Weekly Update: Seedling Project Pivots
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Dear Seedling community,
It’s been just more than two months since Seedling’s inception. And they’ve been pretty choppy at best! We can’t deny things haven’t gone as expected. Starting from the first delay of Unigate by three months, the later continued postponements of projects such as Cherry Orchard, AssetFi, and finally the new issues with AssetFi and Opsya.
Our $SDLN token has been declining consequently, and so has the engagement within our community and the success of our listed IDOs. The situation is dire. There’s no point in sugar-coating it or claiming it’s any better than it is.
That’s a whole lot of negative information, but here’s the good news. The entire Seedling team understands the above completely. We sympathize with our community and accept every bit of blame that can be thrown our way. We took decisions and enforced protocols whose effect was negative and did not work as intended in these small, however critical, two months since launch.
Why is that good news? Well, it’s because nothing is set in stone. We know what doesn’t work. Now let’s try something else! The team is strong and dedicated to the success of Seedling. We are further enhanced by the continued support of our incubator Cherry Labs and the Cherry Network support system. We have a whole lot of human capital and a great many resources available at our disposal. Let’s use them to pivot our project away from this downward trend and back in its intended trajectory to the Moon.
We, therefore, take this opportunity to introduce three new and important updates which will help give you an idea of all the good that’s yet to come:
- Token Burn: 2.5% of the amount of every sale conducted on the Seedling platform will be used to buy $SDLN token at the market price and burn these tokens out of existence. This program allows all token holders to benefit from the use of the Seedling launchpad platform as intended, regardless of whether they wish to participate on the available IDOs or not. The more IDOs we run, and the more successful each is, the more money will be distributed back to our investors in the form of token buybacks. These tokens will then be burned thus irrevocably extracted out of the token circulating supply. We will share an updated tally of the burned SDLN on our website.
- Membership Tiers: Membership tiers have been a strong suit of our project. Our math-based membership calculation incentivizes people to hold SDLN for a long time and, as such, gain as high a tier as someone who perhaps has much more SDLN but who just bought them yesterday. We have decided to further simplify Seedling’s membership calculation algorithm due to the continued demands for a calculator to assess how many SDLN is required to achieve what tiers and other confusions. Find a more thorough description of the new simplified membership tier calculation on our documentation. In brief, the new calculation will take your average holdings since the inception of Seedling (December 30, 2021) and assign you a tier based on your ranking. The top 10% will be Seedlers, the top 25% will be Investors, the top 50% are Enthusiasts, the top 85% Juniors, and the rest will be classified as Novices. You will need more than 100 $SDLN to claim your tier at any time.
- Broader Project Acceptance: As the Cherry Network’s prime launchpad, Seedling has been strict in accepting only projects with existing or intended ties to the Cherry Network. Starting today, this will now change. The Cherry Ecosystem is still limited and restrictive. While Seedling is committed to remaining the preferred launchpad for Cherry Network projects, we believe we will best serve our current users and future onboarded projects if we stay as broad in our mandate as possible. The Seedling team will thus enforce a very high-quality requirement: all prospective projects will undergo KYC and a deep due diligence analysis. We will, however, not require any ties or plans to build with the Cherry stack.
Consider this a new and exciting chapter in Seedling’s history; let it be one of transparency and community led initiative. Among the practical changes, our website will be updated to reflect this pivot; our team is expanding — we’ll soon be introducing a brand new project manager who will be complementing our existing technical team led by Margaret; we also invite more community engagement within the project selection and due diligence.
We are all navigating unchartered waters. Nobody knows if these new changes will bring about the success we envision for Seedling. However, it will be our pleasure to try alongside you, our beloved community.
Last week we were planning to list the $OPSY IDO. The IDO began, but the management team decided to cut it short due to various reasons. We do not feel it necessary to disclose those reasons. We, however, continue to believe the decision to delist OPSY was correct. Our commitment is to safe and profitable token sales for our users, and we had reason to believe OPSY was not up to standard. Find the Twitter thread we published about this for more details:
We subsequently refunded all people who had already contributed:
Our community is frustrated with AssetFi’s continued delays with their TGE. Their team has explained that the decisions to delay were taken in light of broader geopolitical events and to take advantage of new opportunities to fundraise through other IDO launchpads like their more recent one on CyberFi.
However, the Seedling team understands that some may be dissatisfied with their investment. Indeed they participated in an IDO given conditions that subsequently were not met (regardless of the force Majeure reasons). We invite these people to correspond with the AssetFi team directly, who have confirmed their availability to try and resolve these issues.
Seedling is a launchpad, and as such, we don’t have control or influence over the decisions taken independently by the teams of our listed projects. We try and mediate between our community and theirs, but that is the extent of our power. The IDO funds were already consigned to the AssetFi team after completing their IDO. Furthermore, AssetFi was not incubated by our parent company Cherry Labs, and does not have official ties with Cherry Network.
II. Upcoming IDOs
Cherry Orchard — Cherry Chain Yield Aggregator Protocol
Incubated by Cherry Labs ✔️
Unigate — Decentralized Crypto Payments
It’s been a while since we mentioned anything about Unigate! A lot of exciting developments are happening with this project. They recently closed an investment from a massive private equity firm and expect to receive backing from a tier-one crypto VC next week. Their private sale is proceeding very well, and we expect their IDO to happen by mid-April. We have experienced their product first hand, and it’s phenomenal! We can’t wait to help promote them and their IDO.
III. Projects Under Review
Alightpay — Crypto Management Platform
Pitch Deck: https://docs.google.com/presentation/d/12qjor_JxFFuhlSJfWGsj4w5J-WFIBwW0l_oxP-jydkY/edit?usp=sharing
Incubated by Cherry Labs ❌
Running on Cherry Network ❌
Alightpay will serve users globally through its unique Software wallet with its DEX, all paired and managed through Alightpay wallet. Users can easily secure, manage, swap, trade & grow their crypto wealth without compromising assets security.
Alightpay is dedicated to providing a secure and user-friendly crypto management platform for the masses to secure and grow their crypto assets safely and conveniently.
NervChain — NFT Trading Protocol
We already said it all in our preamble. Things aren’t going great. We recognize this. And we are committed to making them better. Despite the choppy markets, Seedling has a team of dedicated engineers who will soon also welcome a new project manager who will manage marketing and other business facets that perhaps had been lacking. We are thrilled and excited about Seedling’s future — regardless of our token price.
Besides the updates mentioned in the preface, we are also working in conjunction with Cherry Labs to get SDLN listed on a major Centralized Exchange. We expect this could happen in a short order.
We will also be releasing an audit of our smart contracts soon. It took pretty long, but we’re happy with the outcome. We should be able to publish that sometime next week.
Seedling is the first launchpad dedicated to launching projects on the Cherry Network, as well as the leading blockchain networks such as Avalanche, Ethereum, Polygon, Binance SmartChain, Fantom, and others.
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