Equinox — An update from the CEO
Where We Are At?
Equinox, a crypto launchpad community, had a go-to-market strategy focused on expanding its infrastructure and portfolio during the bull market. As a result, the launchpad was established, and several major projects in the crypto space were attracted. In addition, a gaming guild was also created around Star Atlas, and a marketplace was set up within the ecosystem. These efforts allowed Equinox to gain traction and establish a portfolio.
However, the sudden change in market conditions severely impacted Equinox, calling for intense cost-cutting measures to be implemented. In June 2022, Equinox carried out an update to bring the system closer to Web3 by offering wallet connectivity on the website and replacing many 3rd party services and products that were used to scale up quickly during the initial phase of rapid growth. Additionally, a plan was devised to restructure the ecosystem and business model to provide the community with more rights and security while ensuring sustainability even during unfavorable market conditions.
Unfortunately, the worsening market conditions forced Equinox to scale down its operations, and team members had to continue working on reduced salaries or forfeit them entirely. These prolonged conditions resulted in Equinox losing its dev team, which caused a shift in focus from restructuring the business model to securing an experienced dev team to execute the prepared modernization plans. We have recently moved forward in securing the new dev team and are in the process of transitioning with the help of our amazing old devs.
Despite the challenges faced, Equinox remains committed to its community and the future of the launchpad. The team is actively working to overcome the setbacks and provide a reliable platform for projects and users.
What About Nox Token?
We have had a lot of success in scaling our launchpad within months and were the first ever launchpad to offer access solely through NFTs with no token raise. After our launchpad’s success and our ecosystem’s extension, we decided to do a token model and fundraise to merge all our branches of Equinox Launchpad, the Gaming Guild, and Marketplace in one ecosystem. Our original plan was to give holders of our original NFT tokens our new tokens as a gesture of loyalty, with many ideas on weighted allocations depending on NFTs held or how many.
However, after careful consideration, we decided not to release the token due to market conditions. As you know, last year’s crypto market went into a bear market, and we did not want to release a token in unfavorable market conditions. Furthermore, we wanted to take the time to understand the new economic environment of the crypto market and ensure that our tokenomics would be sustainable and not self-destructive. We were very close to releasing the token, but it was not the right time.
Fortunately, we did not release the token at the tail end of the bull run, as the market has changed significantly since then. Tokenomics and ideas from the last cycle may not apply now, and we want to ensure that we have the best possible plan in place when we eventually release our token.
I can assure you that the knowledge that is being gained at this time from our extended team that’s working on other projects we are involved in at the moment will be applied to the $NOX token, the discussions, and work in the background on tokenomics is ongoing and an ever-evolving subject.
We understand that some of our users may be disappointed by this news, especially those loyal to our platform from the beginning. However, this decision is in our community’s best interest and our platform’s long-term sustainability.
Why No Launches?
As many of you know, we made the difficult decision to suspend our IDO offerings last year in response to the volatility of the crypto market. At the time, it was in the best interest of our community to wait until we could identify quality projects worthy of your investment.
Since then, we have been working hard to develop a new process, guidelines, and regulations to ensure that Equinox’s business model is sustainable and allows for steady growth outside the bull market. At the same time, any project launching on our platform is thoroughly vetted and meets our high safety and security standards. These rules will help protect our community and its invested funds.
However, we have also been closely monitoring the market conditions and have seen that other launchpads have begun to offer IDOs again. While we understand this may be frustrating for some community members, our decision to wait was not made lightly.
We have seen that many launchpads that decided to do launches during the bear market conditions have ended up refunding many of their projects, with many of those not refunded, resulting in losses for investors. This is something that we want to avoid at all costs.
It is important to note that conducting an IDO on our platform requires significant time, money, and workforce. This includes conducting due diligence on potential projects, marketing and building hype around the project, and providing ongoing customer service and support. Unfortunately, if we were to launch projects under the current market conditions, we would likely need to refund a significant portion of these investments, resulting in a lot of work and spending for nothing, which could put Equinox and our community at existential risk.
While we are seeing a lot of AI-related projects popping up, for most projects, this is just another buzzword used to lure people that are a bit bored or missing the IDO experience. We are determined to avoid jumping on every trending buzzword or project that sticks that buzzword onto its pitch deck and whitepaper. While successful projects are in this new wave, we do not believe that current market conditions justify spending the limited resources to beef up our team. That said, we have a few ideas of how to support our community during this downtime, and we will reach out on our Telegram channel to discuss them.
We remain committed to identifying genuinely innovative projects, have a strong team and business model, and are aligned with our vision for the future of the blockchain industry. This is the best way to protect our community’s investments and ensure you see a return.
We will continue monitoring the market and update you on any developments.
Where Have I Been?
As the CEO of our community, it is essential to explain why I took a break during the recent bear market. This is the third cycle I have experienced in the crypto market, and each time, I have gained valuable knowledge, patience, and composure during the ups and downs. In addition, I learned from my past mistakes, which has enabled me to remain calm during these difficult times.
During this bear market, I consciously decided to take a break to recover and prioritize my health. I had been working tirelessly during the last bull run, sometimes putting in 20+ hour days, and when the market turned, it caused me to experience burnout and some health issues that needed immediate attention. It was challenging to step back, but it was necessary for my well-being.
I ensured that the community was in good hands during my absence. I had a team in place to handle any issues that arose, and I took some much-needed rest until my health improved. Although I have been working daily since then, my hours have been significantly reduced, and I have been splitting my time between other projects and tasks, not just in the crypto space. But, as they say, “we make hay when the sun shines,” and I am preparing myself for the next bull market.
During my break, I did not neglect our community. Instead, I took the time to focus on my well-being, which has ultimately allowed me to come back stronger and more energized to lead our community through the challenges that lie ahead. Please understand and support my decision to take a break, and I look forward to continuing our journey together.