Draft.fun @draftdotfun - Twitter Profile

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over 1 year ago

The Update You've All Been Waiting For! The team has finalized an agreement to sell our underlying technology to a large, well-capitalized organization that will take it over under a new business and brand. While we poured significant time, effort, and money into building this project, the delay between beta and Version 1 unfortunately slowed our momentum. However, the fact that a well-funded and experienced team sees the potential in our technology and wants to acquire it is the best news possible for our investors! We are confident that this new team has the expertise, resources, and leadership to make the project successful. Ensuring your investment is placed in capable hands has been our top priority. While it’s bittersweet for us as the original team, this transition is a massive win for investors. We’ve secured a solution that recoups our development costs while transferring your investment to a team well-positioned to deliver on the vision we all believed in. This decision was not easy, but it was made with the community in mind. If you’re still holding, now is the time to feel VERY optimistic. The project is moving forward with a highly capable team that is ready to turn it into a success. I myself and the current team will no longer be involved or hold any stake in the project. This is a new project run by a new team, but your investment will seamlessly transfer to the new leadership, who are better equipped to deliver results. This decision reflects fairness, integrity, and a commitment to doing right by our investors. Token Migration Details: The new team will conduct a token migration as part of this transition. This means you will receive tokens in their new project, proportional to your current Draft holdings, with the new allocation reflecting the structure and valuation of the upcoming project. This morning, a snapshot of all token holders was conducted to record eligible wallet balances for the migration. Only wallets holding tokens at the time of the snapshot are eligible to participate in the migration process. Any tokens purchased or transferred after the snapshot will NOT be considered valid for the migration. Just so you know, new purchases of draft tokens will not be allowed moving forward, and only tokens held before the snapshot will be accepted. Please note that there is only one official migration, and you can participate exclusively through the link provided below. Any other migration process or communication is a scam. Please protect yourself and only follow the official instructions here: https://t.co/Ee45CqCwv3 The only place to send your old $DRAFT tokens is here; if you send them elsewhere, you will get scammed: 0xbbB4733e1ec64018d8310f5a2C4C58401b9110f7 The migration process is simple: 1. Send your tokens to the designated wallet: 0xbbB4733e1ec64018d8310f5a2C4C58401b9110f7 2. Fill out the provided form: https://t.co/Ee45CqCwv3 3. You will receive the new project’s tokens via airdrop to your preferred wallet when the new project launches very soon. Addressing the Challenges We Faced We want to be fully transparent about why the project faced difficulties. Early on, we encountered an issue with our APIs that caused incorrect odds to display. While we addressed this issue appropriately within our Terms & Conditions, it caused a month-long platform downtime. During a critical period between beta and Version 1, this delay hurt our momentum significantly. To preserve the treasury—which was critical for paying winners—we made the tough decision to fund a portion of our operations using token supply during a period due to no incoming revenue. Unfortunately, this created some selling pressure, compounded by the overall market conditions. This period coincided with one of the largest liquidation events in history, driving additional sell pressure across the market. Combined with the unavoidable month-long downtime, these factors created significant challenges. We want to be 100% transparent: the team never held team tokens or sold a single token for profit at any point. From start to finish, we acted with integrity and in good faith, always prioritizing the community’s best interests. Every decision we made was driven by our commitment to building a successful project and ensuring a fair experience for our investors. That said, we acknowledge that we made some mistakes along the way. We invested heavily in development, operational costs, and KOL's to position the project for long-term success, but we underestimated the impact that the downtime would have on momentum and growth. These were honest errors made in pursuit of delivering the best possible product, but they left us in a difficult position. Despite these challenges, we worked tirelessly to balance paying expenses in USDT while keeping the project solvent enough to fulfill obligations to winners. At no point did we take shortcuts or act against the interests of the community. Our focus has always been on doing what’s right and ensuring the project had every opportunity to succeed. A Difficult Decision, but the Right One This is a legitimate business with real potential that unfortunately faced a set of challenging circumstances. The downtime, combined with difficult market conditions, hindered our ability to recover and grow. The decision to sell the technology was not made lightly, but we firmly believe it is the best path forward for both the project and our investors. We trust the new team will be able to deliver the results we set out to. By selling to this new, experienced team, we’ve ensured that the project has a fresh start and the best chance to succeed. While we couldn’t achieve the success we had hoped for, this transition places the project in capable hands, led by a team with the resources and expertise to bring the vision to life. The current team will no longer be involved or hold any stake in the project. This is a completely new project, run by a new team, but your investment is being seamlessly transferred to them to ensure you are part of this exciting next chapter. This decision was made with fairness, integrity, and the long-term success of the community in mind. Thank You for Your Support We sincerely thank you for your support, patience, and understanding during this transition. While this wasn’t the outcome we originally envisioned, we are confident that this handoff will lead to the success we all wanted to see. Your investment is now in excellent hands, and we believe this is the best way forward for the project’s future. Thank you for being a part of this journey, we’re optimistic about what’s next for the project, and we hope you are too.

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