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Pre-launch token distribution by Capx.pdf

  2. CAPX 2 D I S C L A I M E R Capx This document, and the information contained herein, has been provided to you by Capx Global Ltd (“Company”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Capx. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Capx’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Capx’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Capx nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Capx and Capx, does not assume responsibility for the accuracy of such information. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the domestication or any of the other proposed reorganization transactions. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. CAUTION ABOUT FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the BVI laws. All statements other than statements of historical fact included in this presentation are forward-looking statements. These statements relate to analyses and other information, which are based on forecasts of future results and estimates of amounts not yet determinable. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about the pending domestication and the related transactions (the “transactions”), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about our mining business and its go-forward strategy, our ability to complete the proposed domestication and reorganization transactions within a particular timeframe, our senior executive transition and our plans with respect to share capital. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed domestication and reorganization transactions, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the transactions that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the transactions; (3) the ability to meet and maintain listing standards following the consummation of the transactions; (4) the risk that the transactions disrupt current plans and operations; (5) costs related to the transactions, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (8) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (9) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (10) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
  3. CAPX 3 Overview 001 Introduction 002 Challenges growing a healthy community 003 The Distribution Thesis 004 Innovation - IOU Tokens 005 Benefits to Stakeholders 006 All in one Solution
  4. CAPX 4 A common phenomenon across web3 projects is how products have leveraged the power of community using innovative incentive mechanisms to build and scale their products. I N T R O D U C T I O N Cryptocurrencies like Bitcoin & Ethereum accrued value over the years only because of their strong core belief and the overpowering network effects. 2010 2014 2018 2022 0.37 26 367 935 2016 2018 2020 2022 0.012 21 66 143 Addresses holding BTC (in Millions) Addresses holding ETH (in Millions)
  5. CAPX 5 Why do most dApps struggle in growing a healthy community and gain early traction and engagement? Incentive Alignment There’s a lack of user incentive alignment mechanisms, that is ways to build "skin in the game" for early users and community members before a token launch. Network Effects Web3 products rely on network effects for success, which means their value increases as more people use them. Building these network effects from the ground up, however, can be difficult. Awareness Many people are still unaware of the various dApps and their potential use cases, so educating users is a key priority for projects to attract an active user base. 001 002 003 C H A L L E N G E S
  6. CAPX 6 There are hundreds of tokens that have great utility but no community, thus failing to accrue any value. On the contrary, there are many tokens with no utility but great distribution and thus hold a lot of value. DISTRIBUTION + UTILITY > UTILITY D I S T R I B U T I O N T H E S I S
  7. CAPX 8 Projects in 2015-2017 era, when VC funding was scarce, distributed tokens to communities in their early stages. The reason why Ethereum, Polygon, Solana, Polkadot have strong communities is not just because they have strong products or they spend money on marketing, it is fundamentally because millions of people have made money investing in these cryptocurrencies. Whereas today, most of the early supporters in any project buy the top. This kills the community as the community loses faith in the project. Ethereum $0.31 450,222% Polygon $0.002 49,475% Solana $0.22 7600% Polkadot $0.29 1741% % Increase since launch as of 10/03/23 D I S T R I B U T I O N T H E S I S
  8. CAPX 9 Before launching a token, it's critical to focus on building a strong community foundation to propel your project for the long-term. The key initial stakeholders of a dApp project are the early users engaging with the application. Source: Coinlist " Pre Token Launch Phase Projects Focus on Projects Miss out on D I S T R I B U T I O N T H E S I S
  9. CAPX 10 It's challenging to create a vibrant and engaged community. It becomes even more difficult without creating some form of skin-in-the-game for the community. It gets much easier to do that if there is a way to incentivise early users and adopters to use the product. Optimising token distribution by targeting high-value users right from the start is an effective strategy to ensure that the network is populated with quality users rather than speculators We’re seeing ownership go towards those creating meaningful value for a product, community or protocol… We’re noticing a clear intention to put tokens directly into the hands of those who are consistently creating value for a given network. Source: Lauren Stephanian, Pantera Capital " S K I N I N T H E G A M E
  10. CAPX 11 All this in the pre token launch phase when the project isn't ready to have a publicly traded token. Incentive Alignment Network Effects Awareness 001 002 003 How do we align the interests of early adopters to keep them engaged and convert them to a loyal community? How do we accelerate the process of building network effects? How do we educate users about the product and token utility? ​ P R O B L E M A T H A N D
  11. CAPX 12 • • • • • An IOU token is a pre-launch token distributed among the community for their time & effort invested into the system. IOUs are non-transferable and non-tradable. Users will earn IOUs directly in their wallet based on the quests they complete for the protocol. IOU tokens mimic the function of actual tokens - thereby encouraging participation & contribution of the early adopters who use and engage with the product. IOU tokens are an efficient way for projects to design desirable human behaviour and bootstrap the network by incentive alignment IOU Token IOUs will be redeemable 1:1 for the original token, post launch. 1:1 I N N O V A T I O N
  12. CAPX 13 "The basic idea is - Early on during the bootstrapping phase when network effects haven’t kicked in, provide users with financial utility via token rewards to make up for the lack of native utility. Source: Chris Dixon, a16z Financial Utility Application Utility Overall Utility = Financial + Application utility Token Network Effect Traditional Network Effect Overall Utility = Application utility Bootstrapping Problem S O U N D I N G B O A R D
  13. CAPX 14 • • • • • Align incentives among network participants Overcome the bootstrapping problem Accelerate network effects from the outset. A large number of token holders at token launch means an accelerated path to exchange listings. Integrate IOUs into the product to educate the community about the token utility and mimic the actual token’s function even before the token is live. To Projects • • • • • Reduce customer acquisition costs More efficient model than traditional sales and marketing efforts Convert already-existing users into power users by using rewards to deepen their retention Use IOUs incentives to encourage and reward desired behaviours. IOUs provide a novel way to shape user behaviour in a network, offering ways to predict and engineer new consumer behaviours. To Founding Teams B E N E F I T S
  14. CAPX 15 "There are a lot of businesses in the world that want people to learn about their business, and they actually are incentivised to pay people to learn about that stuff to build the top of the funnel for employees, contractors, customers - you just need to educate the world about your product. Enabling large-scale simple to use micropayments for this kind of value flow, is going to completely change how businesses think about user acquisition across a range of verticals. Source: Kyle Samani, Multicoin Capital • • While not all new consumer behaviours are predictable, tokens are a often new format for consumption and enable companies or protocols to design human behaviours. Skeuomorphic behaviour: token incentives Emergent behaviour: Retroactive Airdrops Source: Mason Nystrom, Variant Fund " S O U N D I N G B O A R D
  15. CAPX 16 • • The Capx App allows protocols to issue IOUs to their community members in a gamified way, designating token allocations to high-value members for their engagement, even before a public token launch. Projects can list quests that they want their users to perform for which they’ll be rewarded with IOU Tokens. These tasks could be both on-chain and off-chain tasks. Capx App S O L U T I O N c c
  16. CAPX 17 Generate IOU Tokens List Quests Get Early Users​ Healthy Token Distribution​ Take your dApp through the journey Increase Adoption Build a Loyal Community S O L U T I O N
  17. CAPX 18 100K over 0.15% just token supply distributed $0.00 spent in CAC exactly 24.5K +8% twitter Post 30 days of IOU Distribution Capx Community users C A S E S T U D Y
  18. CAPX 19