CyberTime Transformation + 5 historical DAO votes + Community AMA-session
More than 5 months have passed since the launch of the first stage of NFTL farming. At some point, it became clear that we made a mistake with the token distribution model, and after the second stage of farming, 2 tokens began to plummet. Someone didn’t have the patience / nerves and left the project. But the core team never stopped believing in the success of CyberTime and continued to work. In preparation for the launch of SAVENFT, we realized that the time had come for global changes in NFTL and CTF. Let’s tell you why:
1. More than 30% of tokens are “frozen” on the team’s wallets and 30% have not yet been issued
These are rewards for NFT artists and Fantasy Rewards. Total supply NFTL = 86.4M. Circulation supply = 56M and 29M not minted. When new investors get acquainted with the project, this discourages them from buying tokens. Many got burned by RugPulls and the scammers who made Pump / Dumb. Therefore, we decided to put a historic event to a vote:
DAO Voting #1 — Minting 29M to Total Supply and Locked 60% NFTL tokens in CryptEX Locker for 6 years
Tokens will be locked for 12 months, and then vesting of 1M NFTL will begin every month (500k as Reward for NFT Artists in Fantasy League / 500k as reward to users in Fantasy League)
2. The formed Reserved Fund on June 09 helped to preserve the project, not to lose independence and give rise to the NFT Mystery Box & SAVENFT token
The community saw that we were actively investing in the Reserve Fund to find and test hypotheses. Of the allocated 8.6M, we still have 2.8M at our disposal
- We took part in the online conference dedicated to NFT — Conference.NFT
- Visited NFT exhibitions — Disartive
- We launched ads on Coinzilla, dapp.com, 4chan
- Carried out Airdrop + SAVENFT v1 and advertised on it
- Did advertisements on Twitter influencers
Having tested various hypotheses, we came to NFT Mystery Box & SAVENFT v2. In order to prepare well for the launch of SAVENFT and the Mystery Box platform, to audit smart contracts in HashEx, to conduct marketing, we want to form a Dev / Marketing Fund in the amount of 10%. A good launch of SAVENFT will boost NFTL & CTF tokens at the expense of 0.75% fee from each transaction. This way we will be able to restore the Reserve & Marketing Fund and reinvest the funds for further growth.
DAO Vote #2 — Form Dev / Marketing Fund for SAVENFT Explosive Launch
3. Burn 3.5% NFTL
We burned 33k NFTL in 9 auctions. After the launch of the NFT Mystery Box, we are confident that the speed and the number of tokens burned will increase.
DAO Vote #3: We propose to burn 3.5% NFTL
4. NFTL.art will be transformed into the Mystery Box Fantasy League
We already have a concept of how the received NFTs from the Mystery Box Fantasy League can be used. Also, we will create a Bridge for exchanging purchased NFTs for NFTL.art or CyberTime Airdrop for Mystery Box. After the exchange, your NFTs are burned, but the exchange price will be attractive and definitely higher than the purchase.
For 9 auctions, we have collected about 100k NFTL in the DAO Fund. We invite the community to decide what to do with them:
- Leave and farm SAVENFT
- Make buyback CTF and farm
- Spend on marketing
DAO Vote # 4 — Distribute the NFTL reward to the DAO Fund
5. Migrate to v3 NFTL & CTF tokens and change owner to Burn wallet
We analyzed the current contracts and realized that we do not have the function of changing the owner in the contracts. In addition, we discovered a potential vulnerability during the migration from v1 to v2. Therefore, we want to migrate tokens to v3 with full token release. NFTL will be sent to Locker and CTF to farming contracts.
Also we plan to migrate from PancakeSwap to Apeswap.
Why we want to do this?
1. Successful partnership. We have already held a joint action together on the Apeswap platform.
2. Help with liquidity. If our liquidity for each pool exceeds 100k, Apeswap can place the pools in the Farm section with a reward in $BANANA
3. Future collaborations. ApeSwap is the #2 DEX at BSC. They have created their own NFA (Non Fungible Apes) collection and are close to us in spirit.
DAO Vote #5 — Migrate to v3 NFTL & CTF and change owner to Burn wallet
If the community accepts all the changes, the new NFTL tokenomics will look like this:
- 30% NFT Artists
- 30% Fantasy Rewards
- 16.5% Farming
- 10% Reserve Fund
- 10% Dev / Marketing Fund
- 3.5% Burn
What about CTF?
We have often heard the opinion that CTF is not applied anywhere and, in fact, does not provide any benefit. Indeed, at the start of a project, without a found and proven market fit and with a limited budget, it is very difficult to make decisions based on DAO. But as you can see, we leave the key decisions in the form of changing the tokenomics to the community. But most importantly, we found a few more CTF values. Their main essence is a token not for purchases, but for holding.
1. CTF is an access token. Essentially, all CTF owners get access to CyberTime’s infrastructure. How will it work? For example, we are already working on a solution when only holders of 10 CTFs and more have access to farming on the site. We will implement the same restriction on the NFT Mystery Box platform for buying / creating Boxes.
2. CTF gives privileges. If you paid attention, the SAVENFT token will be farmed in 3 pools. 30% — BUSD, 5% — CTF, 3% — NFTL. The reward for CTF holders is higher. The commission from each SAVENFT transaction will go to the buyback 0.5% CTF, 0.25% NFTL. All this will influence the growth of the CTF price in the future.
As we said, CTF is the token of the entire ecosystem. If it grows with other projects, we will definitely introduce additional bonuses to support CTF holders.
On August 05, we plan to hold an AMA session with the CyberTime community and discuss the transformation, discuss plans and answer questions. We will create a poll in the group to determine a convenient time for everyone