Hi everyone, sharing some important updates. There's been a lot of recent angst and frustration when things don't happen on time - so addressing that here.
📣 Coming Up
Around 1,000 users will be invited to the trading app this week. If everything remains stable and no pesky bugs appear, we'll move to quickly increase the number of users. Access to the trading app will work via invites, so look out for those emails this month.
The order of invites is mostly based on how early you claimed the Airdrop (patience should be rewarded 😉). Complaining or messaging us will not change how soon you get invited.
⁉️ Why dates shift
The dates we announce are predictions. We set the dates based on our best estimate, no one is interested in misleading you.
So why do our estimates fall short? Ironing out the details to make something fully production-ready takes time. There's also a lot of complexity to what we're building. If you've taken the time to learn anything about Morpher, this is not like any other exchange or broker-dealer. We can't just buy a white-labeled exchange solution and paste our design on it.
In short, despite our best efforts, the high level of complexity creates a lot of variability. We've also been a bit too optimistic. At the end of the day we're not ok with putting out something flawed just to match our predictions.
😖 What to do if you're frustrated with waiting
How you benefit being early / waiting
Being early to the Airdrop guaranteed you got a bigger token reward (2,000 + 1,000/referral versus 500 now and falling). It also means you get invited to trade a bit earlier, but that's secondary. You're also an early member of our community, you get to post and have your message seen by our entire team. It gives you influence over the product. This influence and direct contact won't last sadly, as userbase grows we'll have to start moderating and won't see most posts.
Really hate waiting?
If you just want to use the final product and fund your trading account with your own money, then we recommend coming back to Morpher later. You can email support with "delete my data please" and we'll remove your personal information and delete you from the Airdrop. By the way, you can do this at any time, your data is protected by European GDPR rules.
💵 Cashing out
For those of you very interested in cashing out, withdrawals will likely be enabled by end of June. Does this mean we will 100% turn on withdrawals in June? No, see above.
There are several factors that will determine when withdrawals will be enabled:
- Final token due diligence from European regulators (this is a months long process our legal team is finalizing)
- Working sidechain to mainchain bridge, including representing the entire chain as a Merkle tree on Ethereum for account recovery. (More technical details in guide soon, very cool for the crypto geeks).
- App UI for simple withdrawals to other wallets/exchanges
How withdrawals will work
Withdrawal from Morpher does not equal cash in your account. Morpher tokens will be listed on crypto exchanges. You'll need to find the most convenient one for you, and you'll be able to send tokens to that exchange to sell them for Bitcoin/dollars/etc. It's just like if we gave you Ether, it's currently worth $248, but you need to go to a crypto exchange to get dollars/euros for your Ether.
🥳 Why we're thrilled to welcome the first traders
We can't wait to see how you use your new trading freedoms. In many ways this is the first time global users will have easy access to global markets. Just a quick recap of the types of things uniquely possible on Morpher:
- Go long Apple on Saturday
- Short Bitcoin with 10x leverage
- Short the entire S&P 500
- Put ~$1 in Amazon
