Market situation and challenges
Dear blocsport.one community, sport lovers and BS1 early adopters, we know your feelings during the last month and especially during the BS1 airdrop discussion.
We all know the crypto market is very volatile, especially the altcoins. Discussion about the BS1 token value in USD before crypto market May collapse does not make sense. BS1 has been affected as the other altcoins by the market situation.
But we are strong fighters and managed the IDO during this turbulent time, although it was not so smooth and successful, as we planned. We continue focusing on the project development while balancing interests of several different groups, including BS1 holders and IDO participants.
BS1 is a utility token
Before we deep dive in the BS1 options discussion, let us remind the basics. You know this well, but this clarifies many questions.
A BS1 is an utility and governance token. It is by no means a financial investment or a security or a company stock etc.
B BS1 buyers are not investors in the company. We have not got investments from BS1 tokens. We had just provided DEX liquidity and opportunity to trade BS1.
C Those who made some profit on BS1 trade before market collapse in May were lucky. The others were not. ETH that is a trading pare for BS1 valued now 1/2 in USD vs the ATH achieved in May. Most of the altcoins lost about 90% of the value.
Why people bought BS1 tokens
Now let’s check, why people bought BS1 tokens, and were we are today:
1 BS1 buyers believe in the project great future. It is still the case. We are focusing on the long term project development and continue to have bright outlook. The market will turn green some time. Those projects that work hard now on the fundamentals will win long-term.
2 BS1 buyers wanted to speculate. Improvement here. With the IDO and new token on BSC we have more power behind the new token, more contributors, less trading fees. And working on listing on more exchanges.
3 BS1 buyers wanted to get a Porsche 911 chance. You still have it. We have reassured many times that we keep our promises and those who were eligible for the chance will have it, regardless on the token changes.
Future of the BS1 token
You know the reasons behind the tokens split and launch on Binance, described in the June 1 announcement.
The status quo before the June 1 announcement was: some liquidity on Uniswap and some trading. The BS1 price in ETH and ETH value itself decreased by the end of May due to the crypto market turbulence. Our initial plan was to get back liquidity to BS1 and continue working on its utility for the institutional B2B sports platform.
This is still an option, and we propose it to the community. However, in the current market situation, and based on the discussion in the community we believe that focus on one token — BLS — will be more effective. In the voting form we ask the BS1 holders choice about the future of this token.
Bonus tokens airdrop for BS1 holders
The second solution announced on June 1 to keep BS1 holders happy was the airdrop for a new token at ratio 1000:1 (as we planned a trillion of the new tokens that time), applicable to BS1 holders at the time of this announcement. This ratio has been calculated to balance the new token supply and the IDO pricing with the BS1 market value at the end of May, with nice round up to favor BS1 holders. This was accepted by the community after few questions asked early in June.
With the super-turbulent market situation during the IDO we have been forced to invent a new BLS token to save the project, with 950 million tokens. The BLS rate vs the planned BCS1 token is 0.00095. Hence the new airdrop rate of new tokens is 0.95 BLS for 1 BS1 token.
In the spirit of giving back to the community and keep BS1 holders happy we had proposed to round it up again in favor of BS1 holders, to 1:1.
Mathematical calculation for all the conversions in the same, as we promised on June 1. We understand the challenging market situation and keep working on the project development and good things will come soon to support BLS token.
And one more time the spirit of giving back to our beloved community that believes in the team and supports the project, we propose to give you more, to keep you happy and engaged during the challenging months of 2021. BS1 holders, on top of the 1:1 BLS airdrop will get 50% extra BLS airdrop if you hold your BLS till December 2021.
We want to be with you on this challenging journey and remunerate the early project supporters. The suggested option is already double the BS1 value at the end of May. And will do our best to grow the project and BLS token value in the next months.
BS1 holders voting
We value the community support and opinion. The scenarios are up to you to vote:
We will listen to your choice and proceed accordingly. Please vote in this form:
→ The voting form: https://forms.gle/WvXFC5b558HPp2PJ7
→ Time to vote 2 days till Saturday 4 PM UTC
UPDATE: Voting outcome and BLS airdrop instruction
The voting resulted in a preference for the BLS airdrop over the BS1 liquidity, and keep/kill BS1 was at parity. In the best interest of the project and BS1 & BLS token holders we had carefully crafted a compromise solution that suits the strategic partners and all the token holders: to focus on one BLS token and to provide 1:1 BLS airdrop to all BS1 holders, with extra 50% loyalty bonus airdrop for those who will hold the airdropped BLS amount in December’21.
New tokens were airdropped to your wallet on July 5th. Here is a transaction for all eligible addresses that received BLS: https://bscscan.com/tx/0x6ef1cdfb484639a996f8ff88c9e80de00c5f81d0d3d01d787e41174c47b6906f
In order to see your BLS you have to:
- Set your wallet to Binance Smart Chain network
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
2. Add BLS token to your wallet (or search for it)