Granting of elf tokens will be postponed from the 21st to the 22nd – lock-up agreement signed | CoinDesk JAPAN

The IEO for “ELF Token”, which is the fifth such event in Japan, was scheduled to be held on the 21st with lottery, payment, and granting, but after the postponement was announced on the same night, it was held on the following day, the 22nd. .

The IEO of “ELF Token” issued by HashPalette will begin accepting purchase applications on the crypto asset (virtual currency) exchange bitFlyer on February 9th, and the lottery, payment, and payment will be held on the 21st. The grant was scheduled to take place, but on the night of the 21st, bitFlyer announced that it would be postponed.

Regarding the reason for the postponement, the announcement stated that “There are matters under discussion between HashPalette and bitFlyer,'' and there were concerns from applicants on X (formerly Twitter). Regarding applications, it is said that there were “purchase applications exceeding the total sales amount of 1.25 billion yen.”

After that, on the night of the 22nd, bitFlyer announced “Notice of additional information disclosure and lottery/settlement/grant implementation of ELF Token''. The lottery, payment, and granting will be carried out sequentially from the 22nd.

lock-up agreement

The reason for the postponement was also explained as follows: “In order to prioritize protecting customer assets through healthy price formation in the ELF Token secondary market, we held discussions regarding lock-up agreements with HashPalette and HashPort.'' , announced that “Due to prolonged discussions, we have postponed the drawing, settlement, and granting of ELF Tokens, which was scheduled for February 21, 2024, yesterday.''

As a result of the discussions, the Elf Tokens acquired by bitFlyer as compensation for IEO consignment sales, the Elf Tokens acquired by HashPort as compensation for advisory services, and the Elf Tokens held by HashPalette will be locked up under certain conditions and for a period of time.

There were concerns and criticisms about the sudden postponement of the scheduled grant date, but there were also opinions that the lock-up agreement would reduce the selling pressure immediately after the start of trading. seems to have subsided.

Trading for Elf Tokens is scheduled to begin sometime between February 22nd and March 31st. It will be interesting to see how things progress.

｜Text: Takayuki Masuda
｜Image: BitFlyer's Aoi Kanemitsu and Hashpalette's Yoshihiro Yoshida (at the Elf Token IEO presentation)