We feel the community requires a more detailed explanation of the events and decisions made last week, in an effort to explain why it was decided to end the automated swap process and replace it with a new process.
We recently noticed many abnormalities with regards to the price even with the Cryptopia listing going live. This prompted a thorough investigation. The price was already suffering under many of these top wallet’s constant sell-offs. There were many fears about the old developer wallets, whale wallets and their capacity to manipulate price. After our investigation many of these concerns were justified.
We had to decide whether to keep this information private or to tell our community. We decided that the community had the right to know.
In the wake of our announcement, some of these very same wallets were the ones who dropped the price so significantly as we made the blacklisted wallets public knowledge in our first announcement seen here.
Much of the shock about the announcement was with regards to the abrupt change of course – from swap, to no swap – and a lack of clarity on solutions moving forward. Uncertainty causes panic and we never intended to leave our community in a position of thinking we had no alternative plans. I take responsibility for the poor delivery of the message and the subsequent shock it caused.
We were in a position where we either withheld the information and hoped these malicious wallets would not affect our market and our investors more than they already had, or change course and find a solution to these problems. If we made the announcement and included a public blacklist or hinted towards it, these top wallets would probably still have dumped their holdings. We believed that giving them a chance to do this would have been detrimental to the community.
Many have stated that we must have known about these wallets. While it is true that we had knowledge that the old developer may still have held coins (this was public knowledge on our website), the extent of the holdings, activeness of the wallets and what percentage of the market the identified wallets had, was not known.
The extended nature of the swap process, open details and the specific timelines gave the malicious wallet holders and old developer wallets many ways to prepare for that automated swap process. One example of this is the splitting of the top wallet into many smaller wallets. Instead of continuing to have these questions and concerns linger, we opted for a hard separation and a new solution to the swap plans. This situation would have become much worse as time went on.
It was important for us to reveal our findings and I felt decisive action was needed for the good of the community.
The path for DAPS moving forward:
Instead of an automated swap process we will now be airdropping DAPS Tokens to users who held Peepcoin on 06/27/2018 at 02:00 UTC. Users who held Peepcoin on this timestamp are eligible to claim DAPS Tokens via a secure Google form and process which will be clearly explained.
DAPS Tokens will be granted on a 1:1 basis to all Peepcoin snapshot holders, in the same way the original swap plan was 1:1. In this new airdrop process, your Peepcoins are not being burned.
This means that the original swap plans have been cancelled and you now get to keep your Peepcoins.
We have a solid path to move forward. DAPS is now a transitory ERC20 token, until the DAPS coin main net is launched. We will be processing airdrop claimants as quickly as we can securely do so. In this process, we’ll begin listing on more exchanges, many of which we were located on previously. This will be a new era for DAPS, untethered to the past and no longer beholden to the original Peepcoin developer.
Along with the 1:1 airdrop, we’ll be giving users 100,000 DAPS Tokens as a bonus from the DAPS development fund. This will be per user not per wallet. You cannot claim 100k bonus tokens for each wallet you had coins in. These bonus tokens are to apologise for the situation that was caused by the initial announcement.
A proposed redistribution of the blacklisted Peepcoin wallet amounts back to snapshot holders was a suggestion rejected by most of the community. As such, the blacklisted wallet coin amount and its distribution is currently under legal advisement.
The abruptness of the plan change and the snapshot being backdated to before the announcement has prevented any actors from being able to game their wallets or addresses in regards to our current airdrop process. The Peepcoin snapshot date was decided after the first announcement, meaning there was no pre-knowledge or unfair advantage, giving another layer of security to the process.
I personally regret the anguish caused by the decision made and by not being clear enough in the original announcement but urge people to realize the decision was made with the belief that it was the best course of action for the DAPS/Peepcoin community.
Thank you for staying with us even through these challenging times. I appreciate this whole community. I remember when we had less than 50 people just a few months ago. I am proud of all we’ve accomplished so far and thank my team, community and investors for their help and support thus far in making DAPS great.
This project has been my life, and I hope you can see that everything that was done was with the community’s best interests at heart.
Breck N. aka CaptainDaper9000, TheKingInYellow
Project Coordinator, DAPS Project