In conjunction with our token offering partners, Swarm Fund undertook the process of building custom sale infrastructure for our rolling presale unique tiered pricing model. The initial process lead to the influx of over $750,000 in addition to the ~$2mm achieved via fiat and other accounts.

Despite incredible work from our developers and partners, we were forced to make several late accommodations due to the changing regulatory environment. Despite a full smart contract audit from coinspect we were unable to fully audit the UI.

Additionally the following issues surfaced in the initial software release:

  1. Incorrect countdown timer due to discrepancies between block time and UTC time
  2. Incorrect display of starting dollar price ($4.00 per SWM was displayed instead of $1.00)
  3. The registration form on fiat landing page was partially inaccessible
  4. Issues with “agree” button on mobile devices
  5. No clear communication over appropriate gas price to use with some lost transactions

Consequently, we decided to take more time and prolong the process to accommodate a fuller testing phase before a full public release, including user testing.

We will continue our private ambassador referral-only presale at the pre-established pricing tiers.The public token sale is expected to reopen on 9/21.

Additionally we will be using the revoke capacity of the MiniMe contract to issue refunds and invalidate transactions for those who don’t wish to lock in the current rate. This process is expected to be established and available starting tomorrow.

Ultimately we believe that the combination of rolling sales, open presales, tiered models, embedded governance and drip liquidity will make a more robust offering.