Dear our valued community,
I am Leo, the founder of TonUP. I wish to start by offering our sincerest apologies to all community members on behalf of the team. I acknowledge that every individual who participated in the IDO placed their trust not only in me but also in our dedicated team and the integrity of our product.
We’re deeply grateful for the steadfast support and trust that you have bestowed upon us. The community is our cornerstone; without your support, TonUP wouldn’t be where it is today. We highly value the feedback from you and are committed to serving your best interests.
TonUP has always strived to be a trustworthy and responsible launchpad platform. Our decision to collaborate with Tap Fantasy emerged from numerous in-depth discussions and comprehensive evaluations. And the quality of the Tap Fantasy has been testified in BNB Chain and Solana, especially with the strong backing from the TONCoin Fund and their willingness to accept our CPP custodial plan (link). After solidifying the partnership, we extended our support in facilitating various market collaborations and promotional events.
Despite our extensive marketing and collaborative efforts, we must admit that there were oversights in market maintenance following the $MC token listing. This was mainly due to our failure to conduct rigorous follow-up reviews, particularly concerning market-making and incentive plans post-listing. We are profoundly regretful that the price of $MC token did not align with the expectation.
Although Tap Fantasy has initiated a series of remedial actions, we believe that as a launchpad platform, it remains our duty to address such issue. In an effort to mitigate community losses and restore trust, we have conducted a full token repurchase with our commission from this IDO.
Repurchase Address: https://tonscan.org/address/EQBufPjo3fQHGBIVr8vnTkFbg7ksLtdFobc-RZJnaYPoZ5Oe
We would like to emphasize that the Tap Fantasy team has invested all the tokens/funds raised into the LPs as part of the CPP. The LP Jettons are currently under our supervision, and you can verify this by checking the custodial address on tonscan.
Regardless of the setbacks, we firmly believe that both Tap Fantasy and TonUP are committed to contribute positive developments within the TON ecosystem, by providing quality products and decent returns to users. Furthermore, we have informed the team of Tap Fantasy and they have committed to take some action about the situation.
Custodial Address: https://tonscan.org/address/EQBe6ZS-MtSXgGuNVEgIa0wBpPZoNJxhNm9auMRZrQ1twwt8
This experience wil serve as a stark reminder of the importance of rigorous project selection and ongoing management of the team. As we move forward, we will conduct stricter due diligence on potential projects, covering aspects like project quality, team background, VC endorsements, economic model viability, and post-listing market maintenance and incentive plans.
We pledge to uphold transparency and open communication with the community, striving for a healthier and more sustainable TON ecosystem. We understand the disappointment and inconvenience this has caused, but rest assured, our team will learn from this experience and continually improve to meet your expectations and trust.
Thank you, once again, for your unwavering support and understanding!
Sincerely,
Leo
Following up on the conversation, we have decided to burn all the tokens during the buyback process. Please take a moment to review the transaction records by clicking on this link: tonscan.org/tx/2B2I5WhCHnwGanY7ESrIx5U0P4qlNaq0AGsnTIaSQCQ=
It is worth mentioning that the Tap Fantasy team has also committed to the buyback and burn initiative. As the ecosystem is still in its early stages, it is essential for us to focus on building rather than FUD.