token we would need to partner up with a platform that can help us bridge this gap. We have spoken to a number of prominent launchpad platforms and after some deliberation we have decided to enter into a partnership with Unicrypt.network to ensure the success of our token launch. Unicrypt is a technology company that specializes in development of multichain protocols for launching tokens and the parallel complementary services such as token vesting, liquidity lockers and token staking farms, just to name a few. After several discussions with the Unicrypt business development team, we decided to take full advantage of their incubation program which would help us to set up all the necessary marketing activities in addition to giving us the ability utilize their pre-audited token contracts for launching our token and their token vesting/liquidity lockers for Presale participants and Team token allocations.
Updated Presale Plan
In the course with our discussions with Unicrypt, we have decided to implement several of their key recommendations:
- The primary IDO will be held on the Unicrypt launchpad using the Ethereum blockchain network. We were easily convinced to support the Ethereum network because it was obvious from our research that our token offering would appeal to a more mature, deep-pocketed investor demographic who are expected to be much more responsive to a longer term commitment than the audience we have reached in the course of marketing experiments.
- In order to support all of the existing users who participated on the Binance Smart Chain we decided to hold a secondary IDO with although with a slightly smaller allocation on Unicrypt’s strategic partner GemPad’s launchpad
- After much deliberation, we decided to alter the vesting period on tokens sold in the Presale and the later IDO stages in lieu of the previously offered Airdrop Bonus incentive. It was decided to reduce the vesting period on all tokens sold in all current and future phases of the IDO from 22 to 3 months. This includes the tokens sold in the Private Sale and who will be eligible to receive the promised 60% fully vested bonus. The tokens purchased in the presale will be released in 3 instalments: 1) on TGE date 2) 30 days from TGE date 3) 60 days from TGE date.
- The Tokens subsequently offered for sale in 2023 from the Public IDO Allocation will be offered on the same vesting terms. All non-IDO Tokens will have a 22 month vesting period as we have originally planned. The Co-Creators Collective and Community Causes Allocations will be locked in a vesting locker and released to the appropriate parties in 22 monthly instalments.
- Since we are now committed to support both the Ethereum and Binance Smart Chain blockchain networks, we will be launching two liquidity pools upon completion of each Presale period above. The PSS/USDT pools will go live on about Nov 31, 2022 on Uniswap and Pancakeswap respectively.
- We were also advised to increase our commitment towards allocating a significant portion of the Presale proceeds to each of the liquidity pools mentioned above. We have thus decided to increase liquidity from 51% to 2/3rds (66.66%) of the proceeds in order to ensure that we can mitigate the risk of a free falling price post DEX listing.
Updated Token Launch Schedule
In the next few days we plan to update all of our websites to reflect the information shared in this memo and publish an updated token allocation pie chart attached to the bottom of this memo. We are grateful for you taking the time to read this update and are here to answer any questions you might have.
❤️ Team ProductShare