An important announcement regarding Minterest’s Community Allocation Event
A MESSAGE FROM JOSH ROGERS, FOUNDER & CEO OF MINTEREST
What has become very evident over the past week is that holding the Next Level LBP on 15th December will not allow enough time to properly explain the various innovations of the Minterest protocol, plus the novel concept of NFTs being paired with protocol functionality, both of which are essential components of the LBP.
Holding the LBP within given time frames was therefore a strategic error, an error that was mine and one for which I apologise.
Therefore we will now hold the LBP from 8th to 11th February 2022. Doing so however will impact people who participated in the recent Community Allocation Event (CAE).
In participating in the CAE, the agreement with Minterest was simple and clear. Participants would forward their funds and Minterest would hold an LBP from 15th to 18th December. Following this, participants would know the price they paid for MNT, which would be the lowest average price achieved in the LBP.
In rescheduling the CAE, Minterest is breaching its agreement with its community and in our book, this is not OK. To restore our relationship with our community, we are undertaking the following:
- We will reschedule the CAE for 24th January 2022 with the same financial terms as before.
- As a default position, we will return every participant’s funds, plus any gas fees they may have incurred, on 10th December 2021.This is a very significant undertaking given the number of people who participated. It is possible there may be some minor delays for a small number of people and if so, please bear with us, we will resolve such issues as quickly as possible.
Should people find it more convenient to not have their funds returned as they are clear they will again participate next year, then they may notify us with an “opt in ”. We will hold their funds, and then roll them into the new CAE on 24th January 2022 on identical terms. Opt in details are below.
- We will provide an additional series of NFT giveaways, as compensation for the inconvenience caused.Again, please find the details below.
Minterest is introducing new innovation to DeFi intended to be breakthroughs in the lending protocols sector. These innovations are significant in number, complex technologically and regarding model design, highly sophisticated. These schedule changes now allow us to properly communicate these innovations to enable
Minterest’s community to properly appreciate their value.
The women and men behind the Minterest protocol are unquestionably amongst the very best in the game. With regards to this error in my judgement, I would ask you please judge me and not them, or their extraordinary work.
MINTEREST’S NEW TREASURY FUNDRAISING DETAILS
Opt-out of automatic refund
All funds deposited during the Community Allocation Event will be automatically refunded.
If, however, you prefer to keep your funds with us until the New Community Allocation event on 24th January 2022 please enter your Whitelisted email into the following Google Form on or before 9th December (15:00 GMT) here
Supporters that incurred an error during their deposit might face a delay, and we will work to resolve this as soon as possible.
Bonus NFT Lottery TicketsAs a thank you for your understanding and patience, all Community Allocation Event participants who deposited will be awarded 5 additional NFT “APY Boost” lottery tickets.
Thank-You NFT Lottery WeekAll those who have lottery tickets AND have participated in the Community Allocation Event will participate in an additional “Thank-You” lottery to win NFTs during the week of 13th December. The lottery is simply to express our gratitude to our early supporters and their experienced inconvenience.
LBP NFT Lottery WeekIn addition, all existing lottery tickets will carry over to the next major lottery after the LBP. The subsequent lottery will take place during the week of 15th February 2022.
What is Minterest?
Minterest is a decentralised lending protocol. It comes with a unique economic model where the protocol itself captures 100% of the value it creates from interest income, flash loan fees, and auto-liquidation fees which it passes on to its users in return for their active participation in governance.