Redistribution & End of Trapeza Protocol
Dear Trapeza Community,
After its launch on Jan 4th, 2022, Trapeza has been working extremely hard to visualize Trapeza Protocol’s goal — becoming the genuine reserve currency on diverse multi-chains. To overcome the initial disadvantages of launching through a “fair+stealth method,” the team has constantly been adding 1) human and 2) financial resources to boost the project.
During the genesis phase, the team put $90K in the liquidity pool (without any rewards) in order to launch the project. Despite more than $100K being committed by the team for numerous marketing activities such as promotions on different social media channels, advertisements via influencers, holding multiple AMAs from different communities, etc., this was not enough. Most recently, Trapeza has initiated several initiatives (e.g. buyback & burn) for traction and attraction from the market.
In the light of recent market conditions and many economic factors and conditions coming into effect since the launch, it is with great sorrow and disappointment to announce that Trapeza Protocol will have to come to an end. After thorough and rigorous discussions with the team, Trapeza Protocol has concluded it would be most ideal to stop the journey at the current stage. This conclusion has been derived from the fact that the termination of Trapeza itself is the only & best way to protect investors’ assets at this time point — the team admits that aforementioned numerous measures were not enough to increase the price of FIDL.
We’ve seen several OHM fork projects come to an end as well as the innovation and rise of new DeFi projects. Therefore, Trapeza Protocol will follow the reasonable and logical steps towards the end as below:
1) Right after this announcement release, Trapeza will stop “Bonding”. Bonding has now stopped in order to reduce complications to claim BUSD during the 5-day vesting period once Redistribution is applied.
2) On Mar 31st, 2022, staking rewards and trades on PancakeSwap will stop and will declare the termination of Trapeza Protocol. Once staking rewards stop, all transactions on PancakeSwap will stop as well.
3) From Apr 1st, 2022, to Jun 30th, 2022, all FIDL holders will be able to claim BUSD (within Trapeza treasury) based on the amount of FIDL held. Backing price per FIDL is currently above the market price, but the exact backing price can be calculated on Apr 1st, 2022.
4) On July 1st, 2022, all websites and social media channels of Trapeza Protocol will be terminated.
Once again, Trapeza Protocol truly appreciates the kind support and love the community has constantly shown. We believe that the termination of Trapeza Protocol and redistribution for our community is not only the most logical but the right action.
The exact amount for redistribution and terms will be published via Medium once all of our tokens are burned.
Trapeza Protocol would like to once again thank you and sincerely apologize for the outcome.
Team Trapeza Protocol