New Mumubit IDO Process Initiative

First of all, we apprieciate our community support that our first IDO was sold out within 7 mins. However, we have also received feedbacks from some of the community members that they are frustrated of failing to purchase the IDO tokens due to limited allocation. The idea of IDO is to increase the project hype before listing on the exchange. For community whitelist members, we have investor protection program that IDO contributors are able to refund their token within the investor protection period before they claim the IDO token. However, due to limitation of the IDO amount, there is nearly no way to get all whitelist members to purchase the IDO token. The current IDO process is a first come first serve mechanism. For each IDO, the majority of the whitelist members won’t be able to get the IDO token, but we do have many IDO projects. As we do more and more IDOs, we are going to have more allocations in the furture IDO projects. The bottom line of being a whitelist member is you will receive staking yield, even you do not get any IDO allocations.

We understand community members’ frustration. And, we have seriously discussed an alternative solution for future IDOs. The proposal is as the followings:

1. The IDO fund raising period will be open until the count down ends.
2. The lower cap is defined as the target amount of fund the IDO project is aiming to raise. The upper cap is defined as the Maximum amount of fund Mumubit IDO platform allowed to receive during the IDO process. Upper cap will be 5–10 times of the lower cap.
3. The fund raising is over when the count down ends, or the upper cap is reached.
4. Every whitelist member can participate the IDO, the only difference is their maximum contribution amounts are different. For example, for IDO project A totally raising 50k usdt, VIP1 can purchase maximum 50 usdt, VIP2 can purchase max 100 usdt, VIP3 can purchase max 200 usdt.
5. The final puchasable allocation for each whitelist participant will be the proportion of total raised amount. For example, an IDO project A aims to raise 50k usdt (Lower Cap). There are total 250k usdt being received (Upper Cap). VIP1 can purchase 10 usdt eventually, and 40 usdt will be refunded to the buyer. VIP2 can purchase 20 usdt, and will be refunded 80 usdt. VIP3 can purchase 40 usdt and will be refunded 160 usdt. You actual purchased amount = Your contributed fund * (Lower cap/total raised fund). If total raised fund is smaller than Lower cap, you have fully purchased the IDO token with your fund. No need to refund.
6. If the IDO project have more allocations, such as raising 100k usdt, 200k usdt, and more. We will allow higher fund cap for IDO rasing process, such as setting the Upper Cap as 10 times of the Lower Cap.
7. Please notice, you will only be accounted as valid participant when you transferred the fund. If you do not transfer the fund, you will receive no IDO tokens.
8. We will do more on Polygon/BSC to save gas fees.

Thanks very much again for your support!