$ARKEN IDO Round 1 Issues & Reflection
What Happened?
On 3 Apr 2023 (2.00 PM UTC), Arken performed a $ARKEN public sale Round 1 on Arken Finance: https://app.arken.finance/public-sale. After the sale ended, we received many appeals from the community about a frontend bug in the purchasing process, causing an unintended redirecting of the purchase UI to the BSC testnet, instead of Arbitrum Network — resulting in users not being able to purchase $ARKEN in time on Arken Finance.
This incident was experienced by a significant amount of users, creating unequal opportunities among participants.
What Will Arken Do?
After the investigation, Arken team had an internal discussion to come up with a solution to this incident. With careful consideration and evaluation, we have decided to cancel the previous IDO Round 1 that recently ended on 3 Apr 2023, 2:00 PM UTC and fully refund the full amount to those who purchased on that round.
For minimum damage, we will redo Round 1, on 4 Apr 2023, 2:00 PM UTC, which will be happening on the same date and time as Round 2. In addition to the user feedback on the purchase limit for each wallet address, we decided to also add the limit rule to all three IDO rounds on Arken Finance. More information will be provided below.
We understand that this decision may cause inconvenience to some users, and we deeply apologize for any inconvenience caused. However, we believe that this is the best course of action to ensure fairness, transparency, and stability in the IDO process.
$ARKEN IDO Re-Round Details
$ARKEN IDO on Arken Finance will still be divided into 3 rounds and the allocation amount and sale price remain the same. However, we have added a maximum purchase limit per wallet to all rounds.
ROUND 1
Allocation: 37,500,000 $ARKEN (15% of token sale allocation)
Start: 4 APR 2023 at 2:00 pm UTC
Claim Lock: no lock
Claim Date: 6 APR 2023 2:00 pm UTC
Max Purchase Limit Per Wallet: 5,000 USDC
ROUND 2
Allocation: 100,000,000 $ARKEN (40% of token sale allocation)
Start: 4 APR 2023 at 2:00 pm UTC
Claim Lock: 40–60 model (40% of the purchased amount unlock on TGE, 60% unlock 1 week after TGE)
Claim Date: 6 APR 2023 2:00 pm UTC & 13 APR 2023 at 2:00 pm UTC
Max Purchase Limit Per Wallet: 10,000 USDC
ROUND 3
Allocation: 112,500,000 $ARKEN (45% of token sale allocation)
Start: 5 APR 2023 at 2:00 pm UTC
Claim Lock: 25–75 model (25% of the purchased amount unlock on TGE, 75% unlock 2 weeks after TGE)
Claim Date: 6 APR 2023 2:00 pm UTC & 20 APR 2023 at 2:00 pm UTC
Max Purchase Limit Per Wallet: 10,000 USDC
*Once again, please be aware that the re-round of Round 1 will be happening on the same date and time as Round 2.*
For Those Who Previously Purchased $ARKEN From Round 1 on 3 Mar 2023
Attention all participants who made purchases during Round 1 that was canceled, we kindly request that you contact us through the provided Google Form to request a refund.
https://forms.gle/EqGtViVNmoQ6Wbuu7
Lastly, we apologize for the inconvenience caused and appreciate all constructive community feedbacks.
Hope to see you soon for all 3 rounds of IDO on 4–5 Apr 2023.
