Firstly, great to see the progress being made with MCDs!
We here at Status would like to put in an application to have SNT accepted as collateral in MCD. I’ve included our application below - please do let me know if you have any questions.
Thanks for taking a look!
- What is the token contract address?
- Where can the source code be viewed? Please provide links to the source code for all contracts providing functionality to the token, including, but not limited to, transfers, freezes, whitelists, blacklists, transaction approvals/rejections, authorizations, upgradability, etc.
- Which token standard does your token comply with?
- Does the token have any special mechanics for handling forks? This may include forks in the token app or in the underlying blockchain. If yes, please provide a reference to more information on fork handling.
Yes - SNT implements MiniMe which allows for token cloning (forking): https://github.com/Giveth/minime
- My token fits with the following Dai Credit System adapter:
- Has the token passed formal verification?
- Technical audit - Upload audit report created by qualified research personnel.
- Please provide a short summary of your project.
Status Research & Development GmbH is building the tools and infrastructure for the advancement of a secure, private, and open web3. As a product, Status is an open source, Ethereum-based app that gives users the power to chat, transact, and access a revolutionary world of DApps on the decentralized web. With the high level goals of preserving the right to privacy, mitigating the risk of censorship, and promoting economic trade in a transparent, open manner, Status is building a community where anyone is welcome to join and contribute.
- Please list the founding members.
Carl Bennetts & Jarrad Hope
- What type of crypto asset is it (utility, work, governance, etc)?
SNT is categorised as a utility token
- If native crypto asset, which category (utility, work, governance, etc)?
- What is the token’s usage in the project? How is the token utilized?
SNT has multiple use cases - all of which are described in the whitepaper available at https://status.im/whitepaper.pdf. Below is a summary of some of those use cases:
- SNT is required by Stakeholders to select and receive push notifications.
- SNT is required to register a username on the Status Network.
- SNT is required to deploy a semi-public token-based group chats.
- SNT is deposited, and transferred from stakeholders to recipients upon receiving a reply from the recipient.
- SNT is required to opt-in for curation mechanisms.
- SNT is required to become a seller with the Status Teller Network. It is also required for curation and signaling in the Teller Network.
- Required for Curation & Signalling and Seller/Trader participation in the Sticker Market.
Issuance - Bearer Assets
- What was the date of the ICO?
20th June 2017
What was the initial price and valuation? N/A
How much capital was raised (in USD and crypto terms)?
~$100,000,000 (300,000 ETH)
- What was the token distribution breakdown?
Of the total supply of SNT, 41% were sold in the ICO to pubic contributors, less than 10% were given out in Genesis tokens to early contributors, 20% is reserved for Status Core Dev and 29% is in reserve for future stakeholders.
- Are any tokens on a vesting schedule? If so, what is that schedule? Describe any related vestiture limitations.
Only those that have been issued to employees - vesting schedule paid quarterly over 5 years.
- What are the circulating and total supply of the token?
6.8bl total supply with roughly 50% currently in circulation
- What is the wallet address of the treasury?
- How much of the ICO raise was converted into fiat (described in both terms of that fiat currency and the amount of tokens?
Majority of ICO funds were kept in Ether, currently approx. ETH 160k
- Were there any pre-ICO seed investors? Who and what were their respective allocations?
- Please link to the whitepaper and/or pitch deck related to the token.
- Please link to the most updated roadmap for your project.
We don’t maintain a roadmap specifically (we manage development work through Wrike), however we do provide regular progress updates on our blog: https://our.status.im/
We also stream our bi-weekly townhalls via youtube - see link.
- How many employees and contractors does your project have?
- What is the monthly burn rate?
- What is the strategy for treasury management?
Strive for diversification which hedges the project long term and secures enough runway to secure development of the high priority initiatives of approximately 6 month at all times.
- Which exchanges is your token listed on?
For a full list, please see: https://coinmarketcap.com/currencies/status/#markets
Major exchanges include: Binance, OKEx, Huobi, Bitfinex, Upbit, Bittrex, Gate.io
- Are you aware of any paid market makers for your asset?
We are currently using 1 market maker.
- Does your token have custodial support? Where/with whom? Please provide a copy of the custodial agreement if available.
- Please link your email, Telegram, subreddit, Discord, Twitter, Medium.
- What is the website of your project?
- Who is the token issuer (if any)?
Token issuance was done over a smart contract: https://etherscan.io/address/0x55d34b686aa8c04921397c5807db9ecedba00a4c
An analysis of the Status ICO you can find here: https://medium.com/the-bitcoin-podcast-blog/a-look-at-the-status-im-ico-token-distribution-f5bcf7f00907
- Do you have legal representation related (1) to the issuance of the token, (2) regulatory requirements regarding the token, or (3) otherwise? If so, whom?
Points (1) to (3) were covered with the General Terms and Conditions here.
- What is the regulatory status of the token? Please provide relevant documentation (e.g., legal opinions, prospectuses, public disclosures, filing documents, etc.).
SNT is considered to be a utility token. Legal assessment can be shared where required.
- Are there any rights associated with the token that do not follow from its technical implementation or technical ramifications of the system in which the token is used? If so, what are they? How are they enforced? Please provide documentation memorializing these rights.
Not that we’re currently aware of.
- In what jurisdiction(s) was the token issued?? Please provide all filings and public documents related to the token’s issuance.
The token was issued over a smart contract. Status has a tax ruling in Switzerland.
- Was the token issued as part of a regulatory process (e.g., securities offering)? If so, under which law, rule and/or regulation was the token issued? Please provide all documents related to this regulatory issuance process (to the extent not already provided in response to the above).
- Was the token issued as part of the fundraising process for your project? If yes, who are the investors and how much equity do they respectively hold?
Yes, however, since it was done over the smart contract and (almost) without KYC/AML at that time, Status does not know who invested. An analysis of the ICO you can find here: https://medium.com/the-bitcoin-podcast-blog/a-look-at-the-status-im-ico-token-distribution-f5bcf7f00907
- Please describe the corporate and legal structure of the project/system/product in which the token is used.
The Token currently can be used to get an ENS name as well as in the voting Dapp. More use cases for the users will follow later this year as we are on the brink of launching v1. All the use cases and are described in the whitepaper: https://status.im/whitepaper.pdf