Since the first month of rewards release in August on Tosidrops, there have been some changes and developments in the projects involved and we want to provide some clarifications and news in this regard:

Genius X facilitated an Initial Stake Pool Offering (ISPO) for 5 projects, called Multitoken ISPO acting only as a platform to provide ADA stake pools infrastructure and management, and marketing services within its accelerator program. The variable rewards in ADA generated during the ISPO were solely directed toward the participating projects, as a part of their financing mechanisms. Genius X doesn’t have any ownership or custody of the MISPO reward tokens; the execution of the distribution is managed by each respective project and it is under their exclusive responsibility.

Some users have noticed recently the absence of some tokens, and in this update we would like to gather some public information about each project and their token distribution, but it is also important to encourage you to follow them on X or other social media to keep up to date, and ask them directly about the token distribution if you have any doubts or concerns about it. MISPO projects are startups, and it is common for planned events or decisions to change. Roadmaps may be adapted to new plans, or unforeseen difficulties may arise, especially for projects that have been trying to build over the last 1–2 years of bear market, when resources to startups have become scarce to an extreme level.

The summary of the current situation is:

Drunken Dragon $DG: is distributing rewards regularly.
Reach Metaverse $REACH is distributing rewards regularly. It’s important to mention that they have stopped the development due to the lack of funds, while they are looking for a partner to host their existing product. More info in their Discord HERE
Outlaws Drawl $HYN: Tosidrop faucet wallet ran out of tokens some days ago, and they need to top it up. We have reached the team and HHMC founder has told us that he’s facing some personal challenges that are preventing him from devoting the necessary time and attention to this task but he’s committed to taking care of it when he has the opportunity.
Ledgity $LTY: they have halted the distribution via Tosidrop due to the release of a new token (and new tokenomics) as part of an expansion plan that includes the launch of Ledgity Yield Protocol, a multichain treasury management solution on stablecoin backed by RWA. The TGE of the new token $LDY was initially planned for October, but they have rescheduled the launch date to early 2024. This is considered as a result of the new time horizon of their launch campaign, which has been actively running over the last month that can be seen on their social media. They have informed that LTY token holders will be able to claim their Cardano-based $LDY, directly on their website in due time. More info is available on their Docs HERE.
Smart Places $SMART: The TGE is planned for late this year or early 2024 because their team has always targeted to match the token launch to the App launch. The path towards the App launch has been communicated by them on their social media and community channels, including the release of certain demos. More details on their Discord HERE.

As a general thought to wrap up: Genius X is an accelerator and provides the tools needed not only by connecting them to relevant strategic partners but by providing technical mentorship and business guidance as well. Support and advice are necessary but not sufficient conditions for the achievement of success. The success of the start-up depends on their founders’ diligence and effort, their work ethic, commitment, business and tech development skills, the market, access to funds, the normal and unforeseen risks of doing business, and many other factors. We trust that our accelerator participants will fulfill their dreams and bring joy and earnings to the holders but being realistic, some may fall by the wayside because that’s what the statistics show.

About Genius X

Genius X is a business accelerator and launchpad for fully-vetted, early-stage blockchain startups. Our mission is to create a more decentralized and inclusive future built by the brightest minds utilizing blockchain technology. The Genius X program helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value by leveraging blockchain technology. We accelerate the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, and fundraising, giving them the edge to become successful.

The Genius X Advisory Program onboards professionals who provide consulting services to Genius X Projects founders and teams under the Genius X Accelerator program.

Startups interested in joining the Genius X Accelerator program can get in touch and apply here.

Venture Capital / Accredited Investors — Contact us here.

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