Despite these turbulent times straining the cryptocurrency-related market conditions, 5ire has emerged stronger with the closing of major contracts and partnerships. Our Testnet launched on November 30th and had more than 30,000 people express interest to build on the 5ire chain.
As you may know, we had initially planned a public release of our token on the 15th of December 2022 on Ethereum Mainnet prior to releasing it on the 5IRE layer 1 Mainnet. Unfortunately, but for good reason keeping your interests in mind, we will be delaying the launch of the Coin to a future date currently being finalized.
We have received expert advice from our Board of Advisors, investors, and our expert in-house team members that:
1. Releasing on the Ethereum Mainnet will eventually require users to migrate their tokens to the new 5IRE Layer 1 Blockchain. This generally causes a percentage of individuals to lose all or a portion of their tokens to missing the relevant deadlines. We wish to ensure a smooth user experience for all users.
2. We wish to release our Coin in an environment where it can be immediately used. Releasing a Coin in an environment where it cannot be used relies solely on speculation to determine its value and/or worth. However, releasing the Coin in an environment where it can be immediately used no longer relies solely on speculation but more so on supply and demand.
3. We have a range of exciting products that will be purchasable upon the Mainnet launch. We wish to provide the public with equal opportunity to acquire them.
4. The FTX empire, one of the biggest Crypto exchanges in the world, has recently been derailed causing multiple liquidity issues across a multitude of exchanges. To successfully launch our Coin, we will require reliable and safe fiat and crypto-based on and off ramps to allow users to purchase our tokens. Currently, it is still uncertain what protocols have been affected by the derailing of FTX and for our community’s safety, we do not wish to place trust in anyone as of yet.
We apologize for the delay in launch, nevertheless what we can promise is that we are forecasting a strong year ahead despite market conditions. As mentioned earlier, multiple strong partnerships have been executed, however we cannot talk about them just yet due to non-disclosure agreements (NDAs).
Within 28 days we will be disclosing a concrete plan that will energize even the strongest of cynics. Thank you for your patience. We are looking to showcase the future of Web3 and sustainability to you.
More information about 5ireChain can be found by clicking on the following links:
White paper: https://bit.ly/3Qcsmor