We started the Agents of INU 6 months ago. Our vision was to build a suite of tools to give DeFi investors more visibility and help them make wiser investment decisions. It’s been a long and challenging journey, and today we announce that we’ll be ending the Agents of INU.
It was not an easy decision to make. It is one that’s increasingly become inevitable. We’ve been big advocates for transparency in this space, and we go into great detail as to why we made this decision below.
But first, let’s answer the most important question. We will be distributing the remaining liquidity amongst the existing token holders. We’ve attempted to make the space safer for all investors from day one. Our immediate priority is to uphold these values and return funds to token holders.
- Effective immediately, we have disabled trading in the $AgentShibaINU token.
- We have taken a snapshot of all token holders.
- The liquidity lock will expire on the 2nd of June. We’ll remove liquidity from the liquidity pool into BNB (approximately 65 BNB).
- There will be approximately 6 BNB remaining in the liquidity pool. We’ll attempt to recover as much of this as possible by selling tokens.
- We’ll then distribute the funds in BNB to the remaining holders based on the percentage of tokens they hold. Due to the cost of transferring tokens, we will only refund holders with at least $1 worth of $AgentShibaINU.
- We aim to complete the refunds by the 5th of June.
- Once refunds are complete, we will be shutting down the website.
Based on our estimates, we hope to be able to refund each holder between 70% to 80% of the current value of their tokens.
Why this approach? The two alternatives considered were:
- Announce that we’ll be shutting down the project but leave the token tradeable. In this scenario, the first few token holders that sell will maximize their return at the expense of everybody else.
- Not make any announcements. People will slowly pull out their funds at the expense of the remaining token holders hoping for a rally.
Neither of the above approaches was acceptable. The only option is to cease trading immediately and distribute funds to token holders equitably.
Why are we shutting down the project?
Now that there’s (hopefully) clarity on what we’re doing let’s get into why we’re doing it.
A host of factors led to us making this decision, but ultimately, we believe that this decision is in the best interest of all token holders. Prolonging the project would only lead to a slow death and diminishing value for shareholders.
Lack of tax income
Agents of INU is an expensive project to build and run. We’ve put hundreds of development hours into the project and thousands of dollars in hosting costs.
We expected a minimum of 10 BNB per month in tax income to help fund development when we started the project. We’re currently making less than 1 BNB in tax income, which isn’t enough to host the website and API, let alone fund marketing efforts or pay for any development.
Changing Market Conditions
We started the Agents of INU assuming that there’d be continued interest in DeFi and a steady stream of quality tokens.
Unfortunately, those assumptions haven’t held true. Since our launch in December, the entire crypto market has struggled, particularly the DeFi space. The focus has moved onto NFTs, with little interest in ERC20 tokens. The majority of token launches are either scams or pump and dumps.
All this means that the utility of the Agents of INU isn’t there for the broader market. We’ve got a loyal foundation of users, but we’ve struggled to grow our userbase.
The BSC culture isn’t great. Call channels reign supreme, charging ridiculous prices for marketing while promoting pumps and dumps. We paid over $10,000USD for a single engagement, with little to no impact on the chart.
Most investors in the DeFi space aren’t looking for established projects; they’re looking for the next hyped launch for a quick flip. Our platform’s point of difference is the ability to find hidden gems, but most users aren’t interested in these.
When we started work on the Agents of INU, very few players were in the space. There are now multiple better-resourced competitors. Tools like Nansen AI, MarketMove and DexScreener have mature and established products. We lack the resources to compete meaningfully.
We made a concerted effort to find partners in the space. Unfortunately, we failed to close any meaningful partnerships. Our experience has been:
- We’ve come across projects interested in partnering but have sketchy projects and tokenomics. Our mission was to make the space safer, and we weren’t willing to compromise on this by partnering with projects that we don’t have faith in
- We did come across solid developers who shared our vision of making the space safer. However, they were in a similar position where they lacked the funds to commit to a partnership or put their projects on hold due to the current market conditions.
- The majority of players in this space are scammers. It’s tough even to get a response from legitimate websites like dAppRader. We reached out to a few similar websites but never received a response.
The Human Aspect
Running a project like Agents of INU isn’t easy. If we had achieved the volume that we were expecting, things might have gone very differently. We’d have the funds to outsource and hire resources to carry some burdens.
There was a lot of excitement and optimism early on, but that fizzled out after a few months. People willing to help build the project started to drop off in the face of a falling chart. Life often throws its curveballs, and core team members could no longer contribute due to various factors.
I greatly appreciate the efforts of all the people who’ve contributed along the journey, and I fully understand why they’ve dropped off in recent months. It’s been a long, hard slog and spending so much in marketing dollars for minimal traction has been demoralizing—a massive shout out to our Community Manager, who has worked tirelessly until the end.
In the end, it’s been a pretty lonely journey. The long hours, the late nights and early mornings. The stress of watching your project fail despite your best efforts. The creeping realization that this isn’t going to work. The weeks of denial, the refusal to throw in the towel. The mounting dread of delaying the inevitable. The acceptance that we’ve tried our best and it isn’t going to work. The relief of knowing it’s coming to an end—the hope of resuming some normalcy in life.
To finish off, I’d like to thank those who have helped along the journey. I want to say thank you to those who have invested in the project and believed in the project. I’m sorry that we could not succeed and that we’ve had to concede failure. I’ve made some mistakes along the journey, and if I had my time again, I’d do things very differently. I take solace knowing that we tried our hardest to deliver a great product and value for our token holders.
If you have any questions, we’ll be responsive on Telegram and Twitter. We’ll do our best to answer your questions, and rest assured that our focus will be on distributing funds to our investors as soon as possible.