SAITO Listing and Market Cap Update
On April 22nd, Saito held its IDO via Polkastarter and went live on Uniswap. For those who missed the excitement, you can find out how to safely buy Saito here:
We are pleased to announce that our sale raised a total of 400K USD. This brings our war chest up to 3.3MM USD.
Our first day of trading saw ~24MM worth of SAITO change hands and the value of the token appreciate, making Saito one of the few projects that has offered competitive returns to Bitcoin and Ethereum since our inception. Everyone can expect an announcement next week with details on upcoming events, partnerships and progress on exchange listings.
In line with our goal of being transparent about our financial roadmap, we want to address concerns we have seen raised online. If anyone has questions not addressed below please join us on the Official Saito Telegram or by email at email@example.com.
- Is it true vesting irregularities resulted in some supporters receiving their second tranche early? This is true and resulted from an error in sending the transaction twice. We contacted the recipients, requested they respect the terms of their SAFT and expect them to comply.
With that said, given that this disbursement theoretically affects the supply outside our direct cryptographic control, we are providing updated figures on available SAITO market cap as below.
As above, the shift should not have a significant effect on market supply, not least because a non-trivial amount of SAITO is being held off-market by (diamond handed) partners who have deliberately not vested at this point. This will be compensated for at the next vesting date (2021-07-22) when double vested investors are ‘skipped’. Figures on the yellow line reflect a circulating supply of 901.3MM SAITO, with a further 124.7MM SAITO providing liquidity from a total supply of 3B SAITO.
- Why is there a difference between Saito’s available market supply and the total supply of ERC20 tokens listed in the smart contract (3 billion)? We also received specific inquiries about three wallets that seem to control large amounts of SAITO.
To provide clarity on where SAITO tokens are stored, approximately 2 billion SAITO are held in three accounts controlled by us and are not available for purchase. These accounts correspond to the categories listed in our tokenomics brief:
Contributors / Dev Allocation (200MM SAITO)
Foundation Allocation (300MM SAITO)
Saito Treasury (unallocated – 1.474B)
These tokens are not available for public sale. They were minted on smart contract creation as the keys that control minting are held in secure cold storage.
- Anything else to mention? We haven’t received any inquiries about this, but a final 6.8mm SAITO allocation was issued this afternoon to three backers who were having trouble with KYC. There is 11,971,428 Saito outstanding to investors who have not yet completed KYC, to be paid on completion.
The next movement of tokens from this wallet would potentially be at the three month vesting period, but with most issuance delayed until the six month point.
We hope this answers any questions that people may have. We’re grateful for the support and look forward to sharing more news next Monday with details on our upcoming roadmap, new partnerships and exchange listings as we switch back into development mode.
The Saito Team