CryptoCart — Relaunch plan, US Marketplace, Automation & more
Good afternoon all, we are back with probably the most exciting update yet. There are so many positives to cover, so let’s begin.
We all felt the impact of one of the darkest days a week ago, however we are relieved to now say that those fateful events have now turned around to become one of the best things that could have ever happened to us as a community. Not only have we grown stronger and bonded together as a community through adversity, we also took this opportunity to improve security and upgrade our smart contract. That being said, we have been given all of the aces up our sleeve with the relaunch. We have been testing for days on end to ensure the best possible relaunch any crypto project has ever had. Without further ado, we have some points to cover.
Below is the sequence of events that will take place over the next few days prior to getting live again.
1. Receive and publish the audit report for our new smart contract.
2. Set the initial liquidity ratio as an anti-tampering measure, whilst making sure the price at launch is at $15 with the set ratio.
3. Airdrop the entire community their tokens and provide a set date & time where trading is possible again. NOTE: Do not begin trading your CC V2 tokens until the date and time has passed. This is to ensure that the correct amount of liquidity has been added prior to trading.
4. Provide the rest of the liquidity to the set ratio to allow trading to begin and announce that trading can now commence.
5. Shortly/immediately after, we will lock liquidity forever.
6. We will then immediately renounce ownership of the smart contract.
The above are the “next steps” before going live. Before just going ahead with it, we want to go into detail and explain the relaunch process and how we will be adding liquidity. As mentioned above, we will be listing the new CC token live at $15 (price before the exploit) with 70% of the liquidity initially, meaning we would be providing approximately 216 Ethereum (about $1,030,000) paired with the new CC token. This leaves us with 93 Ethereum (about $450,000) that will also be added in strategically.
This is where we now have all of the aces up our sleeve for the benefit of the community. Without a doubt, people will be buying and selling CC V2 tokens based on how they feel we have dealt with the situation and the steps we have taken to protect the community. The remaining 93 Ethereum will be used to provide the rest of the liquidity in increments by buying CC V2 tokens the open market to mitigate any sell pressure. All of the remaining Ethereum will be used for the sole purpose of purchasing the CC token, making the liquidity pool identical to the same as before the exploit. Please make no mistake, all 100% of the Ethereum will go back into liquidity.
If there is little sell pressure and we grow on the relaunch (which we are anticipating), the plan remains the same. The remaining 93 Ethereum will be used to purchase the tokens from the market adding to the liquidity pool, which could potentially cause a positive boost in the price per token by the time all of the Ethereum is added back into the liquidity pool.
We would appreciate all feedback on this approach and it is something we have been simulating on testnet over the last few days and have found it to be very successful to mitigate any sell pressure and even give the community a huge boost for the relaunch. All of the CC tokens bought of the market will be stored in the CryptoCart Vault and moved out of circulation.
The US CryptoCart Marketplace
With everything going on, we have also managed to complete the US CryptoCart Marketplace. This will be going live post launch to allow our US community to purchase products using Amazon, facilitated by our gift card store. The affiliate store will be identical to our UK CryptoCart Marketplace, and still in the process of importing products. As of right now, we have successfully imported ~4000 products which will be going live post-relaunch.
Gift Card Store Automation
Gift card automation has been challenging, but we are also happy to announce we are very, very close to completion with that. Upon completion, we will be going through a private main-net which a few community members, our core team, and our advisor team will gain access and try break the store using dummy funds. I know it feels like it is something we have been working on forever in the crypto world, but we are very proud with how quick we have managed to sync everything back-end which requires no maintenance, and something that will live with the entire community forever.
As always, we wanted to thank the community again for staying patience, and sticking by the team whilst we do everything humanly possible to get this situation turned around and hit the road running as soon as possible. This entire situation has been a massive learning experience for the entire team, and have taken so many positives away from it. Not only have we made some huge required improvements before we got to big and focused on adoption, we have massively upgraded our contracts and security making it safer for the entire community. Over the next few days, there will be a comprehensive plan on the Binance Smart Chain, and until then do not encourage trading any of the V1 CC tokens.
CryptoCart V2 will be relaunching on Friday 12th November 2021.