Hello, everyone. This is Kumon from enish.
To begin with, I must apologize. This letter mainly focuses on Last Memories as a blockchain game. I’ve tried to make it as clear as possible, but for those unfamiliar with cryptocurrencies (Web3), some of the terminology might be hard to follow. I appreciate your understanding.
Now, let me update you on two important topics you've been eagerly waiting for: the listing date of GEEK on cryptocurrency exchanges and the start date of the airdrop.
Key Points:
1. GEEK will be listed on the cryptocurrency exchanges "Gate.io" and "Bitget" on September 26, 2024.
2. The airdrop will begin on September 27, 2024, timed to coincide with the GEEK listing.
We sincerely apologize for the delay and would like to provide some context behind this decision.
GEEK Listing on "Gate.io" and "Bitget"
GEEK is set to be listed on the cryptocurrency exchanges "Gate.io" and "Bitget" on September 26, 2024, at 21:00 (JST).
Initially, we intended to list GEEK right before the game's release date. However, following Bitcoin’s significant surge to 10 million yen between May and July 2024, the market took a sharp turn, with Bitcoin dropping over 20% in early August.
This was followed by a global stock market downturn, causing a chill in the investment environment. Sensing this, many cryptocurrency exchanges became very cautious about the demand for newly listed coins. Seeing this, we decided to delay GEEK's listing to monitor the situation further, which led to the initial postponement.
By late August, although the market hadn't fully rebounded, we realized there was no point in waiting any longer for the perfect moment. Then, in early September, an opportunity arose to improve user experience.
When you earn xGEEK in the game, you may want to withdraw it. To do so, you need to convert it to GEEK. The GEEK you get is GEEK (on GEEK Verse), a token on Last Memories' own chain called the GEEK Verse, which is a 2nd layer on the Oasys chain (apologies for all the technical jargon).
Meanwhile, for various reasons, we were preparing to list the GEEK (on Oasys) token on cryptocurrency exchanges, which resides on the Oasys chain's mainnet.
GEEK (on Oasys) and GEEK (on GEEK Verse) are essentially two sides of the same coin; they share the same value and total supply and can be exchanged for each other. However, because they are technically on different chains, converting between them requires a "bridge" process. If you accidentally send GEEK (on GEEK Verse) to an exchange that only supports GEEK (on Oasys), it could result in a permanent loss of assets.
To prevent such issues and simplify the process, we asked the cryptocurrency exchanges to directly list GEEK (on GEEK Verse). After explaining the situation thoroughly, both exchanges agreed to accommodate this request. However, their technical teams were extremely busy, and it was only yesterday that they confirmed a timeline for this.
We’ve created a simplified diagram to illustrate the selling process for each listing method. If listed as GEEK (on Oasys), you need to go through multiple steps involving the in-game wallet, external wallets like MetaMask, and services like TEALSWAP before reaching the exchange. In contrast, with a listing as GEEK (on GEEK Verse), the process is much simpler.
In short, you will be able to convert your in-game xGEEK to GEEK and seamlessly sell it by transferring it to your account on "Gate.io" or "Bitget" without needing to worry about whether it’s on GEEK Verse or Oasys. The same applies to purchasing GEEK; you can send the purchased GEEK directly to your game wallet and incorporate it into the game from the My Page. No more worrying about on GEEK Verse or on Oasys.
In a previous letter, I mentioned that Last Memories is still "incomplete." With the listing of our token, we can finally provide you with the "Play better, Earn more" experience, a core theme of this game. However, we deeply regret the delays. We sincerely apologize for the wait.
Airdrop Start Date Postponement
We plan to change the airdrop start date from September 14, 2024, to September 27, 2024.
The main reason for this change is the delay in listing GEEK on cryptocurrency exchanges. We are distributing an amount of GEEK equal to 10% of the total supply, divided over 365 days. Distributing a substantial amount of GEEK before the listing could negatively impact tokenomics and price charts.
While I won't go into specific details, we want to proceed cautiously to ensure that the GEEK listing and airdrop launch happen in a way that doesn’t harm the interests of anyone involved in the Last Memories economy. Since the airdrop will run for 365 days, the end date will also be adjusted accordingly. The total number of tokens distributed will remain the same.
To those who have been eagerly awaiting the airdrop, we apologize for the delay. Please bear with us a little longer.
That’s all I wanted to share in this letter.
Moving forward, we plan to issue an official press release in collaboration with the cryptocurrency exchanges that will be listing GEEK.
Thank you for your continued cheering for Last Memories.
Executive Producer,
Yoshiyuki Kumon
