Last night (30th March 2022) we had a great AMA with our community explaining the core progress we made and more importantly some big announcements to help strengthen the values of the project including some great pushes on our roadmap. This detailed post will go through all key aspects that we discussed last night and […]
7th June 2022
Dear MetAces Community
It comes with great regret that we have to inform you of the closure of MetAces as a project with immediate effect. The last few months have been more than a journey for us. We have made good friends and have learned so much from the community. Throughout our journey, we have been as transparent and open as we possibly can. The recent events within the project have been a rollercoaster of emotions and crushed dreams.
As you are all aware we personally invested more than $150k just to get the project launched from a tech perspective and in addition to that have brought even more utility, rushing ahead with roadmap items and bringing you staking pools and enhanced dapp dashboards with built in dex for ease of purchase. We have pushed every boundary that we possibly could but inevitably the slow drainage of the project has caused the casino to become unsustainable.
We have had HUGE winners in the casino and irresponsible whales that manipulated the project from the very start, and lessons were learned. As a team we stand strong with our head up high knowing that there is not much more we could have done to prevent this from occurring.
Firstly there are two factors that have to be taken into account. Our agreement with the casino game providers is not based on the total deposits in the casino, rather the total wagered, minus total won. To put this into perspective if you deposited 1m ACES into the casino and played…. Lets assume you went down to 500k ACES but on your next casino spin you won 5m tokens and continued playing till you had 0 Balance, we would be liable for the full 6m+ in tokens that was wagered, minus any winnings. This is called the GGR and we pay 15% to gaming providers.
We have had a considerable loss in the casino, starting with a token pool of 150m tokens and now having less than 91m tokens available (with an estimated value of $11k at time of writing due to the low token price which cannot sustain the casino for winners). To date we have had over $2.2m wagered in the casino and over $2m won. This means that we are also liable as per our most recent bill for roughly $30 000 (15% of the gross profit recorded by them) In addition to the casino provider bill we also have hosting / infrastructure and API costs which equates to roughly $9k per month. This puts us at a negative balance of $57 000.
From a balance sheet point of view we could go into infinite detail, but its clear as day that there is ZERO profit in this project, and due to the mounting costs we have monthly, and ZERO volume it makes no viable sense to continue this project. As there is $57k in outstanding project debt we will be using what is available in the Jackpot Fund (this was the accumulation of tokens within the contract that was sold) to cover “some” of the outstanding balance. This still leaves us with a balance that we have to clear personally. But moving forward we cannot afford to continue this project as we don’t have any volume to cover the basics to keep it maintained, and certainly don’t have any volume for any form of marketing at all. 90% of all casino deposits were made in ACES, and with the low price point of ACES there is less than $11,000 available in the casino to pay out investors if they won in the casino.
Our Diamond Hand club members were due to receive profits at the end of the first quarter, obviously, there is no positive balance in the casino, we went from 150m tokens at the start to less than 91m tokens at the time of writing. Our biggest mistake was laughing this project with a low presale for the “sake of going live” We should have launched with 1-2k BNB initial liquidity and we would have been in a different position now as the contract would have generated the volume required to push the areas where we should have gone strong in terms of marketing. But we tried out best…
There is no doubt that many of you will be highly disappointed with this news and we truly believed that we had a project that would smash this space, instead we are personally having to clear the difference once again from our own pockets putting us even further in the red. I don’t think anyone who has invested in our Project can fault us for our dedication / efforts and trying our best. Even last night we were on investor calls trying to turn this round till 1am this morning.
Please see below critical information relating to the next steps
1. If you are a V1 or Private sale holder, regardless if you locked for 3 or 6 months, you would already have received your tokens. We encourage everyone to sell before the 10th of June as we will pull the remaining tokens we have access to on the 10th of June to help cover the cost associated with the outstanding invoices
2. The casino will no longer accept MetAces as a token. The casino has been removed and play is unavailable
Once again we are truly sorry that it has come to this. We did look into several potential options to keep this going, We even were on calls till early hours of the morning prior to this announcement to try and revive the project with new private investment, but due to market conditions, its very hard to convince an investor to support a project. The mounting monthly bills along with the falling token price and hardly any volume to cover the core costs left us with no choice.
Thank you for your trust and faith in our project and we wish you the very best of luck with your future investments!