DeFi Frens and the future
We want to start by thanking everybody still here who believes in us. We sincerely apologize on behalf of everyone on the team for the massive let down this last month has been.
We will be making drastic changes to the project that are hopefully for the better.
First of all, everybody holding a DeFi Fren will be getting a refund. We will be taking a snapshot in 12 hours and everybody holding a DeFi Fren will be refunded for how much it was minted for (either 0.069 or 0.077 depending on which phase it was minted in. The ETA of the refund is still to be determined, but should hopefully be within the next week (no promises, have to figure out the optimal way to process everything).
Throughout almost every step of the way, we’ve understandably fallen short on promises and timelines several times. That being said, our shortcomings shouldn’t be shouldered by our holders, as it was our responsibility to make everything right. Giving the market conditions, and the current state of the project we wanted to make it right to our holders by issuing this refund.
We’ve worked extremely hard over the last 7 months and invested a significant amount into the project (over $100k USD), but it is what it is and we have to accept this loss. Regardless, myself (@HexoCrypto) and @dragonxjin still have plans for the project and will do our best to make something great out of it, keep reading for further details.
What does this mean for the future of the project?
The reveal will still happen. It will be this week. Actual date will be announced in 24–48 hours. Everything is ready, in a drive, all that is left is to upload it.
As of right now, considering that we are refunding everyone, we will be changing our roadmap. More details to come later.
Sadly, due to the turn out of the project, as well as many other outside factors, we will be parting ways with @Darren and @ib . There is no bad blood between any of us and they are still our frens. This means that Jin and myself (Hexo) will be at the helm working on the project.
Due to the costs involved, and refund, we unfortunately won’t be able to honor the airdrop. The first 1,004 NFTs will be marked with a “special tag” in the metadata, something like “OG” or “BEST FREN”. We will do our best to provide more value to those holders, and discuss with you all to see what we can do to show our gratitude.
Wen mint? What’s happening to the rest of the collection?
We still plan on releasing the 5,555 frens one way or another. All current holders will be whitelisted for the next mint phase.
Secondary royalties will be raised to 10%.
The collection will no longer contain blanks.
We know all our holders have already spoken greatly against cutting the supply, and since we have all of them ready, unless many are strongly opposed and want to reduce supply it will remain the same.
Decision on mint price will be 100% left to the holders. You all want a free mint? Then we’ll make it happen and be the highest quality of 3D animated art, AND FREE if that’s the case. I will be hosting a vote after some discussion with you all.
Once that decision is made by holders, we’ll be going on another marketing spree with the new mint price and roadmap.
