Post-Event Analysis: Yamfore Token Presale and Fair Token Offering (FTO)
Contents
1. Introduction | 2. Overview | 3. Initial Strategies and Shortcomings | 4. Presale / FTO Event Results & Breakdown | 5. Resolving the Issues / Moving Forward | 6. The Quick Plan | 7. The “BLYMP” Plan | 8. Conclusion
1. Introduction
As the founder of Big Blymp, I am providing a comprehensive and transparent analysis of our recent Fair Token Offering (FTO)/Presale event. This post offers an in-depth look at what transpired, our initial strategies, the detailed results, and our extensive action plan moving forward. We believe in full transparency and accountability, and this analysis is a step toward rebuilding trust and setting a clear path for the future of Big Blymp.
2. Overview
After an intensive development period spanning nearly two years, we successfully launched the Yamfore protocol on October 15, 2024. This launch marked a significant milestone in the DeFi space, introducing a novel lending and borrowing system that pushes the boundaries of what’s possible in decentralized finance.
The Yamfore Protocol introduces several key features that set it apart in the DeFi landscape. These include crypto-backed loans with no margins, eliminating the need for over-collateralization; no ongoing interest repayments, allowing borrowers to manage their loans without the pressure of regular payments; indefinite loan terms, offering unprecedented flexibility; and automated liquidation prevention through our proprietary algorithm.
While the core systems are operating as intended, demonstrating the robustness of our technical infrastructure, the launch was not without its challenges. The results of our Presale/FTO fell short of expectations for many community members, particularly our long-term CBLP token holders. This disparity between expectations and reality has led to understandable frustration and concern within our community.
3. Initial Strategies and Shortcomings
Our original strategy centered around active protocol engagement during the sale process. We envisioned a scenario where participants would immediately begin using Yamfore’s lending and borrowing features, creating a vibrant ecosystem from day one. However, we encountered several significant issues that hindered this vision.
Firstly, we failed to adequately communicate the importance of immediate protocol engagement during the sale. The benefits of early participation were not clearly articulated, leading to hesitation among potential users. Our marketing materials focused heavily on token economics, overshadowing the unique features of the protocol itself.
Secondly, we underestimated the complexity of our novel approach to DeFi lending. The mechanics of our no-margin, indefinite-term loans were not explained sufficiently, and we failed to make explicit the connection between protocol usage and token value. This lack of clarity created a steep learning curve for potential users.
Thirdly, technical difficulties plagued some participants during the token purchase process. Issues such as transaction failures and delayed confirmations arose, and our support system was overwhelmed by the volume of inquiries, especially during the last 20–30 minutes.
Lastly, market timing played a role in our launch challenges. The broader crypto market experienced volatility during our launch window, affecting participant sentiment. Competition from other DeFi projects launching in the same timeframe further divided attention and resources.
4. Presale / FTO Event Results & Breakdown
This overview provides insight into the distribution of CBLP tokens before and after the Presale/FTO event. Our FTO/Presale resulted in a capital raise of 1.6 million ADA, equivalent to approximately $560,000 USD at the time. While this falls short of our $1.5 million USD target, representing about one-third of our goal, other metrics paint a promising picture of early adoption and growth potential.
Initial protocol adoption metrics are encouraging, showing noteworthy traction. It’s important to note that while these figures are positive, they haven’t yet reached significant levels, primarily due to the high upfront premium. Nevertheless, these early indicators demonstrate the protocol’s potential and suggest a strong foundation for future growth.
- Total Value Locked (TVL): 572,000+ USD in the first week
- Loans issued: 31
- Total lent funds: 67k+ USD
- Loan fees generated: 13.4k USD (paid solely in CBLP tokens)
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Here’s a breakdown of the pre and post FTO numbers for the CBLP token distribution:
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Pre- Presale / FTO event
Total CBLP Supply: 1,000,000,000 ( 1 billion )
Community 50% (500 million): 500 Million locked / 0 in circulation
CBLP Treasury 5% (50 million): 50 million locked / 0 in circulation
Miscellaneous 20% (200 million): 0 locked / 200 million in circulation
Airdrop 1% (10 million): 0 locked / 10 million in circulation
NFBO 5% (50 million): 0 locked / 50 million in circulation
Development Team 19% (190 million): 165 million locked / 25 million in circulation (vested by Sean, ex Yamfore dev)
Total in Circulation: 285,000,000 (28.5%)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Post — Presale/ FTO event
Total CBLP Supply: 1,000,000,000 ( 1billion )
Community 50% (500 million): 0 locked / 500 Million in circulation
CBLP Treasury 5% (50 million): 0 locked / 50 million in circulation
Miscellaneous 20% (200 million): 0 locked / 200 million in circulation
Airdrop 1% (10 million): 0 locked / 10 million in circulation
NFBO 5% (50 million): 0 locked / 50 million in circulation
Development Team 19% (190 million): 165 million locked / 25 million in circulation (vested by Sean, ex Yamfore dev)
Total in Circulation: 835,000,000 (83.5%)
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
A significant and positive outcome of the entire process is the even distribution of CBLP amongst community members. On-chain data reveals a growing adoption of CBLP tokens in circulation. The distribution across wallet sizes shows a diverse spread, indicating a healthy ecosystem. Wallets contain various amounts of CBLP, reflecting a mix of smaller individual investors, medium-sized holders, and larger stakeholders. Importantly, there isn’t a single dominant “whale” wallet controlling a disproportionate amount of tokens. This balanced distribution suggests a strong foundation for community engagement and reduces the risk of token concentration, which is ideal for long-term ecosystem stability and growth.
5. Resolving the Issues / Moving Forward.
The issue for the FTO can be summed up as this: long-term holders have been negatively impacted in value. Post-sale, their token value has gone down significantly. CBLP has been range-bound between approximately 0.02 ADA, give or take 20% on either low or high for an entire year; this will be the target price benchmark of long-term holders. These longer-term holders have been advocates of Yamfore for many months or even years and have been accumulating at these prices for said period. They’ve also been well aware of the upcoming FTO event but adhered to the team’s messaging of current holders not being affected too much and were effectively significantly affected in the paper value of their assets. Something must be done to rectify this and improve their circumstances.
Another not-so-apparent issue remains the lack of sufficient liquidity in the ADA/CBLP market with the influx of tokens released and sales by FTO participants in profit. This would significantly move prices with any noteworthy sales activity, essentially making CBLP an illiquid asset.
It’s crucial that these two major issues are rectified, so here’s the plan from the team moving forward. Our proposed actions can be split up into two distinct categories: The Quick Plan and The BLYMP Plan.
6. The Quick Plan
The Quick Plan focuses on implementing a comprehensive set of immediate actions the team will be taking effectively immediately. These short-term initiatives will be centered around improvement of the core underlying platform, marketing/brand awareness, and technical improvements which will all drive growth indirectly.
1. Liquidity Enhancement
The team will begin injecting liquidity into the current ADA/CBLP pool at random time periods, in an ad hoc fashion. This could be every couple of weeks to every few days, to ensure the capital enters the market slowly and growth with trading volume and positions occurs gradually and naturally. The aim would be to get the ADA/CBLP market to a total valuation of 2 million ADA (1M worth of CBLP / 1M worth of ADA). The set-aside ADA from the sale of the FTO (as previously mentioned in our announcements) will be used, as well as a minor reallocation of unused USD stables from the protocol’s treasury. This action aims to stabilize prices, improve trading conditions, and reduce slippage for traders. We’re also implementing an automated liquidity management system to optimize pool efficiency.
2. Team Vesting Schedule Adjustment
We’ve delayed and adjusted the team’s vesting schedule to better align with long-term holder interests. Two token releases of 82.5 million CBLP each are scheduled approximately one year apart, with the first distribution starting on December 1, 2024, and the second and final distribution on December 1, 2025.
3. Yamfore Academy
We’re creating a comprehensive tutorial and user guide on utilizing the protocol, which we’ve titled “Yamfore Academy.” This guide will be easily accessible in the “Resources” tab and will enable an easy onboarding process for any individual looking to utilize the protocol within the dApp. This guide will contain diagrams, in-depth explanations of aspects, and interactive UI elements, making the whole thing more engaging and preventing users from having to read the technical whitepaper to get up to speed with what Yamfore is all about.
4. Expanding Partnerships
We’re in advanced discussions with major DeFi protocols for potential integrations and exploring collaborations with many more. We believe in working collaboratively to create a stronger, more interconnected ecosystem.
5. Yamfore V1.5
Due to initial time constraints leading up to Yamfore’s launch, the team was limited in the changes we could implement. Now that the dApp is live, we’re planning a significant redesign of our interface for improved intuitiveness. We’re focusing on enhancing all aspects, especially the speed and reliability of the off-chain codebase.
6. DeFi Llama / CoinMarketCap (CMC) Integration
We’ll aim to integrate with major data aggregators and market tracking platforms to increase visibility and provide transparent metrics to our users and the wider crypto community. Assuming the fees for listing aren’t unreasonable, it’s certainly worthwhile for the team to make the attempt once more, especially with the renewed interest the general crypto community seems to have with CNTs (Cardano Native Tokens) as of late.
7. Orcfax Integration
Decentralized oracles are coming to Yamfore!, as previously mentioned during our building process. This integration will enhance the reliability and accuracy of our price feeds and other critical data points, and our temporary oracle setup is just that, temporary.
8. Open Source & Bug Bounty
Yamfore will be open-sourcing its code, as transparency and community involvement are key to our ethos. We’re launching a comprehensive bug bounty program to enhance the security and reliability of our protocol. This program will offer CBLP rewards for identified bugs, with the reward size scaled based on the severity of the issue discovered. Additionally, we’ll at some point be initiating a second round of thorough auditing by a reputable third-party smart contract auditing firm that’s familiar with the Cardano ecosystem. This double-layered approach — combining community-driven bug hunting with professional audits — will help ensure the robustness and security of Yamfore.
9. Liquidity Provision Fee Modification
We’ve planned to increase the current liquidity provision fees from 1% to 2% and continue yield farming incentives. This adjustment should improve liquidity and incentivize participation in the ADA/CBLP pool.
10. Token Logo Update
A minor but notable update, we’re refreshing the appearance of CBLP to meet the new standards of Yamfore’s rebranding and visual identity. We recognize that presentation is important for adoption and want to ensure a cohesive and professional look across all aspects of Yamfore.
7. The “BLYMP” Plan
Now we come to the BLYMP plan. I’d like to preface this by saying that this is a very exciting announcement for me to make and something the team has been working on for months. We haven’t announced anything until now due to the timing and our focus on Yamfore. However, we are now ready to unveil our plans. In the coming days, we’ll be revealing three major announcements under the BLYMP plan initiative, a comprehensive strategy consisting of three distinct initiatives aimed at maximizing growth and stability within the Yamfore ecosystem, which can be broken down into three phases.
These announcements form a Big BLYMP ecosystem with Yamfore at the center of these three initiatives. Each phase will be announced within days of each other, and each initiative brings direct value to the Yamfore protocol and, by extension, to the CBLP holders. We’ll be revealing everything in the coming days (coinciding with the Dubai summit, which the team will be attending). This long-term strategy, titled the BLYMP plan, is designed to bring growth and alignment to the community.
The team has been working on this in the background for months, maintaining silence until now. However, with the recent events of the FTO and their effects on the community, it’s only fair to unveil our plans in a transparent and honest manner, while setting realistic and down-to-earth expectations. The Big BLYMP plan has always been developed for the greater good of the community and to foster an expansive ecosystem. The timing of things and our intense focus on Yamfore itself had previously dissuaded us from revealing our plans, but we are now ready to share them with you. We can’t share exactly what each phase is, but we can give a vague outline as to the effect of each phase.
1. Phase 1: This Phase brings utility
2. Phase 2: This Phase brings stability
3. Phase 3: This Phase brings simplicity
These three initiatives constitute the complete BLYMP Plan, each meticulously designed to address specific areas of growth and stability within the Big Blymp ecosystem. We believe that the synergy created by these three initiatives will drive sustainable growth and deliver substantial value to our community members.
While implementing the BLYMP Plan, we will simultaneously work on completing all items on the Quick Plan list as soon as possible. Although we can’t provide exact timelines for the Big Blymp initiatives, we’ve been diligently and secretly working on these projects in the background for months now. Thus, we’re actually at the final stages of development. We’re confident that all initiatives announced will be rolled out within the next 3–6 months from the date of this blog post.
After the announcement of all initiatives, we’ll release a comprehensive blog post covering the exact effect each of the initiatives has within the ecosystem and our plan to stand out on top of the entire Cardano ecosystem. This blog post will simply be titled “The Big Blymp”. Once again, this has been the plan for months now.
We’re excited to announce that the first phase will be revealed very soon. In the meantime, here’s a hint of it: 🍠+ 🌊 = 🔜
8. Conclusion
The launch of Yamfore has been a journey of both triumph and challenge. While we’ve successfully introduced a groundbreaking DeFi protocol, we acknowledge the shortcomings in our execution, particularly concerning our presale event and initial user engagement. We want to reassure our community that Yamfore and Big Blymp remain unwavering in our commitment to long-term success. The lessons learned from this experience are invaluable and will serve as the foundation for a stronger, more resilient project.
To our long-term token holders and early supporters, we extend our deepest apologies for any disappointment or frustration caused. Your faith in our vision has been the driving force behind Yamfore, and we are dedicated to vindicating that trust. With the measures outlined in this post and our upcoming actions with the Quick Plan and BLYMP plan, we are confident in our ability to realize the full potential of the Yamfore protocol and make proper amends with the community. We’re not just building a DeFi protocol; we’re enabling a whole ecosystem, with Yamfore at its center. We invite every member of our community to be part of this journey.
-Brandon Chukwuka
Big Blymp Founder
Main Links
🌐 Website: https://bigblymp.com/
🐦 Twitter: https://twitter.com/bigblymp
🗣️ Discord: https://discord.gg/FK5qtrmRE7
💻 GitHub: https://github.com/BigBlymp
✍️ Medium: https://bigblymp.medium.com/
💬 Reddit: https://www.reddit.com/user/bigblymp
✉️ Email: contact@bigblymp.com
