OnChain Trade Launch Cancelled: Camelot Falters In Crypto Launchpad
According to the statement, Camelot should have the autonomy to bring its protocol to the market. However, due to false allegations made by OnChainTrade (OCT), they have decided to cancel their project’s launch on Launchpad.
As many of you already know, we’ve decided to cancel the launch of OnChainTrade on our Launchpad
We respect that every project should bring its protocol to users and the market in the manner that best suits them, but the false allegations made by OCT have forced us to respond 🧵
— Camelot (@CamelotDEX) February 22, 2023
Following the thread, the firm clarified that the sales model was not as rumored, and it can be adjusted to meet the specific requirements of each project, including hardcap, cap/wallet, and other relevant factors.
From the outset, the firm offered OnChainTrade a 2% fee for their fundraising efforts. Camelot never changed this figure and was intentionally set well below market rates for such a launch. It aimed to support the wider ecosystem and facilitate a smooth transition for the protocol from zksync.
Given the proposed sale model, implementing a multiple IDO model was not feasible, and this was clearly communicated to the OCT team. On multiple occasions, the OCT team confirmed their understanding of this.
Subsequently, a series of public and private messages followed, with denials from the OCT team after the fact. This behavior either suggests a lack of good faith on the part of OCT’s leadership or a lack of experience. Regardless, they repeatedly failed to keep their word, ultimately eroding trust.
On February 22, Onchain Trade had a dispute with Camelot, resulting in the cancellation of their IF0 plan on the platform. During this dispute, Onchain Trade accused Camelot Launchpad of having a significant hype problem.
Important announcement regarding our IFO(Initial fair offering):
we decided not to arrange sale on Camelot for following reasons:
— OT | Onchain Trade (@OnchainTrade) February 22, 2023
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