Announcement: The PCR Whale is dead
The Paycer team just bought back 500k PCR tokens for a total of 35k USD to fix the whale situation.
What happened?
A large crypto investor had invested a bigger sum of USD early in Paycer while the funding of the project was still relatively tight. A project like Paycer needs more funding than is visible to an external observer. To close a deal the investor got 20% unlock at TGE and thus had 800k PCR token available on day one. The other 80% tokens of the investor are locked in the vesting smart contract for one year with a daily release of 1/365.
However, the investor then sold 300k PCR tokens within the first two days. The Paycer team and the community was unhappy about this. The Paycer team would not close such a deal again today, but hindsight is easier than foresight.
We have promised the community to solve the problem and the Paycer team stands by its word. We have negotiated a deal with the investor and bought back the left 500,000 PCR tokens at a price of 0.07 USD each. A total of $35,000 was paid to buy back the PCR tokens. The PCR tokens are now on a wallet of Paycer and will be used in the future to provide DEX liquidity.
You can find the transaction here:
Next Steps
We hope this problem is solved for everyone and confidence in the vesting is restored. We are focusing on the further development of the DeFi platform, partnerships, marketing, regulatory matters and will soon publish our current roadmap. Thanks for your support.
Your Paycer Team
About Paycer
The Paycer Protocol will provide multichain operability and aggregate selected DeFi products from different blockchains. The Paycer Platform will combine the Paycer Protocol with traditional financial services (TradFi) like a bank account and a debit card. Users only need to make a fiat money deposit on the Paycer platform to get started, no interaction with cryptocurrencies or DeFi is required. Paycer will then automatically place the deposit in selected DeFi products, providing a high and constant interest rate as a passive income.
DLDR: Paycer’s mission is to make DeFi available for retail clients to enable mass adoption.
