SPT to SNM token migration is automatic and has begun.
PreICO SPT tokens migration details
PreICO SPT tokens will be migrated to SNM tokens after the end of SONM ICO.
Migration will be processed automatically, so pre-ICO participants don’t need to do anything.
SNM tokens will be issued to the same ETH address where SPT tokens were stored.
SPT / SNM Exchange rate:
1 SPT = 4 SNM
The migration from SPT to SNM will be announced in the all SONM media channels.
Pre-ICO SPT tokens migration rate changes
Initially pre-ICO participants were going to receive 100% bonus tokens compared to the ICO participants.
But in regard with the recent Ethereum leapfrog we found ourselves in a difficult situation.
All key numbers, namely ICO max cap and pre-ICO cap, SPT/SNM exсhange rate to ETH and pre-ICO bonuses, have been calculated according to the ETHUSD rate at that moment (1 ETH = $50). At the moment of SONM ICO start Ethereum price reached $350–370.
The initial maximum ICO cap was set at 273 399 ETH which became irrational when 1 ETH reached 350$. We had to reduce the cap and change SPT and SNM exchange rate and at the same time to make sure the new token distribution model meets the interests of all parties involved.
After token allocation model was changed pre-ICO participants receive 2424 SNM tokens per 1 ETH, and ICO participants get 2824 SNM tokens per 1 ETH.
Pre-ICO participants still have x7 advantage in USD, but there are some pre-ICO investors who are totally unhappy with the token allocation being changed.
We understand the feelings of the pre-ICO investors: they have invested their ETH in April, expecting to receive 100% bonus tokens, and in fact will receive almost the same amount of SNM tokens per 1 ETH, as ICO participants.
We want all our users, community members and crowdsale participants to be happy, so we’ve came to the solution:
We will make full refund of ETH deposit for all pre-ICO participants who don’t agree with the changed token allocation figures and SPT exchange rate.
To do so, send an email to: [email protected]