Table Of Contents
It happened in the worst of the bear markets, on September 22, 2022. It was not exactly the best time - it was probably the worst time, but there were legal obligations we needed to hold, so a decision to launch had to be made and we made it on August 10, 2022.
We had postponed the launch date for months waiting for better market conditions which never came. On August 10, a favorable CPI reading was released. Based on that, we expected a slight pivot from the FED that unfortunately also never came. We saw a small market rally in August which later got crushed by Jerome Powell’s hawkish speech mentioning “more pain ahead”.
We were expecting a smaller rate hike on the 21st of September, which could have given the markets some stability and confidence. But the next day, the day of our launch, the markets tanked additionally, setting us up for a tough start.
On the development side, we had most contracts prepared and tested. We already did a token dry run in May and preminted the actual tokens right after setting the launch date. The tokens were vested and the start date hardcoded into the vesting contract to give our community the confidence that only blockchain allows. At this moment, we gave away the control of the tokens but also put the responsibility in the respective token holders’ hands. Everyone could check on chain if their tokens are there. From that point onward, there was no way for us to change what was set in the smart contracts.
Thanks to the careful preparation efforts from our development team, the last month was not really stressful. We took care of the regular ongoing development work, focusing on our products, but in addition prepared the staking contracts that we just modeled out, and worked on our front end integration of the smart contracts.
All we needed to do on launch day was to update the frontend and enable staking. Right after the token was out and liquidity deployed on the DEX, we started working on the integration with our existing NFT marketplace that went live on September 30, 2022.
Marketing in this market sentiment is almost impossible. We added a big team to help us create content, post across dozens of channels, facilitate partnerships, we went on a ton of AMAs and worked with influencers. We worked with an experienced team that have done multiple token launches in the past. Still, the community grew only slowly. Speaking to other projects, they had the same experience. Guess the takeaway is it doesn’t really pay off to do too much of paid marketing in a bear market, especially not with any influencers.
What did go well is the creation of partnerships. We formed over 10 partnerships within the last month and are continuing on this path.
Because of the marketing efforts we have also talked with all the major exchanges and got pre-approved by many. In all of our discussions, we didn’t get even a single negative feedback. Crypto communities are relentless, so I take this as a big win and validation for 3air.
Currently, we have tuned our marketing efforts down until the sentiment changes. We will still be present at major events and conferences, and we are still doing our regular weekly AMAs and a lot of social content.
We did not get too lucky with launchpads. Because of the market conditions, many of them waited up until the last minute to decide whether they want to take us on, and some even canceled even after a contract had been signed, just days before the actual launch date. The crypto space needs to become far more serious, as there are still a lot of projects that just don’t care and don’t honor agreements even after signed contracts.
In the end, we ran our launch with Synapse and Solv Finance. And although we did better than other projects launching in the same timeframe, we did not consider our launchpad efforts to be a success.
This is a tricky subject. And again, it ties together with the market sentiment. Like launchpads, exchanges are community builders and best utilized in a bull market. We are approved by multiple tier 1 exchanges, but their listing prices did not warrant a launch in a bear market. In the end, we decided to go with the highly ranked tier 2 exchange MEXC and intend to list on other exchanges when the time is right.
Here’s what I can tell you: this was stressful. We have been in talk with exchanges for several months and the approvals started coming in just days before the token launch. Sometimes I really don’t understand this industry. Like things need to be made more complicated than really needed.
September 22, 2022 - 10am UTC! Everything was ready. We already set the vesting contracts to start releasing tokens a month ago, we created all the accounts on exchanges and transferred the funds to them so our market maker could start placing orders, and we had liquidity prepared for PancakeSwap.
We finalized the exact plan 2 days prior and were just executing on it. At this moment in time, everyone had their to do’s laid out, and I was focusing on our community and support.
At 10am UTC, the trading started. When a token launches, there are no tokens in the hands of the users yet, so there is no one that can immediately come as a counterparty to sell the tokens. This means the price just shoots up. This is also why a good market maker is important in the beginning as they are the only ones that can balance the token price in the start. Within the next few minutes, the selling pressure of the first users starts coming in and the price actual pricing starts to form.
We did expect some selling pressure in the beginning just because MEXC held quite a lot of our tokens, as well as some influencers. These are usually the fastest sellers as they are really not involved in the project for the long term and don’t care the price they are selling at.
The buying pressure quickly subsided, and the token price started falling. After 11 minutes we added liquidity to PancakeSwap and started the trading there as well.
This added a bit of additional buying pressure, but also a big channel where some of the users started dumping their share of the tokens.
During all this time we kept supporting the token price with our funds, but then decided to stop and let it find its bottom naturally. If we would have continued, our liquidity would quickly run out. At this point, the major parties dumping were the exchanges and influencers (who don’t care about what 3air is all about), so it doesn’t make sense to buy those tokens at a high price.
So 3air price kept dropping below the IDO price and then also below the private presale price. A tough 2 days with a lot of FUD in the community, where many probably did not understand what was happening. Fortunately, we have good community support, and after the first users dumped their tokens, the price started to increase again. Since then, we have seen an increase of 4x over a period of 3 days. It’s amazing what a difference in community sentiment this makes. I just hope everyone remembers that nothing can go only up all the time. It just doesn’t work like that.
Right now, we are at healthy price levels, and we are attracting more and more attention and interest. Once anyone does a bit of a deep dive into 3air the immediately understand its potential and impact 3air will have on millions of lives.
We continue to work hard and are confident in our abilities to make 3air a tier 1 crypto project. Keep following us and supporting us on our mission to connect the unconnected and bank the unbanked!