Opu Coin Distribution Update
By December 18, 2018
Opu Labs would like to thank our community for the strong participation in our Opu Rewards program. We are super excited to share that so far we have over 123,000 accounts on opu.ai and over 30,000 users in our Telegram group. Over 50,000 users have completed a skincare profile and of those users, 28,000 have submitted skincare images to help train our AI engine.
From our community’s participation in our social airdrop and our new skincare research challenge, this consumer support has been integral for Opu to partner with our first group of skincare brands (stay tuned for more information). To support these partnerships, Opu Labs had allocated 189,000,000 OPU (189 Million) towards Opu Rewards for the token sale phase. Here’s how those rewards have been distributed thus far:
Please note that as of December 20th, the Brand Research Challenges and Skincare Rewards will continue while the rest of the ICO programs will come to an end.
Because of the large number of participants in Opu Rewards, we’ve been receiving daily requests about how OPU earned from the program will be distributed. In this post, we discuss those questions and provide some background on our policies.
Recent ICO Price Crashes
Before we provide our answers to the most commonly asked questions, it’s important to provide some context on the state of the ICO market since Opu Labs first launched. From our review of ICO performances over the past 6 months, we found that over 90% of publicly traded projects are currently trading significantly below their ICO Price. As many of you know Bitcoin has dropped from it’s peak of $20,000 USD in December 2017 to a current valuation of around $3,500. Similarly, Ethereum has experienced over a 90% drop in value from it’s peak of $1,200 to a current price of around $85.
Why is Opu Labs telling me this?
Observing these market movements has been an extremely beneficial learning experience. In response we have already taken several value building steps – we significantly reduced our hard cap, significantly reduced our total supply, reallocated the pools, and implemented numerous mechanisms to promote price stability. And most importantly, we have learned that premature bounty distributions are one of the main causes of price crashes on secondary cryptocurrency exchanges.
Despite all the volatility in the markets over the past few months, Opu Labs hit its softcap and generated significant market interest in our platform. So going forward, Opu Labs plans to release its full platform ecosystem BEFORE listing on any secondary exchanges. Rather than taking the “traditional” approach of listing on an exchange immediately after the close of ICO, Opu Labs will instead release the Opu Marketplace before listing on public exchanges to avoid unnecessary price speculation.
But wait, I want the tokens I earned!
We understand that some Opu Rewards members will want to liquidate their tokens based on their experience with other coin offerings. So why can’t you do this with the Opu coins you earned? Here’s why we won’t be listing Opu immediately on secondary exchanges. With a large percentage of our issued supply allocated to Opu Rewards participants, we will carefully manage how the tokens make their way onto the open market.
Opu Labs allocated 1.35B OPU to the ICO (50% of our total supply) and 103,201,401 have been contracted by investors to date. So the Opu Labs public sale will end on December 20th, 2018 and no additional OPUs will be sold to the public after this date. The remaining OPUs in our supply will be allocated to OPU marketplace purchases and a portion of them possibly burned at a later date.
In parallel with the Opu Marketplace going live, Opu Labs will introduce the Liquidity Bridge to enable public holders to transfer their OPUs to buyers on the Opu Marketplace. The company is targeting to have the Opu Marketplace fully functional by the end of Q1 2019.
Liquidity is a huge concern with most cryptocurrencies. In the past, the easiest way to tackle liquidity was to list on as many exchanges as possible. Opu Labs has been and is currently still being approached by dozens of exchanges (over 50 to date) to list on their exchange. We are thrilled to get this much interest. However, we will take a methodical approach and pick those exchanges who fit our business model and vision the closest.
As our Liquidity Bridge will provide token holders with liquidity directly within the ecosystem, Opu Labs has decided to wait to list on exchanges until both the Opu Marketplace and the Liquidity Bridge are live.
Now, let’s explain how this affects Purchasers and Opu Rewards token holders.
When will I receive my OPU from Opu Rewards?
All purchasers of OPUs who passed KYC will receive their tokens as promised within 14 days after the close of ICO. We want to encourage purchasers to continue to hold their OPU through our holding bonus program. Instructions and details surrounding the holding bonus program will be sent directly to purchaser’s login email(s).
All OPU earned from Opu Rewards will be available for in-app utility following the close of our public sale and the launch of the OPU marketplace with products or services available in your geographic region.
For those rewards holders who would like to hold and later sell their tokens, we will start unlocking a portion of those tokens after we have listed on our first few exchanges, but not before this date. We will make regular announcements on the status of the marketplace and exchange listing progress.
Our intention is to provide our early adopters with an opportunity to purchase skincare goods & services at a discounted rate thanks to their early support for the project. But at the same time, we must take every necessary precaution to minimize token dumping, price speculation and to promote real utility.
As we continue to build out the Opu ecosystem, we hope our rewards participants will appreciate the pure utility for which the OPU Coin has been designed. We fully intend to promote liquidity for all of our ecosystem participants and want to stress that this distribution method is intended to benefit the largest number of holders over the long-term.
Thank you for your patience and support. We encourage you to continue to participate through the new Brand Rewards and Challenge Program and track our new feature releases over the next few months.