After an incredible year, in which we started cooperating with some of the brightest brands of Web3 ecosystem, such as Moonbeam and KILT Protocol, our vision has become even clearer – and we are happy that with the funding we received in 2021 / 2022 the goal of becoming a go-to project for enterprises entering Web3 is reachable. The USD 3.6 million strategic round of funding that we close in December 2021 will spearhead the next stages of product development and business growth, giving us the opportunity to establish Authtrail as a household name for Web3 adoption among enterprises. Our path is clear.
So despite the most loyal support from the community and the numerous contributions, the Community round did not hit the target the team has set out to achieve. We are dusting ourselves off and continuing with business as usual – pursuing our goals for Authtrail. Our communication has always been about transparency towards the community and towards all other stakeholders of the Authtrail venture.
Details of the Community round
Authtrail finished its Community round of funding with $528,623 USD contributed by 302 early adopters and devoted community members.
The Community round was divided into Phase One and Phase Two, each marking different contribution limitations:
- Phase One: 1,000 – 5,000 USD
- Phase Two: 1,000 – 50,000 USD
In Phase One of the Community round, we raised $244,090 USD from 170 contributors, in Phase Two there was $284,533 USD in contributions with 130 individuals participating.
On top of both Phases of the Community round, Beamswap DEX contributed $100,000 USD, raised on their platform by their community members. Their support is provided to chosen projects building on the Moonbeam network. The contribution to the Authtrail Community round was made by the same price, conditions, and vesting schedule as other participants.
Beamswap is the DeFi hub on the Moonbeam network that provides liquidity and peer-to-peer transactions. As a project native to Moonbeam like Authtrail itself, we see a lot of potential in our joint cooperation in the future. In Q3 when the IEO is planned on one of the Tier 1 exchanges, we are launching also on Beamswap DEX to furtherly add liquidity to the AUT token.
What happens to token allocation
All the AUT token holders will receive information right before the TGE on how to claim their tokens. The TGE is planned for Q3 – all the information will follow via official Authtrail e-mail communication.
As there were only a limited amount of AUT tokens purchased, there are a few options on how to deal with the remaining amount.
The alternatives are burning the remainder of the tokens, a staking mechanism to incentivize AUT token holders and to provide additional interest on their contribute tokens, a treasury for future investments of the Authtrail subprojects, and even Community round Phase Three.
So far nothing is off the table yet. But we can assure you that the benefit of the contributors will definitely be kept in mind while discussing all the alternatives. The same goes for the fees and troubles of our community round participants – we will make sure everybody that had any troubles or fees will be compensated. The nature of the compensation will be defined in the upcoming weeks and the message will be communicated alongside the decision for the remaining AUT tokens.
Major lessons learned
We put the trust in the wrong hands and it’s on us. As the Authtrail team was set out to focus solely on the Authtrail mission and product development, the decision to outsource the platform for the Community round was a logical step in that direction. Our aim was to provide a smooth way for our community members to contribute and join Authtrail on its journey to success. It turned out quite the opposite. And we sincerely apologize for not being able to honor the commitments we’ve made.
Authtrail community is the greatest that ever lived. For the past year, the Authtrail community has been our rock, cheered our progress, and help us come all this way to where we are today – among the very best projects of the vibrant Polkadot ecosystem. A big thanks to every single one of you for not giving up and to try to help fellow community members to make contributions. We learned that the blockchain is more about the community than it is about currency. We truly appreciate the patience and loyalty of the Authtrail community members.
What’s next for Authtrail?
We are not changing course, we are focusing on Authtrail’s future according to the plans. In June, Authtrail will be in Berlin for Polkadot Decoded – an annual conference for all things Polkadot. IEO is planned for the Q3 since we are already in talks with some of the Tier 1 exchanges.
Focusing on high-level business development, and technical fine-tuning of the Authtrail platform, we are ready to become a gateway to Web3 for all enterprise business dealings. The aim is to establish Authtrail as a go-to platform to leverage the advantages of blockchain and cryptography and to enable enterprises a smooth transition to the Web3 way of doing business without disrupting their current state of processes.