GitFish V2 + LINUX refund This past week, we introduced GitFish to the world. We made a bold move to launch our first token, $LINUX, to test the new protocol in public. The launch attracted way more attention than we expected, but we also ran into some significant challenges: - We introduced a fair launch design to prevent sniping and protect our users. But combined with a long auction duration and uncapped raise, it absorbed the majority of demand by listing and eliminated all wealth effects for traders. - We were the ones to pick the first repo to launch on our platform. But the choice should have been up to the repo owner and community – to secure alignment and buy-in for the token. So here’s what we’re going to do next. $LINUX refund First, we’re going to refund all $LINUX bidders and traders, and retire the token. When designing the GitFish protocol, we built in a special “pool retirement” mechanism to address the problem of “zombie pools”. A zombie pool is a pool where almost all tokens have been sold back, but some SOL remains locked forever. Retirement allows these funds to be withdrawn, so they can be redistributed to users. Prior to this announcement, we invoked the retirement mechanism for the $LINUX pool, withdrawing 25,003 SOL to the admin wallet. We will use 100% of the funds, along with collected auction fees (deducting 25% for referrals), to compensate all bidders and traders who have realized a loss, as follows: - Bidders or buyers who never sold their $LINUX will get a full refund. This includes bidders who never claimed their tokens. - Those who sold all or part of their $LINUX will receive a partial refund. A detailed description of the refund mechanism, WIP table of users’ refund, plus supporting data and calculations is available here: github.com/gitfishdev/linux-… [IMPORTANT] To all users, here’s what you need to do by June 5th 9pm EST (one week's time): - If you are holding LINUX tokens (including in LP), send it to our admin wallet to be eligible for a refund. Please don’t sell or otherwise transfer your tokens. - If you haven’t claimed your tokens yet, don’t do it. - If you’ve already sold tokens to the pool, you don’t need to do anything either. Admin wallet: EX7QGHSreah6EUtsPXCcen5R8JUyiVQWgz6aV4UspyMy Failing to follow the above means you will forfeit your refund. GitFish V2 Now that’s out of the way, we’re excited to announce we will shortly be releasing GitFish V2. We’ve been iterating fast based on the learnings of V1, and we’re excited to show you a newer, better version of GitFish. Here are the headline updates: - Going forward, tokens will only be launched by repo owners with their consent. - We’re making GitFish permissionless with the goal to onboard a lot more repo tokens. We’re going to stop launching tokens ourselves and focus on helping repo owners launch their own. - No more uncapped launches. All tokens will now have a much lower raise target. Once the target is reached the sale ends. We’re keen to ship something that will resonate with users and would love to hear your thoughts. What’s next? We will be hosting a Twitter Space on Friday 30th May 9am PST to answer questions about the refund process and share more about GitFish V2. Come chat with us. Sincerely, GitFish team