Chumbi Valley issues the part 1 of its transparency update. The reason is to provide its community members with some vital information. More so, this release is taking place alongside the private vesting extension that is undergoing completion. Furthermore, there will be a second part of this announcement. However, this will take place after the completion of the vesting exercise.
— Chumbi Guide (@ChumbiGuide) May 3, 2022
Details of the Chumbi Valley Transparency Update Part 1
Chumbi Valley is an ambitious project, not some simple game or NFT collection. As such, the team has been working on various aspects of the ecosystem. They are also collaborating with advisors, developers, artists and designers. It understands the important working with industry experts is crucial for an uncharted territory like P2E niche. These contributions are vital towards developing an outstanding playing ecosystem.
Despite the amount of progress made, there have been quite a number of challenges. One of such is the delay in providing the circulating supply. This has been a major spanner on the works. Especially with the consideration that transparency is the spine of a decentralized organization. However, this is the result of a complex problem that the team had to deal with.
Circulating Supply and Other Issues
CHMB token underwent major restructuring in terms of vesting sale. Initially, Chumbi Valley scheduled a 3 month long and 12 months vesting period. However, it had to extend it to a 6 month lock with 22 months vesting period. The reason been that the market was on a decline. Although this was a tough decision, it was the responsible thing to do. The process also incurred additional work for the founders of the project. However, the circulating supply on the 3rd of May 2022 is 2,177,312,269 CHMB.
At the moment, Chumbi is working towards completion of the vesting update. It includes investor communication, creation of legal documents, vesting smart contract development, and other vital details. Furthermore, it is granting certain investors who do not align with their values the opportunity to exit the project. The game will refund these persons the worth of their allocation. After which it will proceed to burn the tokens. At the moment however, this is the current vesting status:
- Total Private Sale Investors: 94
- Processed: 59
- Ongoing: 35
Speaking challenges, these are really trying times of Chumbi Valley. It was recently working towards listing on the Kucoin exchange. As part of the process, it transferred 110 Million CHMB as a security deposit. Upon further observation, it observed that tokens were transferred to multiple wallets and sold on the market. It was able to block some suspicious accounts and manage the situation. In the meantime, the Chumbi Valley team has invested the teams treasury’s funds make up for the loss.