Sync City Token was created using the Binance Smart Chain. The total supply available will be 18,181,818. The voluntary contribution program will begin in April of 2022 and last until the minimum threshold of individual Helium Hotspot NFTs have been issued (5,000 individual Sync City Helium Hotspot NFTs).
The Sync City Helium Hotspot NFTs’ share of Sync City Token (70%) will be disbursed based on an even distribution between all NFTs created. Sync City believes that this is the fairest and most equitable distribution model.
Of the tokens distributed the artist pool will receive 5% of the total Sync City Tokens. This will be distributed based on the number of Minted NFTs with that specific artist’s artwork.
Sync City LLC will receive 15% of the tokens issued. All tokens issued to Sync City LLC will not be sold or transferred for 365 days. The 365-day clock begins once the first 5000 NFTs are minted.
Lastly, 10% of all Sync City Tokens will be burned. The token burn will happen once a year on December 31st at 12PM PST. Tokens burned in this manner will reenter the pool after year 10, thus allowing the NFT holders to continue to receive Sync City Token long after the initial period. Each year, a revised distribution schedule will be released to all NFT holders detailing the planned release of these tokens, the number of NFT holders, and other important information.
Additionally, Sync City LLC will require all customers to buy products and services in Sync City Token to receive a discount. If the client chooses to purchase in USD, Sync City will convert all profits to Sync City Token.
Initially, Sync City Token will be listed for sale on PancakeSwap.finance. Sync City Tokens can be stored in Binance Smart Chain wallets (metamask.io is a recommended wallet). Once 50,000 Sync City + Tay Helium Hotspot ‘Ownership’ NFTs are sold Sync City will work with Binance/Binance US to list Sync City Token.
Voluntary Contribution Program
Prior to ICO, Sync City will make available 181,818 Sync City Tokens to the general public. This infusion of liquidity will allow interested parties to obtain Sync City Token prior to NFT users trading Sync City Token on the open market. The intent here is to increase the initial price of the token prior to the full launch.
Interested parties will be asked to send HNT to Sync City’s verified wallet and email their information to Sync City. 100% of the HNT received this way will be converted to Binance Coin (BNB) and then used as Sync City Token liquidity. No funds will be used by Sync City for any purposes other than increasing the liquidity of Sync City Token. This should result in +/- .95 cents of every dollar in HNT sent to be added to the liquidity of Sync City Token. The only reduction is GAS fees and Transfer Fees off Binance, which should be minimal.
Contributions to this pool will be capped at $10,000.00 USD equivalent in HNT per person. This is done to ensure no one entity is the majority stakeholder prior to launch.
Once the Voluntary Contribution Program period has closed, Sync City Token will be issued to everyone in the percentage of HNT donated to the whole.
For clarity, Sync City Token will be distributed using the following equation:
P = Ud * 181818 / Up
Where P is the payout in Sync City Token, Ud is the HNT donated by the individual converted to USD at the time of donation, and Up is the total amount donated to the pool in USD. The 181,818 Sync City Tokens are generated 24 hours prior to the NFT collection being minted and fully released and deposited to the corresponding wallet addresses provided by each contributor.
Sync City Token does not see this as a “presale”, as funds from a presale generally benefit the founders of the token but, rather, an infusion of liquidity as all funds accepted will go directly to increasing initial liquidity and thus, the price of the token at ICO.