Dear SolChicks Community,
We have recently been made aware of a number of articles and posts making allegations regarding our project. We have reviewed these and found that many are FUD, and done without proper research. In a few rare cases, the statements and allegations seem particularly malicious. We have decided to address them collectively below.
At SolChicks, we firmly believe in transparency . Our accomplishments over the last 3 months, the quality of our product, and the strength of our team and community speak for themselves. We’ve had a very successful fundraiser and public launch. Our social traffic had increased by more than 700% to >500,000 community members across our channels, all within the last few weeks. Our game demo had been played by over 70,000 people. We have had record breaking launches on our partner launchpads. With such support and momentum from our community, we look forward to continue and focus on bringing to life the #1 P2E game on Solana in the coming months.
TLDR — Issue by Issue
- CatzCoin was a meme coin created at the height of the meme boom: CATZ was centered around cats. William Wu of SolChicks became involved during the meme coin boom in early 2021, prior to the idea of SolChicks. There is no affiliation between the two projects.
- William’s involvement was limited: It was the first crypto project he participated in. William decided to leave after understanding the limited nature of the project to focus on something with greater utility.
- The remaining team never updated the website and William remained. William contacted them multiple times to have this addressed.
- All meme coins experienced very similar price performance: After the meme coin space crashed on the back of the BTC crash mid-2021, the project lost traction, just as virtually all other meme community coin projects at that time. The graph of CatzCoin is virtually identical to the vast majority of meme coins.
- The project was not a rug: William has not sold any of his CatzCoin holdings (verifiable on the ledger), the contract has been audited by Techrate, the coin is still tradable today with the liquidity for the token still there, and the website and social groups are still there
- Price performance improved during November: As is characteristic of meme coins, price performance actually revived in November, with interest spiking during November in line with other meme coins.
- The experience is a positive one: It gave William significant experience in understanding cryptocurrency technicals, how to manage liquidity, and how to market and build a community, all which he has taken to SolChicks
- HoneyX is real: HoneyX is building the OnlyFans of the crypto world, with the goal of connecting creators and consumers directly without the platform fees of the existing platforms.
- The project was not a rug: The platform has been developed, the contract has been audited by Techrate, William has not sold any of his holdings (verifiable on the ledger), the coin is still tradable today with the liquidity for the token still there, and the website and social groups are still there. Moreover, the project has recently been audited by MarketMove.
- When William left the project, the price was at an all time high: William left in August 2021 to start SolChicks in the beginning of September, full time. Since then, William has had no involvement in the project whatsoever. .
The size of our investor base:
- We are fortunate to have the support of a large and diverse group of investors, including high profile names such as GD10 Ventures, Metavest Capital, Master Ventures, Spartan Group (and many others) as well as smaller funds.
- Each of our investors brings different strengths (over 400+ private investors) and provides us with an incredible network. Some provide us contacts at agencies, in new markets, or connect us to expertise that our core team lacks. We are proud of our investor community.
- Having a lot of investors does not mean poor price performance: The most important factor in the price performance is not the number of investors but rather the relative cost basis of investors.
Example: If all investors purchased at the same price of $0.04/token, generally investors will not be willing to sell at a $0.01 price. However, if there is a single investor who purchased at a much lower price, then there will be significant price pressure when that investor sold. As the price disparity between our private and public round price was minimal, there should be minimal impact from private sales.
Further, our investors are aligned with us with a long vesting regime of at least 15 months. Also — SolChicks does not control the market. Crypto is volatile.
- Our strategy has resulted in us becoming the #1 P2E game on Solana in the fastest possible time: We are also the fastest growing project in the space and ranked the #1 P2E game on Solana. We have grown our community by over +700% in the last 2 weeks alone, with combined social numbers across our platforms now in excess of 500k. We have now one of the largest communities in blockchain gaming.
The size of our community:
- We have a strong community of >500k across our social channels. We are proud of the size of the SolChicks family. At the time of writing we have around 250k Twitter followers, 185k Telegram group members, and 160k Discord members. Our follower count is very high quality, this is a metric that we measure internally.
- We do admit that in the beginning of the project, when our core team was small, we did engage some freelancers and agencies to assist us in Community work, and some of these agencies and freelancers did use bots, which is somewhat of a standard industry practice.
A screenshot of our hiring post:
- Honestly, we are not sure what the claim is here
- We are the most aggressive and fastest moving company in blockchain gaming for both the project, and for our parent company Catheon Gaming (Our Publisher). We want to change the way things are done, so we’re proud that we have a dedicated team that is working around the clock to revolutionise the future of blockchain gaming.
- We want people in our team who are hungry, willing to take risks, and are not afraid of doing the unorthodox
- We want to build a world-class team across all verticals
- Our team and people are our most important asset and are the key driver of our success
- If you are interested in learning what the fun is all about and joining our team, please send a message to email@example.com
Leak of our internal materials:
- A former team member who is disgruntled (and is known to us and the wider crypto market for his business practices) leaked an old version of our internal drive. They did this selectively. This was a breach of our personnel and privacy policies. More importantly, the leaked documents were not shared in total, but instead cherry picked to support their narrative. Some appear to have been edited.
- Although there is sensitive information there, we are confident there is nothing in there that would raise concerns about our project.
- We have since tightened our security and access privileges for the rest of the team.
Message from our CEO:
Chief SolChick here. There’s some FUD circulating around the project. I want to address this.
We’re moving the most aggressively out of all our competitors. We’ve gone from 0 to #1 in 3 months. We’re doing things differently to stand out.
If we were just some lazy company moving slowly, we wouldn’t be attacked. But we’re not. We’re a relentless team that is going to be building the next generation of gaming. To those FUD’rs, we’ve extended a very warm welcome to a public AMA tomorrow to address any concerns that they have. So far, they have declined to participate. We have also addressed each point made in our article. Please take some time to read.
To those who still have doubts, just take a look at the amazing team we’ve pulled together. At the quality of the product we’ve been able to produce. And at the strength of the community that we’ve built. These results speak far louder than any words can.
Update: The recording of William’s AMA on 3rd December, 2021 is posted up here: https://www.youtube.com/watch?v=Q7AzoGWmdL0
In closing — SolChicks and the SolChicks team is ambitious. We want to build the most successful blockchain game. Many of us are gamers, many of us have been in crypto for some time. We have made mistakes — we’ve scaled incredibly quickly, and that has caused teething issues. We are learning from these mistakes, and we plan to be here for the long term. Stick with us, or join us — It will be great!