Transparency Report on $SKYRIM IDO and Raised Funds
To all community members,
To help you understand the current status of Skyrim Finance, we believe a detailed explanation of what happened and what is happening should merit.
In this Medium post, we wish to recap our IDO, shine more light on our post-IDO strategies, and the status of our raised fund.
SKYRIM IDO Recap
Skyrim Finance was the first IDO project on the Thorstarter launchpad, which went very successful and beyond our expectation that we did not think it was necessary to raise extraneous funds to boost our future liquidity pool. Consequently, we suspended Balancer LBP.
The sale was closed with a final 6,158,242 $XRUNE raised.
Once again, we would like to make it crystal clear that not a single person received $SKYRIM tokens before this listing. All tokens were distributed to investors at 1 PM UTC on September 2nd, strictly according to our official token vesting plan.
With rumors, FUD, volatility of XRUNE prices, and the Dutch Auction sale mechanism itself, the post-IDO listing was bumpy. However, both parties, Skyrim Finance and Thorstarter decided to roll out the IDO Investors Boost Program to offer recompense to the IDO participants.
In the agreed IDO Investors Boost Program, we would
- Conduct 1,500,000 XRUNE airdrop and 500,000 SKYRIM airdrop to all the THORSTARTER IDO investors over time, in batches.
- Proceed to add an additional 500,000 XRUNE and equivalent SKYRIM liquidity boost to the XRUNE-SKYRIM liquidity pool.
Proof #1 👉 IDO Investors Boost Program Update
Proof #2 👉 IDO Investors Boost Program Update
Please be noted that the Thorstarter team did not distribute any of these XRUNE to Skyrim Finance immediately due to Thorchain issues but promised to distribute the raised fund when Thorchain launched again after one month. However, Skyrim Finance has not received any raised funds so far, and we believe the Thorstarter team did not keep their promise.
The Thorstarter team decided to withhold the raised fund from us and then list some conditions we needed to fulfill to have the fund released to us. However, we would like to point out that these terms and conditions were never discussed with us before IDO. It was a completely out-of-blue move.
Decided by Thorstarter community vote, which was to return XRUNE tokens to IDO participants. On December 17th, the Thorstarter team messaged us saying a page where the IDO participants could swap their SKYRIM for XRUNE just went live.
Here’s the contract for details: https://etherscan.io/address/0xb8C1Aaf54751efA11D2D8A5DF503b8afB6d80322
Total swapped SKYRIM: 2,192,628.58 SKYRIM
Total un-swapped XRUNE: 2,615,486.64 XRUNE
On January 25th, the swapped SKYRIM was sent back to us, details below:
After the swap was completed, the remaining XRUNE or the equivalent USDT should go to the Skyrim Finance team. If the Thorstarter team insists on withholding these tokens, we believe we deserve to know how these XRUNE tokens were disposed of and what their usage was.
Skyrim Finance Post IDO Progress
After IDO and listing of $SKYRIM, we have every intention to work with the Thorstarter team to push forward the project. Despite not receiving the much-needed fund we raised from IDO, we continued with project building.
During this time, we partnered with a good number of projects in this space, ranging from the decentralized cross-chain platform, privacy protocol, decentralized standard hash rate token protocol to multiple services providers.
We also enabled cross-chain functionality with the Binance Smart Chain listing and launched numerous community programs to push Skyrim Finance to a broader stage.
For more details, please see our Monthly Reports 👇
Effects of Not Receiving Raised $XRUNE
At the time of writing this report, we have not received the rest of the raised funds, which seriously damaged our progress. Despite our relentless efforts to communicate with the Thorstarter team, it is fair to say that we will not receive our raised funds and won’t be able to fuel Skyrim Finance’s development.
As far as we know, the effects of not receiving the raised XRUNE are grave and their consequences later become the new effects and causes of something detrimental to our development.
- Without the raised fund from Thorstarter, we were not able to timely seed the $SKYRIM liquidity pool, which is something catastrophic when it comes to trading altcoins and their price movement.
- Since the Skyrim Finance private sale was only a small-scale sale, without the raised fund, we quickly depleted the resources we had and were unable to continue with technology and marketing development.
- Without the raised fund from Thorstarter and with the aforementioned consequences, we, as a project, could not fulfill and improve the project outlook, and the $SKYRIM token could not perform well in the market.
In the IDO Investors Boost Program, we said with sincerity that:
We would like to express our gratitude to the THORSTARTER team, which is a transparent, professional, and trustworthy platform that cares deeply about its community.
However, we do hope to receive the funds we raised from our IDO.
About Skyrim Finance
Skyrim Finance is the First Multichain Decentralized Structured Finance Marketplace. Skyrim Finance aims to build the Robo-Advisor of the DeFi ecosystem. The objective of Skyrim Finance is to help investors of different profiles have risk-adjusted returns through fixed-rate and leveraged-yield DeFi products.