Upon reaching the five-year mark since the ICO finished and we’ve distributed the first ever CPAY referral payout, we find ourselves at the point where a decision has to be made: either continue the referral payouts or find another solution.
We care about our tokenholders and believe that instead of extending the repayment term for an additional five years period, it's in the best interest of our tokenholders to get the liquidity now based on the residual fair value of the CPAY token. The cryptocurrency market is going through a period of extreme uncertainty, so receiving the funds now will help alleviate the situation, as liquidity today is more valuable than liquidity in 5 or 10 years' time. Having that in mind, we have decided to settle the remaining Total Principal Loan Amount (or “TPLA” for short) based on the residual fair value of the CPAY token of 0.0362 USDT per 1 CPAY.
The final snapshot will be made on 31 December 2022 at 23:59 UTC. Starting from 2 January 2023, owners of the wallet addresses identified during the final snapshot will be able to trigger the referral payout in ETH, just as they did with previous monthly payouts. The only difference is that instead of a monthly payout, the full remainder of the referral reward will be
credited to these wallets based on the residual fair value of the CPAY token of 0.0362 USDT per 1 CPAY.
At this stage, all calculations will be based on the ETH/USDT exchange rate valid for 2 January 2023.
We will keep working on developing our products, but we've made a decision that CPAY token is not going to be a part of it.
Still, we would like to thank you for your love and support during all these years. We wouldn’t have got where we are today without it.