Following our update named An Important Coin Announcement — Part One from this past Monday, we wanted to follow up with additional details to the merger between Coin and HODLVERSE.
Details
Coin has negotiated a merger with HODLVERSE. We are also investing our corporate treasury to acquire tokens in a private sale from the HODLVERSE. These tokens will be distributed and airdropped to $COIN token holders based upon a snapshot on a future date. With our experience, Coin will aid in the future fundraising efforts for the company (including traditional venture capital and / or direct offering), drive business development, focus on developing cross-chain interoperability across the HODLVERSE platform, and native wallet integration. The existing team members at HODLVERSE will continue to drive the development of the DeFi functions, gaming, and NFT integration of the platform. The merger enables the teams to collectively execute quicker integrations and expand more rapidly in this very fast-moving market.
As part of the merger and private sale allocation, Coin secured 10% of the total token supply of MONEY from HODLVERSE from its corporate treasury. This equates to 100,000,000 out of the 1,000,000,000 (1 billion) supply. Coincidentally, the token supply for $COIN is also 100 million which translates to a 1:1 airdrop. Current COIN V4 tokens holders are eligible for the MONEY token airdrop. $COIN V1 — V3 are still able to upgrade their tokens to the latest version in order to take advantage of the airdrop. Details on how to upgrade previous versions of $COIN to the latest can be found here.
Airdrop Process
At a future date, the team will take a snapshot of $COIN V4 token holders. The wallet addresses that are holding $COIN V4 at the time of the snapshot will be recorded and used to receive the airdrop. Transactions and new $COIN token holders beyond the snapshot date will NOT be eligible for the MONEY token airdrop. We will make multiple announcements to ensure everyone is clear on when the snapshot will occur.
The date and timing for the airdrop are yet to be determined at this time.
What Happens With Coin and $COIN?
Coin as a company (including its team and IP) will be integrated into HODLVERSE. The HODLVERSE branding will be leveraged exclusively moving forward. The $MONEY token does not replace the $COIN token. The $COIN token will still exist and offers an opportunity for the Coin community and all $COIN token holders to grow value and liquidity in both tokens.
What’s Next?
- Publish tokenomics
- Publish roadmap including timeline of events for the airdrop, etc.
- Live AMA with the HODLVERSE leads
- Rebranding Coin Wallet to the HODL Wallet and integration with the HODLVERSE
- Live demo of both products integrated and working together
- Damon will operate as an advisor to HODLVERSE and assist with business development activities that help onboard partners, investors, etc. as HODLVERSE executes its mission. Damon is also launching a personal NFT project separately. Coin token holders will be whitelisted for the NFT minting.
- Byron will be moving into an Architect role and provide oversight to the development and deployment process for HODLVERSE as it executes its mission.
- The current HODLVERSE CTO will continue operating as the CTO and become the lead across all engineering resources
- Both teams have already begun working together including formalizing processes to become more tightly integrated and efficient
- We have agreed and plan to make team members public as they are comfortable (some are not English speaking while others prefer anonymity for personal reasons)
- Transition Coin assets and branding into HODLVERSE
- Public marketing and communications on the transition to the HODLVERSE
We sincerely hope that these actions and this new direction instills and rebuilds confidence with our community and token holders. Our team at Coin has always been fully committed and highly incented to create value for token holders and the overall industry. We believe by combining forces with a talented team such as those at the HODLVERSE will help us get there.
