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All about our Token Generation Event (TGE)

When the WMT Token Generation Event (TGE) was run

The WMT Token Generation Event (TGE) ran from July to August 2021.
Users had to be able to create a WMT Vault, successfully complete KYC requirements from a list of approved countries, commit to one of the weekly participations and then pay for WMT with certain cryptocurrencies.
WMT TGE Started @ 11h00 (UTC) on 4 July 2021 WMT TGE Closed @ 11h00 (UTC) on 16 August in 2021

Cryptocurrencies that were accepted as payment

  • ADA - Cardano
  • BNB (BEP2) - Binance Coin
  • BTC - Bitcoin
  • DAI - Dai
  • ETH - Ethereum

How much did WMT cost?

Each WMT cost $0.20 USD during our TGE.

Technicalities of supported cryptocurrencies and wallets for buying WMT

BNB was required to use protocol BNB (BEP2), and the BEP20 protocol was not supported.
It was not possible for us to automatically identify payments with ETH or DAI coming from shared addresses, which are the usual way that exchanges behave.
Users needed to use their own native wallet to buy WMT so we could identify the deposit and allocate the WMT to the appropriate Vault.

Purchase limits of WMT during the TGE

We limited the number of tokens one person could buy at a time as follows:
  • Week 0 (*): $2K (USD)
  • Week 1: $100K (USD)
  • Week 2: $250K (USD)
  • Week 3: $500K (USD)
  • Week 4: $1M (USD)
  • Week 5: $2M (USD)
* Week 0 was capped at a maximum of 25% of total public sale tokens.
There was a minimum participation of 1,000 WMT.

How the queue system worked

For each WMT Vault that was created and successfully registered, users could choose how many WMT they wanted to buy in each of the weeks. Once a person had created a commitment for a certain week, their participation was put into the queue for that week. When that week opened up and the user was at the front of the queue, they received an email letting them know they had 24 hours to complete the payment.
The queue system was strictly first-come, first-served.
If people missed their 24-hour payment window, they would automatically be put back in the queue for the same week's participation. When they were at the front of the queue they would have another 24 hours to complete payment. If the exchange rate changed between the first 24-hour window and their subsequent 24-hour window, the users were informed of the price change inside their Vault.

How did over/underpayments work?

If there was a price difference between what was quoted and what was paid, there were a few scenarios.
  • The minimum purchase was 1,000 WMT, so if the payment was lower than this, the payment was returned to the user minus fees at the end of the TGE and no WMT was awarded.
  • If the overpayment was more than the 1,000 WMT limit, any additional funds were returned to the user minus fees at the end of the TGE.
  • If the user had underpaid, they could send more funds to complete the purchase. If it had been re-queued, it was completed when they got to the front of the queue, if the WMT was still available.
Fees on refunds: There was a minimum 10 ADA threshold to manually process a refund.

When did everyone get their WMT?

World Mobile Tokens were distributed in batches from September 2021.
To receive WMT, users needed to add their WMT receiving address - a Cardano wallet that supported Cardano native assets, not a wallet on an exchange.
Users were prompted via email and inside the Vault to confirm their WMT receiving address and that it was not an exchange wallet.

Which countries could participate in the TGE?

Argentina, Australia, Bahrain, Brazil, Chile, countries within the EU, India, Norway, Russia, Singapore, South Africa, Switzerland, Turkey, UAE, U.K. and Vietnam.
During the TGE Australia and New Zealand were added, with New Zealand nationals having to complete an eligible investor form.