Typhoon Network Digest — Post-IFO Edition
Hi and welcome to the second Typhoon Network digest. Last time we were right before the IFO. It’s been roughly a week since then, so what happened?
Here’s a quick summary :
- We finished our IFO 415% oversubscribed!!
- The vesting contracts with 4,000,000 tokens locked are released
- Our first staking pools are now on mainnet
- We added Relayer support to mainnet and unveiled plans for community relayers
- We started gradually open-sourcing all of our code
- Someone hid a Typhoon note in a smart contract on bscscan!
- We got listed on CoinMarketCap
- Telegram grew from 1260 -> 2337
- Twitter grew from 1012 -> 1746
Updates to the core system
Relayers, relayers, relayers!
This was our missing puzzle piece to solve the issue of “how do I send BNB to a wallet that has no BNB in it and can’t pay for gas?”. It bothered us a lot because it meant we weren’t actually a full product yet to truly stay private. In the end, someone always had to send some funds to that new wallet.
With relayers this has now been fixed by using a third-party wallet (that has BNB) to initiate the withdraw.
Currently the only relayer available is the one we host, but there will be others provided by the community coming very soon. Read the relayer announcement.
Staking is part of our strategy to get the initial batch of tokens circulating, but also to provide a place for users to put their $TYPH until other token-related functionality has been finished.
Head over to https://app.typhoon.network/staking to check-out our first pool. The next one we’ll add will very likely be a higher-APR pool for LP tokens, so make sure you don’t miss out on that!
It’s worth mentioning that we still have a high-APR farm on goose to earn some juicy $EGG — https://www.goosedefi.com/farms
Reflecting on the IFO
The IFO has been very hectic. Sadly right after it all finished, the $TYPH token price dipped under IFO price and has been there since. So what happened?
We suspect the 2 main reasons why the price went down post-IFO are:
1. The IFO was too long
Neither goose nor us was experienced in IFOs as we were their first.
Having it open for 12 hours contributed to even more people going in with the hope to make a quick buck due to the hype. A more reasonable time-frame would have been between 1 and 6 hours.
2. The listing price was 2x the entry price
Even more people joined the IFO to immediately sell on listing and make a 2x profit. That’s fine and was expected, but combined with the long IFO runtime, this attracted even more people like this, with some news circulating around the IFO directly advertising a quick 2x.
After the initial anticipated sell-off happened, other people saw the dump and sold as well, taking the price further down.
It also didn’t help that we didn’t have direct $TYPH staking pools ready, effectively leaving the token without a clear purpose until we managed to release more token-related features.
$TYPH Token updates
With staking pools out, this will gradually raise the currently circulating supply from 4,778,912 tokens (not including unlocked team supply) over the next few weeks.
I mentioned above that we have plans to onboard community relayers next which will will be our first token-related functionality to hit mainnet.
To operate a relayer, and to have it listed on the Typhoon main site, the wallet holder needs to own a certain amount of $TYPH, and get those locked as part of the listing process.
The final number on how many tokens will be needed is still under discussion, but a separate announcement on this will follow soon.
Afterwards, a v1 governance system is planned to directly involve the community into decisions going forward as fast as possible.
Other bits and pieces
Audits — We reached out to 3 auditing firms to finally get our contracts checked and are waiting for their reply. We also started moving resources into hiring to hopefully onboard a new member soon.
All in all, the team is very excited! The IFO hit all the goals we had set and we can’t wait to use the raised funds to evolve Typhoon and $TYPH further.
The token price might be under IFO-entry currently, but we’re still just pretty much at the start-line. The marathon is yet to fully begin.
Tell us what you think
Telegram (Announcements): https://t.me/typhoonnetworkannouncements