If you’ve been following Digitex in recent weeks, you’ll know that things have been a little hectic! Development for the mainnet is at full throttle, the Trading Battle is in full swing, and the volume the platform has been handling is truly remarkable. On top of that, this week, following a community vote over how to best manage our Treasury, we’re happy to say it’s sold out for the second time.
Digitex Treasury Sells Out Ahead of Schedule
After several weeks of feedback and some concern over the Digitex Affiliate Program and its effect on Treasury sales, we decided to hold a . After all, we’ve always said that Digitex is about community and we wanted our token holders to have a voice.
Out of three options put to them, the overwhelming majority agreed to scrap the Affiliate Program and remove the 5-cent limit on DGTX token price. It was also agreed to incentivize buyers with a 10% bonus available to them on mainnet release. We’re pleased to say that this decision has been a major success. Following the instant measures taken, the Digitex Treasury sold out in a matter of days–a record sellout so far!
Although the majority of you are pleased with the results of this poll, we know that some concerns still remain among some of you. After all, it’s great to see the buying surge and the Digitex Treasury sell tokens so fast, but it’s disappointing to have to sell at such an undervalued token price. So, what’s the best way forward?
Monitoring the DGTX Token Price
When we posted the results of the poll and explained the mechanics of the Treasury moving forward, we maintained our right to remove the bonus at any time. After all, as with many things in this nascent space, this is an experimental undertaking supported by the Digitex community. However, it would be irresponsible to continue it if we felt it was hurting our business model or causing DGTX price to tank.
This is why we are closely monitoring the situation before deciding to take any action. We understand that some of you feel that we are selling the token too low but we also know that it’s impossible to make everyone happy when you hold things to a vote. At the start of the week, even Adam had his own concerns over whether this path could be a dangerous one to follow.
However, following yesterday morning’s sellout, you will notice that the token price did slowly recover before moving down slightly once again. Therefore, we’re still considering ways to improve the Treasury and will keep you updated before March 1.
Where Do We Go from Here?
To all our dear ICO hodlers, this has been an intense and powerful lesson in token economics for all of us. We expected the price of DGTX to start soaring in the run-up to mainnet based on our previous launch deadlines and the same patterns DGTX followed. Moreover, there is still every possibility that this will be the case.
However, we have to also consider that we may need to wait until closer to the mainnet launch to see the DGTX price really take off and realize its true value. Why? This is down to two main reasons.
Firstly, the token price run before previous launches was likely speculation-driven. This means that many people were using the build-up to accumulate DGTX and may have sold upon the launch. This time around, it’s different. We’ve learned from the school of hard knocks that speculators won’t help our business.
The weak hands have been shaken out and the serious traders who believe in the power of our product and the potential of commission-free trading remain.
On top of that, let’s remember the fundamental as a pure utility token. Its value will come into its own when the token is being used on the exchange. When traders need to buy it to trade with it and the real demand kicks in. The mainnet launch and the onboarding afterward will naturally increase demand and DGTX will follow the natural law of supply and demand and see an appreciation in token price.
One additional point to keep in mind is that the Digitex Treasury funds our operations. Sales from the Treasury allow us to hire more developers and continue to build a truly unique and remarkable product. Plus, there’s the added fact that we can continue to step up our marketing campaign to ensure the DFE goes big.
Wrapping It Up
Again, we apologize that we can’t make everyone happy, but we will do all in our power to ensure that we do right by the company and community as a whole. We’re also pleased to see that we can trust the decision of our community to vote and help make Digitex a success.