we believe that it is time for us to be completely transparent with you and fully explain the situation. Some issues were out of our control, but we made some mistakes as well, which inevitably led to the situation we are all currently in and for which we’d like to sincerely apologize,
The first issue that needs to be covered is the Balancer LBP sale. We explained the LBP mechanism and how the sale works in a detailed article, in many posts and also in the chat. We clearly pointed out that it will start at a high price which will decrease over time until it reaches demand. This is the nature of a Balancer LBP and the same issue exists with many projects who conduct this kind of sale and where people Fomo in without doing the research or reading the provided explanations and warnings.
But despite all our efforts, some people ignored all the warnings and gave into FOMO at the start of the sale. We were deeply saddened and sorry to hear about this. We want to reward the people who participated in the Balancer LBP public sale, so we have decided to distribute a reward of 1000 $ARES tokens to all participants of the Balancer LBP who held at least 500 $ARES tokens or more.
The reward will be issued in 2 tranches: the first tranche of 500 tokens will be issued within the next couple of days and the second tranche will be sent out 10 days later.
⚠️ Note: Only addresses that held 500 $ARES or more until the end of the Balancer LBP sale are eligible for this reward. Also, all the other rewards, i.e. for the top 3 holders, and the top holder during each 4-hour period will remain the same.
The second issue we encountered was the price dump during the exchange listings. This happened because the tokens from the private sale got unlocked 1–2 hours prior to the centralized exchange listings. We admit that the release time was not ideal, but we had to unlock the tokens at some point, as per our contract obligations. We did our best to prevent a further dump buying back as many tokens as we could from the exchanges and we are still buying to stabilize the price. Our efforts are showing results.
Our next steps are as follows:
1️⃣ We have already submitted an application to be listed on Coingecko. It shouldn’t take long until they list us.
2️⃣ Our native staking program will be live within the next few days with decent staking rewards. We hope that this will have a positive effect on price movement.
3️⃣ Further marketing activities and partnerships are in the pipeline.
We will have several AMAs in the next few weeks to raise awareness of Ares Protocols technology.
4️⃣ Community activities such as GIF and Sticker Contests are in the planning.
5️⃣ And, of course, we are excited to participate in the Kusama Parachain auction which was supposed to be at the end of this month but apparently got delayed.
We’d like to thank all our community members for your support and belief in us. We hope that our efforts to address the current situation are more than apparent. We had a rocky start, but our goals remain the same and we are determined to reach them, and we’d be happy to have you with us for the ride.