Announcement: End of ISPO
We want to update the community and provide clarity regarding our Initial Stake Pool Offering (ISPO). After careful evaluation of our progress and the current state of the cryptocurrency market, we have made the difficult decision to end our ISPO.
Our ISPO started on October 18th, 2022, and offered 1% of our total supply, which was 16,000,000 KIRK Tokens available for participants. Delegators could earn 0.026 KIRK tokens per ADA delegated per epoch, and those who staked for 15 epochs or longer were eligible for a 10% bonus. Holding the Kirkstone Founder NFT increased participants' rewards, including the number of tokens earned per epoch.
We collaborated with Yepple to develop an environment to receive the rewards from the ISPO and the continued staking of the Kirkstone Founder NFTs. The distribution period of the ISPO was to match the public vesting structure. However due to the lack of uptake and current state of the Kirkstone ecosystem, we will be looking at rewarding our ISPO delegators sooner.
We ran several marketing campaigns to increase delegation to the ISPO, including our Kirkstone advent calendar. However, despite our best efforts, our campaigns ultimately failed to attract the number of participants necessary to sustain the ISPO.
Running costs for our ISPO were expensive, around $450 per month, which was a significant cost for a start-up company. Unfortunately, the downturn in the market was not helpful, and ISPO’s typically need approximately 1 million ADA delegated to become sustainably profitable. However, the maximum delegated was around 300,000 ADA. As a result, we decided to end the ISPO and focus on our core mission - KRM development.
Future for Kirkstone
We are committed to our long-term vision and will continue to work towards achieving our goals. We plan to evaluate the vesting structure to reward our ISPO delegators sooner. Although we have ended our ISPO, we have the option of starting another one in the future.
Our ISPO offered a unique opportunity for participants to earn tokens by delegating ADA. Despite our marketing efforts, our campaigns ultimately failed to attract the number of participants necessary to sustain the ISPO. We are grateful for the support of our participants and will continue to work towards our long-term goals. We are committed to providing value to our users through KRM off-chain and on-chain development.