Greetings Marginly community! One of the hottest topics recently has been the announced planned TGE timeline of Q2 2024 and how it impacts testnet trading contest winners. We heard and understood your concerns and set about devising a solution that aligns community interests and the team’s long term vision for the protocol. As a result, we have decided to change previously soulbound NFTs to be transferable and therefore tradable on the open market.
Find here a link to our OpenSea collection: https://opensea.io/collection/marginly-testnet-contest-winners
This approach has several key advantages for the entire community as well as testnet contest winners:
- Those who seek to be rewarded immediately can now sell their NFTs on the open market (subject to market conditions).
- Those who would like to transition to Marginly mainnet but lack the funds or the conviction now have a way of doing so by depositing proceeds from NFT sales into Marginly pools or trading in the app that is rolling out very soon.
- Long-term supporters / believers in Marginly can now accumulate more NFTs thus securing a bigger share of native tokens after the TGE.
We believe this solution addresses the concerns brought up in the community and represents our best effort to cater to everyone’s interests.
Here are our key reasons why launching a native token now and distributing testnet rewards right away is not in the protocol’s best interest:
1) Development focus: we are a small team with limited resources looking to create a new and exciting product for traders. This means we are focused on the core functionality first and foremost. Once the protocol is established and proven, we will then introduce a token to further incentivize participation and community engagement. Introducing a native token now will require significant development effort that we think is better allocated working on the core product.
2) Market Testing and Feedback: Launching without a native token allows us to gather feedback, iterate on features, and fine-tune trading mechanisms. Once we find something we are happy with, we can have the design and utility of the native token. Otherwise the token will lack utility and this will inevitably translate into price action.
3) PoC and PMF: we want to demonstrate that our concept is working well and prove it over a sufficiently long timeframe. This will then create demand for our native token if people see that the project is indeed working as intended and generating revenue. Strong and healthy demand is a cornerstone of the success of a native token.
4) Simplicity is key to adoption. We want to showcase our core product first which is leverage trading without extra mechanics and complications related to having a native token.
Here’s a list of all Marginly NFTs that are now transferable and tradable:
- Contest 1 top-50 individual PnL traders
- Contest 1 top-10 team members from each of the top-5 teams
- Contest 1 stress test bounty
- Contest 2 top-150 PnL traders
- Contest 2 top-30 referrers
- Contest 3 top-150 PnL traders
- Contest 3 top-30 referrers
10% Referral Bonus has been calculated and added to qualifying traders’ NFTs where applicable. This change does NOT include Marginly Rocket NFTs which remain non — transferable. Each NFT has a unique $ value attached to it so that traders can price their assets correctly.
Each NFT has its $ value engraved directly on the image and thus can be checked at any time. At TGE these NFTs will allow holders to claim the corresponding amount of Marginly native tokens. Marginly NFTs are minted and distributed on Arbitrum and thus are easily transferable and tradable on any public NFT marketplace in Arbitrum network such as OpenSea.
Public transferability of Marginly NFTs marks a significant milestone in the evolution of the Marginly ecosystem. With NFTs becoming freely tradable, the platform has opened up new avenues for user engagement, creativity, and value realization. The introduction of publicly tradable NFTs signifies Marginly’s commitment to listening to and empowering its community with opportunities to participate in the upcoming mainnet launch as well as cater to those who want to capitalize on their testnet earnings and accumulate more native tokens come TGE.
Make sure to follow our community channels on Twitter, Telegram and Discord to stay tuned for more updates as we gear up for the Mainnet launch.
