We are proud to announce our fourth overall buyout: LENS an ERC20 project. This buyout has been in the works for a while now. The dev took his time to think about it and accepted the offer. We must point out that this is not only our first deadcoin buyout of 2020, but it is also the first one in which the devs decided to forgo any payment in favor of the community.
LENS Devs Forfeit Personal Pay Out
Everyone knows that we divide our buyout budget in 2: one part of it goes to the devs and the other part is allocated to the swaps. In this case, since LENS devs decided to forfeit their part, we are using the whole budget for the swap. The result is that the community gets more from the swaps and the devs don’t get paid at all for the buyout. This is an unprecedented step so far. We have never had devs forgoing their payment in favor of the community. It is an honorable step to take and we hope that in the future, other will follow the example that LENS’ devs set.
LENS is an esports platform that incorporates blockchain technology for the development and management of industry professionals. Its aim was to utilize blockchain technology within the LENS Platform to facilitate a level of transparency and accountability currently missing within the industry. LENS sought to build an ecosystem comprised of esports fanatics, businessmen, (semi-)professionals and communities and decentralize the esports community to bring power back to the players.
Just as with our previous two buyouts – RxEAL and RELAY – we don’t have a blockchain to process because LENS is an ERC20 token. We will proceed to integrate LENS users via swap, aiming to control as much of the token supply that is possible.
CoinJanitor to LENS Exchange Rate
We will apply a different method in this swap. After establishing a crypto token swap deadline, LENS holders will have 3 weeks to contact us and send their tokens to our burn ERC20 address. After that deadline is over, we will allocate the full buyout budget of 80,000 JAN proportionally to all the users who reached out to us before the deadline. This method has advantages and disadvantages that must be considered:
- We will disburse the full amount of the buyout budget to LENS users, making this our costliest buyout to date
- The exchange rate will not be known until the swap deadline is over
- Swaps after the deadline will not be possible at all. There will be no exceptions
To determine the exchange rate, we will divide 80000 JAN by the total amount of LENS tokens we receive until the deadline.
LENS Dev Holdings
The devs have already transferred all the tokens they had in their power. That amounts to 75% of the total supply roughly.
Instructions For LENS Users Claiming JAN Tokens
If you are a LENS holder, please email us at support(@)coinjanitor.io to begin the swap process.
Please state the following on your email:
- How many LENS tokens you have
- Which address(es) you hold them in
- We will reply with our burn address
- Send your LENS tokens to the burn address provided BEFORE THE DEADLINE
- Once the deadline passes, we will be able to calculate the exchange rate
- We will inform you about it via email and we will transfer the corresponding amount of JAN tokens to the public address you transferred LENS tokens from
- If you send us tokens from a Stex address, make sure to include a corresponding ERC20 address for which you control the private keys to complete the swap
Note: Stex DOES NOT support CoinJanitor tokens. Failure to provide a corresponding ERC20 address for which you control the private keys will result in the loss of your JAN tokens
LENS Buyout Deadline
We are giving the LENS community a 3-week window to complete steps 1 through 4 (see above). The swap deadline will be January 27th, 2020.
LENS Holders: Welcome to CoinJanitor!
To all the members of the LENS community, we welcome you to CoinJanitor. We hope you find our project useful and we hope you use all the resources that other CoinJanitor members are already enjoying. There are multiple benefits of joining our budding community, and we are looking forward to hearing from you.
- Follow us on Twitter
- Join us on Telegram
- Join our Crypto Offers channel on Telegram and take advantage of this asset that benefits the whole CoinJanitor community
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