The last several weeks have been very exciting for the GFX Labs team. We worked day and night to build and deploy Interest Protocol on Ethereum. The excitement and support from the community and partners around the protocol has been nothing short of incredible.
Unfortunately, we launched on June 13th, an ill-fated day for markets around the world and across all sectors. Market conditions have deteriorated significantly. We do not believe that it is in the community’s and the protocol’s best interest to pursue a distribution of governance tokens during this time of heightened market volatility. As a result, we have chosen to defer the Interest Protocol Token sale. We intend to resume the token sale in a month.
Everyone who has already participated in the sale will receive a full and immediate refund of their USDC. As a show of our appreciation to early contributors, they will also receive the number of IPT tokens they would have received if the final price had been $0.25. These tokens will be distributed after the public sale.
As part of the implementation of this change, we will deploy a new IPT contract and set it as the governing token of the protocol.
There will be no other changes to the protocol currently deployed on Ethereum. Interest Protocol will continue to operate normally for users. The Liquidity Program will continue as currently scheduled. IPT rewards will accrue to liquidity providers but will not be distributed until the public sale.
Over the next few weeks, the GFX Labs team will continue improving the infrastructure around the protocol by launching an analytics website, developing governance toolings, and making general web app improvements. We will also take the opportunity to reassess the token distribution mechanism.
Thank you to all the early community members and users that are helping Interest Protocol grow, even in this challenging environment. We see you. We appreciate you.