3air presale: Full report
In the interest of full transparency, we are publishing a full presale report with detailed insights into the raise.
The public presale started on November 26th and lasted 2 months. Unfortunately, in the worst 2 months for crypto investing in the current cycle. The market top was hit 2 weeks before our public presale and the real downtrend started at the same time as our presale. Instead of the anticipated December bull run we got a market sentiment of extreme fear and doubt. And it affected us.
Our goal was to start building the platform and at the same time be able to build out broadband infrastructure in Lagos and Abuja, Nigeria’s biggest cities. With the projected funds of $16.6M we could have covered an area with almost 200 M potential users. We set the soft cap at $12M, which translates to a fully filled private sale plus $7,4M from the public sale. This would allow us to start with additional coverage in Africa, in addition to the currently operational Sierra Leone, and would accelerate the time to full adoption of the 3air platform.
As of January 26th, we had failed to hit the planned soft cap. The presale ended with $3,421,135.60 worth of 3air tokens sold, but only $3,303,135.60 was paid in till today. There are still $118,000 of signed contracts with outstanding payments.
The structure was:
- Seed sale: $100,000
- Private sale total: $2,803,660
- Private round 1: $900,000
- Private round 2: $1,600,000
- Private round 3: $303.660
- Public presale: $617,475.60
The breakdown of the collected funds is (any fees already deducted):
- $100,000 in USD or equivalent stable coins
- $1,491,450 in USD or equivalent stable coins
- 599,326 ADA at an average price of $1.78402 USD/ADA
- 1.451633 BTC at an average price of $57,176.97 USD/BTC
- 18.63 ETH at an average price of $3.220,61
Public sale (after fees):
- 313,476.0758 ADA at an average price of 1.4914361 USD/ADA
- 0.44958674 BTC at an average price of 51,314.03 USD/BTC
- $70,357.99 in USD equivalent stable coins
- 823.70 CRO at an average price of 0.796 USD/CRO
- 1.52504 ETH at an average price of 4,309.35 USD/ETH
- 9.355731 LTC at an average price of 266.83 USD/LTC
- 13.366215 SOL at an average price of 136.17 USD/SOL
- 10,862.63 TRX at an average price of 0.092061 USD/TRX
- 2,554 XRP at an average price of 0.939674 USD/XRP
During the public presale $41,497.18 of fees have been paid. These fees include the payment processor fee and the blockchain gas fees where the majority of the fees was contributed to USDT ERC20 and USDC payments.
During the presale we did not exchange any crypto assets except for:
- $200 USDT to ETH used to pay for gas fees
- 488.614,20 ADA for 629.290,99 USDT at an average price of 1.2879 USDT/ADA
The expenses until January 2022 were projected to reach $3,705,000, including a $3,000,000 investment to open a new country. Actual expenses have been far lower. Up until January 26, 2022, actual expenses amounted to $1,682,082.43. Because of the market sentiment we spent only half of planned amount for country expansion for December and halted it altogether in January. This was in agreement with our local partners and investors as it is of strategic importance to 3air.
Theas means that of the presale raise, $1,000,000 has been spent for expanding into new countries and $682.082,43 have been spent on marketing, legal proceedings, development, and partnerships with the following structure:
- Marketing: $545,177.13
- Legal proceedings: $46,928.02
- Development: $76,455.58
- Partnerships: $16,850.70
Even with the current market conditions we have managed to achieve a ROI of 627% on our marketing investment, which is above the standard 500% that is outlined by top marketing agencies in the field.
All documentation and proceedings can be viewed in person but cannot be shared publicly because of privacy reasons.
As we have made a major change to our project, we decided to offer the option for stepping out of 3air for the users that have been part of our journey only because we were building on the Cardano blockchain. Even though the project continues, we are offering refunds to whoever wants to leave. The refund conditions of the presale remain unchanged and are the same that have been announced in our whitepaper, our Docs section and across our website and presale app. We would like to remind you that 3air’s mission and the team remains the same. The move to SKALE was necessary and has greatly improved the chances of the projects success. We appreciate everyone who has been with us until now and would be happy to continue the journey with each and every member of our community.
We ran a survey about refunds and there have been 48 responses.
- 8 respondents (16%) stated they are certain about wanting a refund
- 12 respondents (25%) have yet to decide based on the proceedings
- The remaining 28 respondents (58%) did not comment
- 36 respondents (75%) have requested to receive a refund based on USD value
Based on the survey, we decided to calculate the refunds based on the USD value. We will offer the option you receive it in the crypto asset of you paid in with or in USDT-TRC20.
As of now (February 9, 2022) the current USD value of the unspent funds is $1,243,892.91. This means that we will be refunding 50.73% of your initial USD buying amount.
All the tokens from refunded purchases will be spread out to the token buyers that remain with 3air.
We have been asked to allow refunds without needing to connect to our presale application. Therefore, we have decided to take official refund requests through email. You will need to send the following information:
- Email address to send to: email@example.com
- You need to send the message from the same email you registered with on our presale app presale.3air.io
- First and Last Name
- A clearly legible identification document with the same information that you used for KYC verification. If we are not able to match your identity, we will not be issuing a refund.
- Provide a valid wallet address of your choice (either a USDT TRC20 wallet or the asset you paid with)
- You need to copy this text into the email: “I wish to receive a refund. I understand that by requesting a refund my entire purchase will be canceled. I understand that I will be refunded 50.73% of my initial purchase in USD value.” Deadline to send a refund request is 23rd of February 2022, 11:59pm UTC. After that, no more refunds are possible. Refunds will be paid out latest 28th of February 2022, 11:59pm UTC.
Continue with 3air
3air is well on it’s mission to connect millions to the internet. The official partnership with SKALE network is just the first of a series of partnerships we managed to acquire recently. We will be announcing new 3air partners soon, hopefully with a filled presale round with it. There are talks in the final stages for investment into one of the biggest countries in Africa that will be made public soon.
If you decide to stay, we guarantee there will be no further delays. TGE will be in March and all tokens will be placed in a smart contract. We will launch the second round of the public presale on March 31st 1pm UTC at the price of $0.08. The presale will run for 7 days until April 7th 1pm UTC. The token will be listed on April 11th on a DEX we are currently in partnership talks and will be announced within the next 2 weeks.
We have also set aside 50M 3air tokens from the presale fund to be burned. You can read more on the new tokenomics here.
For interested individuals, we are offering 10% additional tokens if you decide to extend your vesting period for 12 months. We will provide a easy means to do this from our presale app soon and notify you.