PolyWhirl Monthly Update
The month of July has been a total wild ride here at PolyWhirl.
From launching collaborations with multiple strategic partners; raising funds via the Polystarter IDO and our private sale to signing an integration deal with Chainlink, this month was a show of strength of the team, yet merely a preview of what’s to come in the upcoming months!
While there are tons of small steps we are taking under the hood to make PolyWhirl a success, these some of the things we wanted to shine our spotlight on —
1. Our fund raising efforts.
The past few weeks of immense work pressure, sleepless nights and impeccable attention to detail on the tokenomics finally culminated into an amazing fund raise, where we raised more than $500K collectively from the community via the IDO and the private sale.
“We’re humbled to announce that PolyWhirl raised almost $500K from both the IDO and the private sale, amidst the bearish market trends of early July, 2021”
The Polystarter IDO was a raging success, with the complete allocation being sold out! This was no easy feat, since we we raised approximately $375K for 25% of $WHIRL’s supply (vested over the next 6 months) in a time when most people were uncertain of the market.
(The actual amount was a little less as the sale was held in $MATIC, which took a dive in the days following the IDO’s open; but given the market recovery at the time of writing this article, the funds are now close to the target amount)
Such a phenomenon shows the incredible trust that you — the community has placed on us, and more than that shows the true potential of what we are building here at PolyWhirl. We are truly humbled by the sheer support we’ve received from each and everyone in the community, and will yearn to always deliver every commitment we make!
In order to show our gratitude and appreciation for the community, we have a unique “Thank you” gift, details of which can be found at the end of this report ;)
We additionally raised close to ~150K USDT (147.5K to be exact) from our Private sale, which was held along side the IDO for selected whitelisted candidates only. These included allocations for our strategic partners, active community members and influencers.
The total allocation for the private sale was 20% of the supply, accounting for a total of $200K. The slots that went unallocated will be vested along with the rest of the tokens to ensure there are no changes in the expected circulating supply, and the unreleased tokens will be available for sale via OTC deals. This will allow the team to raise funds if and when required without creating unnecessary pressure on the trading pools. For those interested to purchase $WHIRL in larger allocations via OTC, may feel free to contact the team for more information.
We are proud to announce we have formed strategic partnerships with 8 firms that each specialise in their own fields to help us propel PolyWhirl to greater heights. These firms were selected after intensive research and diligence that lasted over 2 months.
The 8 firms include OIG Ventures, Block Phoenix, NodeSeeds, PolyStarter Ventures, County Capital, Halving’s Capital and ARKN Capital.
In addition to this, we have also signed an agreement with Chainlink, confirming our intent to integrate their VRF solution to randomise token burn dates in an autonomous way to ensure no human bias can creep in! You can read more about it here.
3. Our current plans & What’s next
For the upcoming weeks in August, the team’s majority focus is building out the protocol, however we do realise that a lot of underlying groundwork needs to be laid out in order to build a wholesome and a bankable product. Keeping that in mind, a couple of things that are in our top priority list that we’re working on to get to you —
- $WHIRL Staking — We are exploring multiple mechanisms including LP staking and yield optimisers that will allow you to stake your $WHIRL and receive passive rewards from them even before the protocol goes live!
- Community Engagement programs — Starting from first week of August, we will be launching multiple community engagement programs that will help build a stronger community around PolyWhirl, while ensuring more people can learn about the protocol.
- Listing on more markets other than QuickSwap — For the past 2 weeks, the team has been in touch with multiple CEXs and DEXs and has been contemplating on what is the best way forward that will help us gain a larger diversity of investors, and be the safest step in long term. We’re glad to announce that we have reached a decision to list on another famous DEX, and will be announcing the details soon.
- Minting $WHIRL supply for community engagement and ecosystem funds — To undertake the aforementioned steps, we will mint the TGE supply of the Community Reserves as well as the Ecosystem Reserves in accordance with our tokenomics.
During the IDO and the private sale, the team only minted the supply that was to be unlocked at TGE for all different sales, since the rest of the supply will be directly minted to the various contracts that will handle the vesting and the anonymity pool rewards. This step was taken to ensure no funds can be misused or compromised, which would in turn affect our community.
The $WHIRL contract has a hard-coded maximum supply of 10M tokens, and the same will never change.
The minting will take place on 12:00 UTC, 2nd of August, 2021. Please note this does not change the circulating supply, and will only affect the total supply of the token, as modelled in our tokenomics sheet.
We at PolyWhirl always pride ourselves for maintaining full transparency with the community, and in effect are disclosing all the addresses where $WHIRL resides in our custody —
- Community Funds: 0xb55394d9860b781B817B634F9c6C5d5dBA35A934
- Ecosystem Funds: 0xd4C0799903364c745cA28F22dbf26dBd27ac790F
- Team Funds: 0xf0035bdf672067cF2e6Be75dED6F4e008EE9536d
- OTC Deal Fund: 0xc4CdD4C5C730b32faDb4cC38Ec55b4E24ab69CAe
Please note, all the above addresses are Gnosis Safe MultiSig accounts, which are known standards in the Crypto world to keep custody of funds in a secure and decentralised manner. The accounts require signatures of both GustMaker and WhirlMaster to approve any transaction, hence adding a layer of security, lest any one of us gets compromised.
Moving towards a stronger, cohesive community 🙌
We’re glad to announce that the team has now decided to move the community activities to Discord. We believe in order to build a product for everyone — regardless of their language, wallet balances or their technical understanding, we need to build and foster a community that is built on the same principles as well.
While Telegram is an excellent tool for initiating a community and gathering initial traction, the team feels in order to bring everyone under one roof, Discord is a perfect choice, as it helps us in promoting inclusiveness, and full transparency for everyone.
Moreover, majority of well-known crypto projects function on Discord, allowing us to tap into their communities without people having to shift platforms. This also goes to say that in order to match the level of such communities, it is important we learn from them and follow in their footsteps to reach a higher level of community engagement.
That being said, the team will soon be releasing details of our newly built Discord server, and will be slowly migrating all activity there. The Telegram channel and infrastructure will stay open for anyone who wishes to use it, but please note that we, the development team, will be mostly available on the Discord server once it is live.
The Surprise! 👀
As a token of appreciation and gratitude, we partnered up with POAP to release exclusive NFTs for anyone who participated in the IDO or the Private sale! One day, we hope this NFT will be a proud mark for all who helped us build the next generation of privacy protocol on Polygon (and soon on many more chains)
All IDO participants have already been whitelisted with POAP and can claim their exclusive NFTs from here— https://poap.delivery/polywhirl-ido
The Private sale participants can claim their POAPs using — https://poap.delivery/polywhirl-private-sale
Be sure to hold on to your POAPs, since they will help their holders to unlock certain exclusive gates 😉