Reimagining Altrucoin’s Integration: Exploring New Pathways Amid Regulatory Challenges
We at Altrucoin have always believed in the power of community. Our core ethos is centered around transparency and collective decision-making, and this principle drives the way we approach every challenge and opportunity that comes our way.
Recently, we have been exploring the possibility of integrating Altrucoin into a new project, which has sparked a wealth of insightful discussions and feedback from our community. Some of you have voiced alternative ideas for this integration, and we are all ears.
An Unexpected Twist in the Road
However, the unfolding landscape of the cryptocurrency industry has added an unexpected complication to our plans. The U.S. Securities and Exchange Commission (SEC) has recently begun legal action against multiple staking providers, including industry giants like Coinbase, Binance, and Kraken.
This turn of events could, unfortunately, mean that we may be forced to sunset Altrucoin in the future. With the outcome still up in the air and the legal process potentially lasting several months, we find ourselves in a position of uncertainty.
Given the circumstances, we’ve thoughtfully decided to maintain a conservative stance with our integration plans, ensuring we can adapt and respond effectively once the legal fog clears.
A Proposed Pathway
Despite the external challenges, the dynamic nature of the crypto industry allows us to remain nimble and open to new possibilities. We are therefore considering a change in course. Instead of the initially proposed integration, an alternative plan was suggested by the community that involves transitioning Altrucoin holders entirely into a new token under the upcoming project.
This strategy could offer several benefits, not least of which is the opportunity to attract fresh interest from new users through a presale marketing campaign.
However, this decision is not ours alone to make.
A Community Decision
In keeping with our belief in community-driven decisions, we wish to put the choice between the original and alternative plans to a vote. Your thoughts, opinions, and ideas are invaluable to us, and we encourage each of you to participate in this vital decision-making process.
The Alternative Integration Plan
Our community-proposed alternative integration strategy involves these key steps:
- Creation of a New Token: We’ll set aside a significant fraction of this new token’s total supply for airdropping to existing Altrucoin holders.
- Unlocking the Altrucoin Vault: We’ll provide our users the flexibility to leave if they choose, by unlocking the Altrucoin vault and reducing fees.
- Freezing Altrucoin Token Contract: We’ll pause transactions on the Altrucoin token contract and take a snapshot of the existing Altrucoin holders and stakers (excluding company funds).
- Conducting a Presale: We’ll host a small, hard-capped presale of the new token to attract new users and holders. Existing Altrucoin holders can be whitelisted for this event.
- Leveraging Existing Liquidity for Marketing: The existing liquidity will be channeled toward marketing efforts for the new presale.
- Airdropping the New Token: After the presale concludes, we’ll airdrop the portion of the new token’s total supply to the Altrucoin holders and stakers captured in the snapshot.
The allocation of the token will likely be near these numbers: ~15% for the presale, ~15% for liquidity, ~30% dedicated to platform staking rewards distributed over 5 years, and ~30% for Altrucoin holders. The remainder would vest to the team over time. Non-presale tokens would be locked during the presale so that new buyers aren’t intimidated, and tokens allocated for Altrucoin holders will start being airdropped to users wallets a month after launch.
Advantages and Drawbacks
We would like to be upfront with the advantages and drawbacks we see with this plan. This will allow the community to make an informed decision on the matter.
- Avoiding Regulatory Complications: By transitioning to a new token, we can sidestep potential issues arising from Altrucoin’s potential shutdown due to SEC’s actions.
- New Token and Use Case: The migration to a new token brings with it new opportunities through its new use case.
- Expansion of User Base: The presale and airdrop provide an excellent opportunity to bring in new holders and users.
- User Flexibility: Those who are skeptical about the new plan can choose to leave before it is put into action.
- Market-Dependent Token Value: The value of the new token will be determined by market demand, which can be unpredictable.
- Untested Market Demand: The market hasn’t tested our new use case. As such there is a certain level of risk involved.
- Closure of Altrucoin: Despite the potential for staking to be reinstated later under Lendr, subject to a favorable outcome with the SEC cases, the plan entails the closure of Altrucoin and the staking platform for the time being.
The aim of sharing this alternate plan is to ensure our community members are well-informed and actively involved in shaping the future of Altrucoin. We greatly value your thoughts and encourage your active participation in the discussions surrounding this proposal.