IDO Review — 1st Announcement

Ignite Finance would like to take the time to sincerely apologize for the confusion and difficulties we have conveyed during the IDO process independent of our IDO performance.

All major and minor issues and disappointments that occurred during the IDO process are currently being prepared and reviewed internally to organize the content and improve operation plans in the future. The following contents shared today are the contents that can be implemented quickly starting from today.

Therefore, the content below doesn’t contain the entirety of the content we want to share, and we will consider all the options to improve it with more meaning and share it as soon as possible.

  1. Expansion of Announcements and Communication channels
  • Ignite will prioritize communication with community members, and for this purpose, notices and communication channels are expanded as follows:
  • The main time slot for communication and inquiry is 03:00 ~ 15:00 UTC. (Mon-Fri, weekends maybe a little later)
  • Discord Ticket Tool: (https://bit.ly/ignite_ticket), a channel where you can leave a 1:1 inquiry to the team within Discord.
  • Telegram Announcement Room: (https://t.me/ignite_finance_ann), a Telegram announcement channel has been established for faster delivery regarding notices.
  • Twitter Notice:(https://twitter.com/Ignite_Finance_), All notices and announcements will be delivered through Twitter.
  • A real-time chat consultation service is currently being operated on our Web Page. However, we plan to select and replace it with a more efficient tool or service. We plan to expand it to be available not only on the Web but also on the app page.
  • Voting for a Korean Telegram room has started. We would very much appreciate it if you could take a look at the information about the vote and participate (This is a vote for Korean Igniters only.)

2. New Telegram Channel for Overseas community

  • To expand our overseas channels, we would like to create a new Telegram room for each key country and language. We are also looking for moderators for each country+language, so if you are interested, please apply. We are currently recruiting Chinese moderators as our priority.
  • Moderator application: (https://bit.ly/ignite_mod_apply)

3. Liquidity Supply

  • For more active TINDER transactions, we will continue to expand liquidity, and we expect positive effects such as market price stabilization.
  • More specific details on the progress of the supply will be announced through the second notice/announcement.
  • The liquidity of 30% of the IDO funds allocated for liquidity supply will be used as follows.
  • 20%: TINDER-KDAI LP supply from Klay Swap
  • 5%: TINDER-USDK LP will be supplied from today’s Klay Swap, 5% of the value and liquidity of $10,000 from Krome Finance’s investment will be supplied
  • 5%: TINDER-USDT LP supply from Klay Swap tomorrow (may consist of tokens other than USDT)
  • Details of the liquidity supplied today are as follows:-
  • Initial supply price: $35 (subject to change depending on market price fluctuations)
  • Bond ROI: 15%
  • Bond price: about $30
  • USDK quantity: around 63,000
  • TINDER quantity: around 1,800

Buyback-and-burn

  • Ignite would like to start the buyback process, which is the core of Ignite. Currently, the funds raised in the Ignite Buyback Fund are approximately $120,000, which will be put into operation as needed, starting immediately after today’s liquidity supply. The size of the current Buyback Fund is around 20% or more of the accumulated liquidity, meaning that it is expected to make a significant contribution to TINDER price stabilization.

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