Published 17 Mar, 2023
I just want to announce that at the end of last year, we successfully concluded our first Community-Based token sale, trying to identify the right price for the Truflation token and all the work and efforts that the team has put into creating the platform.
The sale was an LBP (Liquidity Bootstrapping Pool) on Fjord Foundry held from 14-17 December 2022. Similarly to the Dutch auction, the bids started high to avoid bots and manipulation and went lower by design, aiming at price discovery. Every time someone made a purchase, the end goal of the auction increased. The initial goal was set to $0.60, but during the LBP, it increased to an impressive $1.84, thanks to the interest from the community.
This was the first step for us to identify how much our supporters appreciated the independent source of Truth around inflation.
Through the LBP, we sold 26678 tokens and reached a relatively high trading volume (~305000) to eventually earn 75173 USDC, which was then used to fuel the liquidity pool on Uniswap.
During the Fjord Foundry LBP, we launched the TFI token publicly on Uniswap Ethereum network V2, which was then refueled with more USDC after the conclusion of the LBP.
Throughout this process, we encountered a number of questions from the community looking. While we aim to be fully transparent and would like to answer questions on the topic of the private sale, we have been advised by legal counsel not to disclose additional information and will adhere to that advice for the sake of the project.
All I would like to say is that the private sale took place when we had a really early business plan. We raised for Truflation in its MVP. At the time, the logarithms were written in typescript, tracking 60,000 items, and updated weekly. Today, Truflation tracks over 18 million items and is updated daily. A 1 year of historical data is featured on a public and interactive dashboard as well as on-chain to developers via Chainlink oracles.
Truflation Marketplace offers additional data as well, including climate, commodities, consumer sentiment, and more. All of these features are new and were a result of having secured the funding through both Laguna Labs as well as the private Truflation sale, including strategic partners and entrepreneurs across the crypto ecosystem who strongly support the idea behind a censorship-resistant, decentralized and public inflation dashboard.
We continuously source data from commercial providers and introduce improvements to our data and dashboard requested by the community on social channels and will continue to do so. We also welcome requests through Discourse Forum where everybody can share their input in more detail and outline specifically the preferences based on the user interactions.
We have achieved a lot since the Dec 2021 launch and are now working on an updated 2023 roadmap. We will soon provide a more detailed outline of the next steps for Truflation. In the future, the Truflation token holders will also be able to vote on the direction of the project through Snapshot or a Boardroom and obtain information about the workload and the budget required for each new feature.
Finally, I want to share with you the emission schedule with a detailed description of how these tokens are going to be released into the marketplace over the next five years by when we are hoping that Truflation will be an independent stand-alone DAO governing its own future and stakeholders taking the future of Truflation into a whole new stratosphere.
Please remember none of this is investment advice or recommendation in any form or fashion, and we always work within the legal constraints that the available frameworks are giving us today and have always been soliciting legal advice and taking into account the potential consequences and risks to the project.
Stefan Rust, the CEO of Truflation