Dear SatoshiChain Community,
We are reaching out with a heavy heart to share an important update regarding the future of SatoshiChain. After careful consideration and thorough analysis of the current market dynamics, we have come to the sad and unfortunate conclusion that we have no choice but to sunset the SatoshiChain blockchain unless new funding partners can be secured or a 3rd party wants to acquire the project, which has proven to be nearly impossible in this current economic environment. This decision was not made lightly, and we want to assure you that every possible avenue was explored before reaching this conclusion. It’s unfortunate, but our timing just doesn’t appear to have worked in our favor, with the recent bear market wiping out a significant portion of the crypto userbase, the DeFi landscape evolving in different directions, and support for SatoshiChain remaining below a sustainable level relative to the cost of maintaining operations and expanding development and marketing.
The Journey and Achievements:
Launching SatoshiChain was a bold endeavor, achieved without institutional backing — a testament to our team’s dedication and expertise. We are proud to have delivered solid, functional products that not only met but exceeded expectations in terms of performance. Maintaining 100% uptime and consistently meeting deadlines, we demonstrated our commitment to reliability and excellence. These accomplishments reflect the strength and resilience of our team and community.
Unfortunately, when we set off on this adventure, we did so with a well developed fundraising plan, knowing the significant costs that would come with maintaining, developing, and marketing this project. Sadly, the market downturn just happened to occur right around the same time as our planned launch, following nearly a year of full time work and development, and our fundraising goals were unable to be met. We raised approximately $40,000 USD from sacrifices, around $100,000 from close associates, and had to fund everything else ($500K+) out of our own pockets and from our own earnings generated from outside ventures. This simply is not adequate to properly support and maintain a project like SatoshiChain beyond our initial runway, and without additional funding, we are unable to envision a successful path forward.
Our Commitment to Our Patrons:
Understanding the trust you placed in us, we are committed to ensuring a smooth transition. We will be shutting down the chain on November 30, 2023. We are providing a two-week window, effective immediately, for all users to withdraw their funds. Please be aware outgoing bridge transactions may be delayed during this process but all withdrawals will be fulfilled. For those unable to withdraw in this timeframe, or those who have vested SC tokens, we will issue a new token at a later date, with details to follow in the near future. Anyone entitled to future airdrops, vesting releases, etc. will receive this future token via proper airdrop. For anyone who wants to support this future project, we will continue to announce details as we solidify future plans.
As far as the XSC token, we are still planning to bring this to market, but it may look a bit different than initially planned. As you likely know, this token was intended to be launched on other chains, so we will be considering the possibility of rebranding it, adding new utility to the concept, and bringing this to market as a new, separate token project. Anyone who contributed to the XSC sacrifice will still be involved in whatever this project evolves into, and there are plenty of great ideas and concepts on the table currently. We will have additional announcements regarding this in the coming weeks and will open up discussion to the community as we proceed.
As you all know, we have significant time, resources, money, blood, sweat, and tears invested in this project, and we have a lot of great technological accomplishments and protocols that we had planned to expand the SatoshiChain ecosystem. We would still like to see all of these ideas, and others, come to fruition in the near future and would like you to accompany us on these journeys, even if they are not able to be launched on SatoshiChain itself. We will continue to review and consider our options as the market transitions into the next phases, and make decisions based on what we believe to be the most sustainable and reasonable path forward.
The journey with SatoshiChain has been filled with learning, passion, and significant achievements. Despite our hopes for a different outcome, financial constraints have led us to this juncture. We are open to discussions about potential avenues to continue or transition the project, so please do feel free to share your ideas, recommendations, or suggestions if you have some. Your input is invaluable during this transition phase.
For further announcements, updates, or discussions, please stay connected with us through:
Gratitude and Support:
Our heartfelt thanks go out to you for your support of SatoshiChain. It has been an honor to build and grow with such an engaged community. We remain dedicated to assisting you during this transition and are here to answer any questions.
We reiterate our gratitude and assure you of our commitment to a transparent and respectful closing process. The SatoshiChain journey, though coming to an end, will always be a testament to innovation and community spirit.
Last but not least, this was a very difficult realization and decision to come to for the entire SatoshiChain team. As we go through this transition, there will be a lot of emotions, regrets, things we wish we did differently with 20/20 hindsight, and even some hurt feelings. Please respect our team members and your fellow community members and remember that real humans are behind this project, people who dedicated their hard work and put their livelihoods on the line here, some to the point of suffering significant financial impacts as a result. We look forward to whatever the future brings and will remember these last two years fondly, even though we are sad and disappointed at the outcome.
Please know — if we are ever presented with an opportunity that allows us to restart SatoshiChain and continue where we left off, we will do so without hesitation so long as the plan makes sense for everyone.
Thanks again for all your support. We hope to work alongside many of you on future projects and hope to keep in touch as we move forward.
Co-founder of SatoshiChain