A statement from the Launchpool team on Listen.
Dear Community, the Launchpool Team would like to provide an official response to the recent launch of the Listen Project.
While the launch of a non-incubated project is not under Launchpool’s control, we understand the massive loss incurred by our Community and have decided to take extraordinary action in this case. Before we begin to outline the solution decided upon for our Investor Community, we’d like to provide a breakdown of our Investment Appraisal Process here at Launchpool.
At Launchpool, our initial appraisal process follows these steps: all projects coming to Launchpool for listing are initially reviewed by our in-house appraisal team, who consider a variety of parameters, including but not limited to; deck, founder background, community, industry vertical experience, tokenomics, competition within the sector, problem the project solves, other investors and more.
Once these projects have been reviewed, those receiving an initial thumbs up, get passed on to the final appraisal team, who will then further review to determine if there is potential for the Project. Once a project passes this stage, a meeting is then called with the Project’s Team and the interview process begins. This final stage includes KYC and DD of the Founder, legal opinion of the project, drafting and signing of SAFT contract, before we announce the project to our Investor Community.
We see this as a standard practice and expect a similar approach would have been taken by the other launchpads that announced support for the Listen Project up to the day of their launch.
So what now?
Launchpool understands the disappointment of the Community in regard to the launch of the Listen Project. Our appraisal process seeks to filter out any potential for poor performance, but sometimes things do go unexpected to plans. After having carefully reviewed the situation with the Alphabit Team on possible solutions; the following decision has been made. There will be a Community reimbursement for everyone that funded the Listen AME.
This reimbursement will be done as a credit towards future projects. For every $1 funded, Investors will receive $0.85 worth of tokens split amongst the projects listed below:
• 25% in Time Raiders Private Round ($0.2125)
• 25% in a forthcoming Alphabit incubated Metaverse project Private Round ($0.2125)
• 5% in each of the 10 Launchpool Techstars — winning projects. (10 x $0.0425)*
No staking will be needed to claim these tokens. Investors that took part in funding for Listen will simply need to connect their KYC’ed wallet to our User Dashboard to receive the credited tokens once distribution starts. These tokens will be vested in accordance with the private vesting schedule. We believe this to be the best course of action given the current situation and expect a strong performance from the projects listed above.
In regard to the remaining 85% of $LSTN tokens still to be vested, we will continue to honour the Listen vesting schedule and Investors will continue to receive these tokens.
Looking forward, we have also taken the position to have an increased role in how external projects launch their token to the public. While there can only be so much “control” we placed here, we will be adamant that certain aspects for launch are maintained, for the projects we don’t incubate.
We look forward to our upcoming partnerships and the line of projects offers we have in store for 2022. We take this opportunity to thank the Launchpool Community for your continued support of the Launchpool Project — even during times of turbulence.