SEXP has been in the works since late 2020, when we received a grant to develop the project from the Tezos Foundation. Their support allowed us to focus on building products rather than worry about funding during the early phases of the project. In early May, with our first product SEXP Binary Options almost complete and usable on the Florence testnet, we decided that the time is right to start growing our community. We have created a Telegram channel for people to gather in and to share SEXP related content and news. We held a Q&A on May 7th, and announced a presale would take place over the weekend from May 14th to May 17th.
We decided that the SEXP token would be a deflationary token with finite supply, and that to discover the most accurate price, we wouldn't have a specific fundraising goal but rather let the market work its magic. We didn't limit how much a single person could contribute. We created a presale page outlining how the presale would work, with example outcomes and with image guides showing how to contribute using popular Tezos wallets. It was also possible to contribute using Binance Smart Chain, so that even people new to Tezos could easily participate. We created a localized version of our website in Japanese, and as the presale continued we added a Chinese version as well.
The presale was mainly publicized through our Twitter accounts, in Telegram and on the Tezos reddit. SEXP supporters helped spread the word on social media, which helped greatly. We didn't buy any ads and relied on fundamentals and word of mouth. At the time of the presale, users could already try SEXP Binary Options on the Florence testnet, but the process is somewhat involved and requires getting testnet tokens from a faucet and then minting kUSD (a Tezos based algorithmic stablecoin). Therefore, we have also published videos showcasing the product to people who don't have their wallets set up or don't have the time to click through the testnet preview.
Throughout the presale, 57 455 XTZ was raised on Tezos, and 24 052 USDT on Binance Smart Chain. The presale was denominated in USDT, and the current value of XTZ when contributing was used to calculate the value of contributions. In dollar terms, 373 996 USDT was contributed altogether. Large chunk of contributions came in at the beginning, with over 25 000 XTZ contributed during the first 3 hours of the presale.
The average contribution was 2 652 USDT and the median contribution was 645 USDT.
There were 141 unique participants and the GINI coefficient of contributions, measuring inequality, was 0.71213. This tells us that we have achieved a wide distribution among a high number of participants, rather than the less desirable outcome of most contributions coming from a few whales. The growth of the SEXP community, kickstarted by the presale, is going to be one of our priorities going forward. We are going to post dev updates, news and other SEXP related content to our reddit r/SEXP and to our Twitter.
We view the outcome of the presale as a strong signal that there is demand for DeFi projects on Tezos and for a synthetic assets DEX specifically. In addition to SEXP Binary Options, we are working hard on SEXP Synthetic Swap, our swap-like product for synthetic assets. Synthetic Swap is going to provide traders with low friction trading experience and importantly with the confidence that their orders are going to execute with predictable prices and avoid slippage. In the future we would also like to add a variety of products that will round off our offering. One of these future product ideas is a launchpad product, that would give the SEXP community a chance to get early exposure to legitimate, vetted projects. Another is a DEX focused on stablecoin pairs.
Once again, we would like to thank our amazing community for the incredible support. It's great to see how many people are excited about our products and making our vision a reality. We are excited to have you guys onboard.