PHASE 1 TOKEN PRESALE NOW CLOSED
Thank you to everyone who participated! Join our mailing list (via the button on the Home Page) for an update on the token presale and upcoming developments from the FunFair Team.
If you missed out this time, come back in September for our bigger Phase 2 Token Sale. See our FAQs for more information.
Note: Only contributions made using ETH will be eligible for this Bonus
- Token Presale Contributors - 60%
- FunFair Team - 37.5%
- Advisors - 2.5%
- Development - 30%
- Marketing, PR & Business Development - 30%
- Service licensees & 3rd party development - 40%
When does the token event take place?
Token issuance takes place in two phases. In Phase 1, the token presale will open shortly after 1400 UTC, June 22, 2017, and close at 1400 UTC, July 7, 2017 unless the soft cap is reached before that time. If the soft cap of 500 million FUN is hit, the presale will continue for 4 more hours only. If the hard cap of 1 billion is hit during those 4 hours, the presale will close instantly.
Immediately following the token creation event, additional FUN tokens will be created in the amount of three times the amount sold in Phase 1. These will be held in trust until Phase 2, when the entire amount will be offered in a Dutch auction taking place in approximately September 2017. Tokens unsold in Phase 2 will be issued to Phase 1 holders on a pro rata basis.
Is there a cap on the number of FUN tokens created?
Yes, Phase 1 has a soft cap of 500 million FUN tokens ($5m) and a hard cap of 1 billion FUN tokens ($10m). Phase 1 FUN Creation will end 4 hours after 500 million FUN are issued or on July 7, 2017 at 14:00 UTC, whichever is earlier. If 1 billion FUN are issued, the creation period will end immediately. Please note that BTC, ZEC and ERC20 contributions made through the Phase 1 Token Presale will not count toward the caps. External contributions from private investors will also not count toward the caps.
In Phase 2, 3X the total number of FUN issued in Phase 1 will be created and held in trust until the Phase 2 Dutch auction event.
Why should I participate in the Phase 1 Token Presale?
Contribute to this project and you’ll help us build the online gaming platform of the future. As well as using FUN to play games or participate on the platform as a licencee or affiliate in the future, the FUN token’s value will be determined by the basic economics of market supply and demand.
Demand will be driven by new customers playing the games, and more games being available to play. More players means more tokens.
Supply is fixed and the total number of tokens in existence will be determined and locked at the end of the token creation event. The number of tokens in circulation will only ever reduce (deflation) because tokens are burned from income that FunFair makes via the tiny transaction fee for playing game.
As with any other token, its value will react to an increasing demand and reducing the supply.
The presale will offer early adopters and investors the chance to participate and help us demonstrate the value of FunFair. Based on the positive feedback we’ve received so far, we expect the presale to sell out.
What are FUN tokens and what are they used for?
The FUN token powers every aspect of FunFair’s Ethereum-based casino platform. Players will bet using FUN, developers and affiliates will be rewarded for their participation in FUN, and operators and licencees will pay players out using FUN. FUN will also power the smart contracts which run the platform, including FunFair’s unique new Random Number Generator.
What is the allocation of FUN tokens?
At the end of the token event Phase 1, the total tokens issued will be counted. For every 100 tokens created via the token event, an additional 66 2⁄3 tokens will be created and allocated to the FunFair team. This means that FunFair will hold 40% of all tokens (66 2⁄3 tokens out of every 166 2⁄3 tokens).
Of these, 37.5% allocated to FunFair developers, founders and angel investors will be locked and released periodically over an 18 month period. FunFair locked tokens will never be released in large blocks in order to help maintain market continuity.
FunFair advisors will receive 2.5% of the Phase 1 tokens, released immediately.
For Phase 2 of the token event, additional tokens will be created in number equal to 3X the total created in Phase 1. These are to be held in trust and offered in a Dutch auction at a later date. All Phase 2 tokens that remain unsold will be distributed to Phase 1 token holders on a pro rata basis.
How and when will FUN tokens be created?
FUN tokens will be created only once, in a short token creation event starting at the Ethereum block mined soonest after 1400:00 GMT on June 22, 2017. They will be issued in two phases, with Phase 1 concurrent with the token creation event. Phase 2 will offer the remaining tokens in a Dutch auction, held at a future date.
What will the price of FUN tokens be?
100 FUN will be issued per 1 US Dollar equivalent received. Bitcoin, Zcash, Ether and ERC20 contribution prices will be ﬁxed for the duration of the token event. Finalized prices will be published at or slightly before 1300:00 GMT June 22, 2017.
How and when will FUN tokens be issued?
Although the use of smart contracts is at the heart of our platform, and we considered a token contribution contract which instantly created tokens during the crediting event, we have instead chosen the method of server credit after termination of the event, using multi-mint technology.
This method minimises load on the blockchain, increases responsiveness and work to lower required gas across the board. Further detailed information on the rationale behind this decision, and multi-mint technology, can be found in our whitepaper.
Ether & eligible ERC20 tokens: Tokens will be minted by the New Alchemy Minting Tool, veriﬁed and then “released” for ERC20 transfers within 12 hours of completion of the event.
An outside ﬁrm has been retained to audit and validate that the server multi-mint credits correspond precisely to the transaction logs. Once the conﬁrmation is received, the ERC20 FUN contract will be set to ‘live’ and transfer and trading will begin immediately thereafter.
Bitcoin & Zcash: Contributions made using Bitcoin and Zcash cannot provide us with an Ethereum crediting address. The FUN tokens that are created by these contributions will be aggregated into one Ethereum account controlled by FunFair. These FUN tokens will be transferred only to a party that can prove they are the sender by signing a message with the private key of the originating Bitcoin or Zcash address. No exceptions will be made to this rule.
If you are not conﬁdent in your ability to create signed messages using Bitcoin or Zcash, we recommend you contact Bitcoin Suisse or Shapeshift ahead of time and use their services to turn Bitcoin or Zcash into Ethereum.
Any tokens in the Bitcoin/Zcash crediting account unclaimed for more than 90 days will be donated to Unsung.org (BeUnsung, Inc., a 501(c)(3) organization powered by Bitcoin).
How do I participate in the Token Presale?
Once the token presale has started, visit this page, click on the JOIN PRESALE button and you will be taken to a page displaying instructions and the official Fun token contract address (ETH and ERC20), Bitcoin address, Zcash address and more information on how to use these. For fiat, please contact [email protected] in advance.