Shutdown of the platform
As you may have noticed, we haven’t been very active on Locklet for several months now.
Locklet has not had the success we expected since the launch of the platform. We were quickly crushed by competing platforms that offered other services in addition to vesting such as cryptocurrency fundraising, anti-bots protection for listing or even airdrops capabilities. These platforms, due to their launchpad situation, are very well positioned to capture the vesting of new projects that have just launched on them.
In addition to this tough competition, a human factor played in this failure and we recognize it. Our first mistake was to absolutely want to list the LKT token on several exchanges such as STEX, Demex, MDEX, etc. It cost us a lot of money for liquidity providing and marketing making for almost zero return on investment.
The second mistake was to spent a lot of funds on totally useless marketing. I’m writing this here for all future entrepreneurs in the cryptocurrency world, don’t spend a single penny on any marketing agency for social media advertising through influencers. This brings in very few real users, only a few speculators present for a few days for a quick pump and dump.
The last big mistake, which I think was fatal for Locklet, was to agree to make our platform compatible with the Tron blockchain as well as their new blockchain the BitTorrent Chain.
We developed a lot for almost 3 months on this big update thinking to capture a big market share but unfortunately when the update was ready to go live, we did not even after very many attempts succeed to re-contact the administrators of the BitTorrent Chain nor the Tron Foundation to launch the necessary bridge for this update.
The end of the 2021 bull market didn’t help either in this difficult period and after all this series of unfortunate events and bad decisions, the future of the project looked very critical.
We have therefore decided to distribute all of the remaining funds to LKT holders through an airdrop on the BNB Chain side.
We invite people who are still following Locklet to migrate their LKT that are on Ethereum to the BNB Chain before 06-15-2022, the date on which a snapshot of the holders will be made.
A tutorial for bridging your LKT using PolyNetwork is available here.
We will then redistribute the remaining funds in BUSD fairly across all wallets excluding team wallets.
We are also committed to keeping our dApp (app.locklet.finance) online as long as possible so that you can easily interact with your existing vesting clauses.