Bictory Finance Update Regarding Token Generation Event
The crypto industry thrives upon the support of the community; without it, the success of a project is amply bleak. Communities behind a project drive its realization while giving it the network effect to succeed. Consequently, it is prudent to align with the community, as they are crucial in the long-term success in the adoption and scaling of any given project.
At this time, Concordium has only made available their smart contracts to run on testnet with testnet GTUs (native coins of the Concordium blockchain) and nothing yet on the mainnet. Technically, it is not possible to deploy the $BT Token on the mainnet. Due to this difficulty, the team needs to wait for GTUs to be deployed on mainnet to hold the Token Generation Event (TGE) for $BT Tokens. For this reason, it is not possible to generate the $BT tokens in Q4 of 2021 as initially planned by the team. That said, this will allow the Bictory team to work closely with Concordium on the technical side of things to ensure smooth execution of the Token Generation Event of the $BT Tokens at the appropriate time once GTUs are in circulation.
The team aims to perfect the technology and sync with the timelines of Concordium since Bictory Finance will utilize most of its tech functionalities. Features such as the Concordium ID-Layer and Smart Contract are crucial in the development of the CEX, DEX, Launchpad, and other products stealthy in the production pipeline. Most importantly, the BT token generation. In addition, Bictory Finance has officially applied for Concordium Free & Open Grants Program, seeking official backing from the Concordium Foundation.
Delay of Concordium’s TGE
Concordium is yet to release full details of the smart contracts that will enable the mainnet deployment of GTU. Also, at the moment, there are no GTUs in circulation which will make it impossible to interact with the smart contract that will generate the BT tokens. Due to this, the Bictory team finds it appropriate to postpone the Token Generation Event initially scheduled for Q4 2021 to Q1 2022. This decision will provide the team ample time to launch the platform native tokens and a couple of exciting products, tying in liquidity for the $BT tokens to reduce sell pressure once it goes live.
Planning Q1 of 2022
The plan is to announce a new date that will bring the launch to Q1 2022. The Bictory team and advisors will continue working hard to shape the future compliant Decentralized Finance for the crypto industry and the traditional ecosystem at large. The goal is to build a suite of financial products that are regulatory-compliant, making Bictory Finance the safe haven for global investors.
Concordium postponed their Smart Contract and also a change in their protocol level, we will utilize their Identity Protocol to hasten the registration process on our platforms once this is fully released.
Stay tuned on the various Social Media platforms for updates concerning the new date for the Bictory Token Generation Event.
About Bictory Finance
Bictory Finance is the Safe Haven for Global, DeFi, and NFT Investors. Bictory’s Finance is developing a suite of financial products that enable developers, liquidity providers, creators, and traders on Concordium to raise capital, trade crypto, and provide liquidity in a way that ensures regulatory compliance.
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