Crypto-currency projects thrive when there is adequate liquidity to support all transactions on the chain. As such the Utrin Team are thrilled today to announce a one-off liquidity raise via an OTC contract.
This contract is designed to attract substantial investment, as up until now larger investors have been deterred by high slippage in the Utrin liquidity pool. The funds raised by the contract will then be used to improve that liquidity and reduce the impact of slippage all together. This will open the door to more large investments in future.
70% of all funds raised by this initiative will be used to provide liquidity, either on Uniswap or on Pancakeswap. The remaining 30% will be placed into the development fund to support the ongoing advancement of the Utrin platform.
Contract Details
There are 30,000 Utrin Tokens available via the OTC Contract. The price per token is pegged at 0.00302 ETH which is the current market value at the time of this announcement.
The contract will be open from 18:00 GMT+1 on the 30th of March until 23:59 GMT+1 on the 2nd of April. Once this date and time have passed you will no longer be able to purchase from the contract.
To purchase Utrin from the contract you will need to send Ethereum with a 150,000 gas limit to the following address:
0x8113804f64f173F5770f58657F8d669b0b697F1A
There is no minimum amount of Ethereum required to purchase from the contract. The amount of Ethereum you send should equate to the amount of Utrin Tokens you would like to buy. Once your Ethereum is received by the contract, it will immediately transfer the corresponding quantity of Utrin directly to your wallet.
Will this increase the circulating supply?
It is true that this liquidity raise will increase the circulating supply. If the contract were to sell through all of its allocation then the circulating supply would increase by 51,000 Utrin Tokens. It is important to note that the tokens in this contract come from existing Utrin in the team wallet, no new Utrin Tokens are being minted.
The contract itself would introduce 30,000 Utrin Tokens into circulation. Additionally, 70% of the funds raised by the contract would either be placed into the Uniswap liquidity pool or the Pancakeswap liquidity pool. This would require an extra 21,000 Utrin Tokens to be placed in the pool against those funds.
The team understand that this supply increase may be a source of frustration for current holders. As such they are committing to a burn of 10,000 Utrin Tokens held in the team wallet. It is hoped that this gesture will help to alleviate any dissatisfaction existing holders may have with this OTC Contract and supply increase.
The result of the contract and team burn is that while the circulating supply may increase by up to 51,000 Tokens, the total supply will actually decrease by 10,000 to 542,000 Utrin Tokens.
What if the contract doesn’t sell out?
The first 70% of the contract’s sales are allocated to additional liquidity. This means that if 70% (or below) of the contract’s supply sells out then all of the funds raised would be placed into the liquidity pool. Let’s go through a few scenarios together:
The last 30% of the contract is allocated to the development fund. If 80% of the 30,000 Tokens sell then 87.5% of the funds raised would go to the liquidity pool and the remaining 12.5% would go to the development fund.
If 90% of the contract sells then 78% of the funds raised would go to the liquidity pool and 22% would go to the development fund.
Finally, any unsold tokens will be “unlocked” and used over time on marketing, community initiatives and growing the project.
Why is this necessary?
This liquidity raise is vital to the future of Utrin as it has the potential to substantially increase the accessibility of the project. It cannot be overstated how advantageous a liquidity boost will be. There are a myriad of benefits, a larger liquidity pool will:
· Act as a mark of legitimacy for potential investors.
· Reduce slippage for those looking to buy or sell Utrin.
· Reduce price volatility and the impact of one off transactions.
· Attract larger investors and investments.
· Reduce the capacity for bad actors to manipulate Utrin’s price.
· And build Utrin’s reputation and trust within the wider crypto community.
Additionally, the raise itself will allow for immediate large investment in the project and provide financial stability for the development team to keep progressing the Utrin Platform.
While there will be an increase in circulating supply the long term advantages of this initiative are enormous. This raise will benefit every single member of the Utrin community and truly push the project to the next level!
Overview
· 30,000 Utrin Tokens made available via an OTC contract.
· The contract address is: 0x8113804f64f173F5770f58657F8d669b0b697F1A
· The contract price is 0.00302 ETH per Utrin Token (1 ETH = 331 Utrin).
· The contract will be open from 18:00 GMT+1 on the 30th of March until 23:59 GMT+1 on the 2nd of April.
· Send Ethereum to the contract equating the amount of Utrin you would like to buy. Use a minimum gas limit of 150,000.
· There is no minimum quantity of Ethereum required to purchase from the contract.
