EG Community,
It is with a lot of sadness that we are announcing the shutdown of the EG Token and pivoting to a Tech Services Only company.
Some company platforms and assets, including the token, will be retired. Several company platforms and assets will be maintained as the new focus. Full details are below.
Please read everything carefully.
HOW DID THIS HAPPEN?
EG Community and price action has been on the decline.
The development team has worked hard to give the EG token every opportunity, and our accomplishments are no small feat:
- the relaunch of EG v2
- a completely new ecosystem
- tech platforms that are generating $1M+ per week in swap volume
- Adapting to market conditions with new features like zero buy tax, etc.
- 12% supply burns
- VC negotiations
- Thousands of dollars in buybacks, monthly Gator Gang rewards, and staking rewards for over a year
Despite this, the community response has been muted. The tech has continued to thrive and prove itself, but community involvement has been missing.
Token success is made and lost by their communities, and unfortunately ours has been very quiet for a long period of time. We even told users to withdraw tokens from Staking Vaults over 3 months ago so we can create a new Staking Vault, but after multiple reminders, we still have over $50K staked showing signs of a very inactive community.
From a base of thousands of passive holders and users across our socials, we have a core group of 30-50 active community members that are active on a daily basis and take part in promotions. These few community members are and always will be the beating heart of EG. To those of you who have never stopped championing the mission and purpose of EG, thank you. You’ve done more than enough, but without help, it isn’t enough to keep us going forever.
CAN WE GET OUTSIDE HELP?
We have been meeting with VCs to promote the success of our tech and the potential of our community, and seeking funding to enable us to grow. Serious discussions have been happening for a while and we have kept the core holders updated on the progress.
A recent $5K buy was from one potential VC partner, testing market response to a large purchase. Unfortunately, someone sold immediately after, negating any positive momentum.
The VC also noted a similar big buy in the past, which didn’t result in lasting growth. They’ve raised concerns about the possibility of an old, dormant community treating new buys as exit liquidity, which reflects poorly on us.
The VC has since sold their position. While this was a setback, they did not explicitly reject the possibility of collaborating with us, and discussions resumed after the holidays.
The EG Team flew abroad to meet them in person and pitched our vision for the token. However, although a lot of interest was shown in the tech, the offer of being part of the EG Token was declined due to a lack of community action.
CAN’T WE STAY ALIVE ANYWAY?
After the VCs finally rejected to work with EG token, we considered the following courses of action:
- A: Continue solo and fund marketing on our own
- B: Merge Token with another project
- C: Switch to a Tech Services Only company
A: Continue solo and fund marketing on our own
The company’s liquid assets are in EG tokens, distributed across the marketing wallets and other official wallets. Our liquidity is very good. If we continued solo, we would have needed to sell company tokens to fund aggressive marketing campaigns. We could have sold those tokens to remove liquidity to fund aggressive marketing campaigns.
This approach essentially takes money from the community without guaranteed results. This is not an ethical way of managing community funds. We can pull hundreds of thousands of dollars from liquidity by selling tokens and spend it as a last attempt to get some momentum, but all indicators, our experience and talks with various parties suggest otherwise. Sometimes the tough choices are the right choices.
We spoke to a lot of KOLs to become ambassadors for the token. They were hesitant at first to work with an older community with low price action, and asked for a lot of money upfront and a very large chunk of the supply. They would have dumped this at the first downturn of price action. This is not a course of action the team felt was ethical.
B: Merge Token with Another Project
This option involves moving all of our liquidity to a project with better prospects, and exchanging your EG tokens for equal value in their tokens. A number of projects have been interested, but they mainly were after our liquidity. Instead of pulling liquidity and forcing you to join a project we choose, it’s better to allow you to exit and join a project that you want to be a part of based on your research.
C: Switch to a Tech Services Only company
This involves stopping the token side of EG and focusing entirely on the tech that powers Salesforce, EGSwap, EGSpectre and more. This ensures liquidity remains untouched, allowing holders to withdraw funds and invest elsewhere if they choose. This preserves EG’s legacy and ensures our groundbreaking tech continues to thrive without being drained by token struggles.
WHAT OTHER FACTORS WERE CONSIDERED?
EGWizard, our platform maintainer, has been the backbone behind our tech and a leading figure alongside other devs to make our tech what it is today. Due to in-real-life factors, EGWizard has decided to switch to part-time availability. He will still work part-time on EG Tech but also be open for other opportunities elsewhere, something he couldn’t do being tied to EG Token.
The renewal of EG’s business incorporation in British Virgin Islands is up for decision soon which is a major expense. This could again be paid for by selling tokens, but with the token shutdown, this can be avoided allowing more liquidity to be available for holders.
We have had zero help by BNB Chain despite being its biggest builder. We have developed more apps/smart contracts/dApps than any other token on BSC as well having donated the most funds for any small cap token as well. We have reached out to them many times, met personally in conferences many times, took part in hackathons, submitted forms when they offered grants/incubation/partnerships via their Socials (a gimmick most likely) yet they continue to ignore many decent builders like us but would happily talk to and list meme and degen tokens. This was disheartening and a very bad outlook for any builder who wishes to remain on this chain.
WHAT’S THE OFFICIAL DECISION?
Pivoting to a Tech Services Only company is what we have chosen from the options above. There is a bullrun/alt season coming next year and we don’t want you to be tied to something which won’t go anywhere. We want all you guys to win. You deserve it.
WHAT DO HOLDERS NEED TO DO?
Holding EG Tokens in a wallet?
Liquidity will be untouched. You are free to sell your tokens on EGSwap/PancakeSwap.
Holding EG Tokens on MEXC?
You can sell on MEXC, or move tokens to MetaMask/TrustWallet and sell on EGSwap/PancakeSwap.
Currently staking tokens?
If your tokens are staked, you can unstake and sell.
Holding Gator Gang NFTs?
You can withdraw your EG Rewards. Gator Gang will be supported for 6 more months at a minimum while we determine a better way to reward holders going forward. User Rewards will continue via airdrops in USDT.
Fill out this form if you are a Gator Gang NFT holder, and look out for more news on this soon.
WHAT DOES THIS LOOK LIKE MOVING FORWARD?
Any allocated EG Tokens held by EG will NOT be sold. Official wallets will NOT be drained. You can track all official wallets on the EG website.
Several company assets will shut down:
- EG Token Website will shut down over the next month or so, and some features will merge with EGSwap website.
- Burn Party website will be discontinued.
- HeadsTails website will be discontinued.
- Blockchain Alliance website and activities will be discontinued.
- EG Discord will shut down, as it is too costly to maintain on an official basis.
- All other social accounts will shutdown apart from Telegram.
Several company assets will continue to operate normally, as the new focus of the company:
- EGSwap will continue as a supported platform. Please continue using it.
- EGSpectre will continue as a supported platform. Please continue using it.
- SalesForce Exchange will continue as a supported platform.
- Blockchain Agency will continue as an operating service.
- EG Social Impact Portal will be maintained as an official record of charitable action.
- EG Telegram will continue to operate as a community portal.
Our platform maintainer EGWizard will continue part-time at EG working on EG technologies. In light of the token retirement, EGWizard has also accepted a position at FEENIX after meeting their team in Dubai.
CAN I STILL SUPPORT?
If you are interested, you can show your support by joining EGWizard over at FEENIX, which we are already in partnership with. EG Token and Feenix are at similar market caps right now, so exiting EG and joining FEENIX with those same funds gives you a good chance of switching to a project that has an exciting potential. We wish him the best and we are sure that he will be instrumental in their success, as he has been in ours.
This is not financial advice, but just an opportunity if you are looking to join new projects. As always, do your own research.
You can continue to support by keep using EG Tech which is still market leading in the area of Decentralised Swaps and Cross-Chain Swaps. EGSwap and EGSprectre will continue to provide their services to our partners, integrators and users.
Thank you for your understanding and continued support on the journey so far. We are committed to keeping EG’s tech alive and evolving and given the results of our tech since last year, we will be a dominant player in 2025 without the token holding us back.
