Introduction:

GambitAMM was designed to launch on the Furya chain with full functionality available to users from day one. The protocol itself remains sound, with no issues in terms of usability or performance. However, as many are aware, the bootstrapped Gambit team sought to raise funds through IDOs, securing formal agreements with KingdomStarter, Siriuspad, and Maticpad for this purpose.

Fundraising via IDOs:

To support the long-term growth, marketing, and sustainability of the project, the Gambit team negotiated deals with three different IDO platforms. We successfully partnered with KingdomStarter, Siriuspad, and Maticpad, aiming to raise over $500,000 in total. Agreements were signed by both parties, and dates were set for the fundraising rounds.

While we successfully raised over $500,000 from all three platforms, unforeseen complications have necessitated a re-launch of our token.

Unprofessional Behavior:

Our launchpad partner, MaticLaunchpad, made the sudden and unilateral decision to distribute 10% of our token allocation just minutes before the listing. This irresponsible action caused an immediate sell-off, leading to a sharp decline in the token price. The resulting panic prompted both KingdomStarter and Siriuspad to request refunds from their investors.

Misconduct with New Sale:

Additionally, MaticLaunchpad created a new sale for our token on their platform, asking their investors to manually return the tokens they had initially purchased. This action, which deviated from our original agreement, added further confusion and frustration to an already tense situation.

Blockchain Transparency:

All of MaticLaunchpad’s actions—including the premature distribution and the unauthorized new sale—are fully visible on the blockchain. We encourage everyone to review these records to better understand the gravity of the situation.

Previous Incidents:

This is not an isolated case of unprofessional conduct from MaticLaunchpad. They have exhibited similar behavior in the past, most notably during their handling of the MOGUL Productions project. This recurring pattern of misconduct is deeply concerning.

Liquidity Challenges:

Despite our adherence to the advice of market makers and providing sufficient liquidity on P2B, the premature sell-off severely hindered our ability to stabilize the token price and increase market volume as planned.

Lack of Communication:

MaticLaunchpad’s communication throughout this process has been inadequate. Their responses to our concerns have been delayed, and despite ongoing issues, they continued accepting new IDO registrations. This lack of transparency has only exacerbated the challenges.

Contract Breach:

MaticLaunchpad’s actions constitute a clear breach of our agreement. They failed to honor the agreed-upon terms, including the 3-hour refund window, and mishandled crucial aspects such as token returns and the sale structure.

Token Reminting:

Due to the issues caused by MaticLaunchpad’s premature token distribution and the subsequent sell-off, Gambit has been forced to proceed with a token reminting. The reminting will ensure that we regain control over the token’s distribution and prevent further harm to the project’s liquidity and market stability. This decision, although unfortunate, is necessary to safeguard the long-term integrity of the project and restore investor confidence. Moving forward, we will implement stricter oversight on our partners and launch procedures to prevent such incidents from recurring.

Future of Gambit:

For over two years since the Terra crash, the team has operated in a bootstrapped manner, consistently delivering results. This incident, like many others, has been a learning experience. We remain steadfast in our commitment to both the Gambit and Fanfury roadmaps and will continue working relentlessly, bolstered by the support of our community.