Protocol Updates 04/22/2021
To our beloved community,
We would like to thank every member, supporter, stakeholder, and contributor of Auric Network for the amazing support that you have shown us so far. Our network is only as strong as our community and we are thrilled to be at the precipice of a major paradigm shift that is the DeFi revolution. After many years of being a part of the crypto industry, these are exciting times for us all.
Since our inception, we have operated anonymously under the pretext of realizing a fully decentralized, fair, and independent economic system where anyone from anywhere can seize the opportunity to realize their socio-economic aspirations. By adhering to sound economic principles that underpin our aspiration for financial inclusion, we want to maximize the opportunity for our community to have access and acquire AUSCM from a variety of outlets; we endeavor for our token to be utilized as base money by governments, institutions, and individuals.
Our recent developments, including strategic partnerships, developer updates, and exchange listings demonstrate our efforts to further democratize finance, and this announcement, in particular, serves as a public disclosure for transparently and efficiently disseminating information that is of relevance to our community.
We are happy to announce that despite several technical challenges that came to light during our listing negotiations and the general listing process writ large, we have been able to work through them and have now FULLY confirmed and secured listing dates for three exchanges; announcements pertaining to the details of each listing will be released soon.
2 of the 3 listings will happen over the next few days before the end of April!
Some of you may know this and some may not, but for the last 2 months we have been ranked #2 in locked liquidity for the Unicrypt liquidity lock, trailing behind WETH by only by a small margin, which is #1… This means that out of EVERY project listed on Uniswap with a liquidity lock we had the most tokens locked.
Many of our active and passionate community members have already inquired about our plans for the lock. This announcement serves as an explainer to the intended purpose of our liquidity lock and what we plan to do with it upon its expiration in a few days.
What is the intended purpose of the liquidity lock?
Since inception, we have locked our LP token liquidity via Unicrypt for 6 months, which amounts to approximately 300 ETH or 13,200,000 AUSCM at the time of lock. This 300 ETH was a direct contribution from our team without any fundraising done via a token sale. No VCs, no private sale supply, and no ICO/IDO.
We took a HUGE bet and took our own blood, sweat, and tears to prove that we are fully committed to the development and growth of this project, enduring through all of the FUD an anonymous project experience. Despite our partnership with a publicly listed company, we wanted to provide PROOF and not merely bold claims about what we aspire to accomplish through our actions. Simply put, we wanted to put our money where our mouth was.
The locked ETH/AUSCM pair constitutes approximately 45.5% of the total liquidity with a valuation of a little under $6 million USD at the time of writing this article.
As we reach closer to the date of expiration, April 24, 2021, upon much consideration and speaking privately with some of our major contributors and partners, we have decided to undertake the following reallocation strategy in order to benefit the growth of our ecosystem. We would like to take this opportunity to also explain the logic behind each action and the considerations that took place in making these decisions.
What will happen upon the expiration of the liquidity lock?
We promised that there was no token allocation for the founding team, advisors, or partners aside from the DEV pool. So……
We will be facilitating a token burn of ALL of the AUSCM tokens that are not re-locked or re-allocated towards the governance for future pairs on other L1 infrastructures that we bridge to. That means that we will be burning approximately $3 million+ worth of tokens or approximately 6% of the entire token supply. This is once again to prove a point. We operate anonymously and under a trustless technology, but we still believe in building trust with our community. We believe in FULL transparency.
We have detailed the re-allocations for the locked liquidity below…
- 10% of the ETH/AUSCMs locked under a wallet controlled 100% by community governance for liquidity allocation onto BSC via the crosschain bridge. (ETH will be swapped out for BSC and AUSCMs will be bridged directly)
- 5% of the ETH/AUSCMs locked under a wallet controlled 100% by community governance for liquidity allocation onto XDAI via the crosschain bridge. (ETH will be swapped out for XDAI and AUSCMs will be bridged directly)
- 5% of the ETH/AUSCMs locked under a wallet controlled 100% by community governance for liquidity allocation onto MATIC via the crosschain bridge. (ETH will be swapped out for MATIC and AUSCMs will be bridged directly)
- 10% will be relocked for another 3 months for the ETH/AUSCM pair on Uniswap(We wanted to go for a 12~24 month lock but with the uncertainty of ETH 2.0, EIP-1559, other ETH updates, and UNI-V3, we felt that it would be safer to take a shorter lock approach and re-lock as the major infrastructure changes happen.
- Then 10% of the ETH will be allocated to a single wallet controlled by the community and the public key will be announced directly to the community. The market buys will happen over the period of a week randomly and the tokens will be used by the team to reward contributors and pay bounties for the protocol. Everyone will be able to simply monitor this wallet at any given point and time.
- 60% of just the ETH from the pool will be allocated back to the team and liquidated to maintain development and operations over the next 2 years.
We believe this is fully justified as the team took a risk in not only providing the liquidity and locking for 6 months the entire pool in the beginning, but also that there is 0 team allocation with the rest of the non-locked tokens being 100% allocated to fair distribution. If you look at the charts from 10/22~11/07 you can clearly see that the pool was bled dry from the farmers dumping as soon as they farmed. Any and all team supply was either bought off of market or earned via staking at the same time and conditions offered to the general public. Even our 20/21 farming pools were not “___”/AUSCM pairs(50/50). This means anyone that had any of the 20 assets that we designated for fair distribution simply had to stake the asset they already had to get free tokens.
We have decided on the aforementioned re-allocation strategy for development purposes. This means that we can continue to build for the next 24 months, even if the markets turn bloody.
This leaves the final 70% of the AUSCMs in the pool that will immediately be burned and a TXID will be provided to the community within an hour of the transaction taking place (We want to say immediately, but do not want people to panic if it takes us a few extra minutes). This is our final contribution in proving that we are not a rug-pull or scam, or a quick PUMP and DUMP operation.
This is just the beginning…..
Success breeds success
Operating a decentralized team and community, we feel that Auric Network has already exhibited a myriad of accomplishments since its inception. These include a number of strategic partnerships with the Mine Foundation and Bluebird Merchant Ventures (LSE: BMV), the strategic technical integration of Chainlink price-feeds on Ethereum and co-development of cross-chain oracles w/ Chainlink, and the successful listing of our AUSCM (awesome) token on the Uniswap DEX and Flybit(a fully regulated and license centralized exchange in Korea w/ a FIAT on/off ramp.
We are in the advanced stages of confirming even more listings with several centralized/decentralized exchanges and announcements will be released pertaining to the details after our already announced listings for this month.
We have garnered significant attention from the public and private sectors, being featured on a wide array of global media, including Bloomberg, WSJ, Financial Times, Donga-Ilbo, Yahoo Finance, Korea Times, etc.
Although, we do not like to discuss price action, but as a project that had a starting market-cap of approximately $300,000, we rose to an ATH of $100million in market-cap and have settled and held steadily right above the $40 million market. That is about 10,000% and just in the last 60 days we have grown 40x in market-capitalization.
We currently have about 900 holders across various wallets on-chain, and according to Flybit about 8,800 holders as of this Monday.
I know that our entire community has been SCREAMING for a roadmap since our inception, yet we have refused to provide one. You can blame that on ICHI, our founder and native mad-scientist. Even upon the countless requests of the community and internal debates and arguments of the other team members; of providing the community a solid roadmap, he or she refuses to take the easier road-taken. But after much debate, we support his or her decision in proof through action, responsible disclosure, and not promising things that cannot be delivered on time.
Trust me, we understand the need for clarity and transparency. But we also know that FUD and animosity is generated whenever a roadmap is delayed or a team cannot keep promises on time. Our ENTIRE team is dedicated to building QUALITY technologies and the security of our ecosystems. And they still build faster than any other team we know. So, please be patient with us…
Finally, some dates…
Within the next 60 days(approximately) we will have bridged to XDAI and BSC. After that, once a week we will bridge to another ETH sidechain.
Directly after that, we will be bridging to other non-ETH sidechain 1st layer infrastructures like Solana, Polkadot, and Cosmos.
Business paradigm shifts happen once and the next Bill Gates will not build an operating system, let alone another Zuckerberg creating a social network. The founding team at Auric Network albeit anonymous is paving the way for a transformation in financial systems whereby cryptocurrencies can be exchanged within an independent and unbiased system of checks and balances: without human error or greed.
We believe in creating and contributing to society by fighting for financial democracy, financial inclusion, and equal opportunity. Adhering to the four functions of money, which include a medium of exchange, unit of account, store of value, and standard of deferred payment, Auric Network has been created for utilization as a currency and we are excited that you, our AUSCM(awesome) community, are a part of the journey.
About Auric Network
Auric Network (AUSCM) is a synthetic commodity money that is not dependent on the current world-based currency as the goal price or value. Instead, Auric relies on the centuries-old currency of all currencies, or store-of-value: gold.
AUSCM is not an investment product. It is not intended in its design or distribution to be utilized as a form of investment, speculation, or a financial product. No communications from Auric Network Limited to users constitute financial advice, a solicitation for investment, or a guarantee of a financial return. Please do your own research and investigation before participating in this project.