Cage Project Relaunch
First of all, we would like to thank you all for your continuous support, we are very grateful.
After careful and long deliberations between the team, we have been able to conclude on finding the most suitable solution to the challenges facing the Cage Ecosystem.
We had a great launch but to further finance the project, we introduced the governance token which didn’t go well. We tried everything we could but it’s quite unfortunate that CGT came at a time when the market was not favourable and hasn’t fared well since.
We sincerely apologise to all CGT seed investors for having failed them in fulfilling our promises prior to the introduction of CGT.
However, we are equally delighted to announce the solution to this current situation.
With ETH 2.0 closing in, we figured it’s very important to make a move in preparation for the good market sentiment we anticipate will come with it. As part of these preparations, we are glad to inform you that the CAGE project will go through a complete relaunch and upgrade of the entire protocol.
Some of the reasons why we think a relaunch is the best solution is;
(i) There are different tokens operating in the ecosystem hence spreading and keeping liquidity in minimal parts and giving most investors a dilemma as to which one to choose
(ii) High gas fees affected the growth especially of CMI and since the the ecosystem relied on it, it means a low activity and performance affects the ecosystem
(iii) Difficulty in marketing all different parts together as a complete ecosystem etc..
The best solution we see is to have just a single token and also a change in tokenomics. During the relaunch period, Both C4G3 and CGT tokens holders will receive new token equal to the same dollar amount they’re currently holding at the time of the snapshot. Eg $1000 (C4G3/CGT v1) = $1000 (C4G3 v2).
SNAPSHOT: We have taken a snapshot of all C4G3 and CGT holders on both Ethereum and Binance smart chain.
LIQUIDITY: The current liquidity on Uniswap is locked for 1 year, with 6 months left to fully unlock, therefore, the v2 may not be getting a healthy liquidity till we are able to recover the locked liquidity in 6 months.
V1 MARKET CRASH: In order to secure some funding for liquidity for v2 and also protect ourselves against bad players after taking the snapshot, we crashed the price of v1 with the treasury tokens, so as to limits tx on the locked pools.
V2 DISTRIBUTION: All C4G3 and CGT holders will receive $1:$1 of v2 tokens. That is, if you hold $1000 worth of C4G3 at the time of the snapshot, you will receive $1000 worth of C4G3 (v2), if you hold $1000 worth of CGT at the time of the snapshot, you will receive same value of C4G3 v2.
C4G3 v2 TOKENOMICS
V2 CONTRACT ADDRESS: 0x1b308d8c92EE6b06faBAFE3c8ed21a9DbBE5FaCD
Total Supply: 500,000,000.
Unicrypt Sale: 90,000,000.
Airdrop to v1 holders: 200,000,000.
Staking Rewards: 100,000,000.
Marketing & Developments: 60,000,000.
VESTING SCHEDULE FOR V1 HOLDERS
We understand you will want your token to be distributed immediately, however, in the best interest of the entire ecosystem and to give us a healthy growth, we are going to place the tokens to be airdropped to v1 holders on a vesting schedule, this will also ensure we start at a healthy and much lower MC.
All tokens allocated for v1 holders will be distributed over a span of 5 months, 1 month lock up after v2TGE, 20% distribution on a monthly basis.
1. What will happen to C4G3 holders: All C4G3 holders will receive $1:$1 of C4G3 v2.
2. What will happen to CGT holders: All CGT holders will receive $1:$1 of the current CGT holding. Note: The value of CGT will be raised above current price.
3. What will be the total supply of the v2 token: 500,000,000.
4. Will the airdropped tokens be locked?: Yes, to protect the project from having a heavy dump on listing, All amount meant to distribute to holders will be distributed over 5 months with 20% each month.
5. What will be the starting price of v2: The starting price is intended to be $0.002.
6. Will there be a new Index pool set up?: No, We will only replace the v1 token in the CMI pool with the v2 token.
These are the latest developments and we are working on some things to help the long-term growth of the ecosystem.
We really apologise for any inconvenience and appreciate your understanding and support.