As a highly anticipated Web3 health platform token, WELL token was officially launched on the exchange recently. However, this opening was full of drama and controversy. This article will review the launch process of WELL token from a third-party perspective and explore the reasons and impacts behind it.
Project Introduction
WELL3 is an innovative Web3 health platform founded by crypto KOL "Keungz" that aims to revolutionize the way health data is managed. By integrating cutting-edge technologies such as decentralized physical infrastructure network (DePIN), decentralized identity (DID) and advanced AI analysis, WELL3 provides a unique health and wellness solution. The platform not only ensures the security and privacy of health data, but also rewards users for their active participation through incentive mechanisms.
WELL3 has received support from many strategic partners, including Animoca Brands, Samsung, AWS, Distributed Capital, Spartan, etc. So far, the WELL3 platform has attracted 900,000 users and 530,000 unique wallet addresses, facilitated 17 million transactions, and a total locked value of US$55 million. In addition, more than 324,000 users hold NFTs in the WELL3 ecosystem.
Weird things about WELL tokens before and after the opening
According to official news, WELL tokens can be claimed after the public offering and NFT holders open the token claim at 17:30. However, the actual situation is far from smooth.
Multiple delays in the token claim time
First, Discord announced that the token claim time was delayed to 17:45. Although this is a bit inconvenient for community members, it is acceptable given the tight schedule. However, at 17:45, community members refreshed the official page many times, but could not find the entrance to claim the token.
Plunge at the opening
When the secondary market opened at 18:00, under the premise that no one in the entire community received the token, the price of WELL reached a maximum of US$0.023 and then plummeted all the way, with a drop of more than 60% in a short period of time. The secondary market transaction volume was as high as several million tokens, which aroused widespread doubts and dissatisfaction among community members.
Community members’ doubts and founder’s response
Since the WELL token claiming issue has caused a lot of resentment on social media, community members have questioned whether the WELL3 project has a market-smashing behavior. In response, Keungz, the founder of WELL3, posted on the X platform: “We deeply apologize for the delay in the claiming website today. And the rumor of “sell orders for 6 million tokens at $80 per unit” is not true.
Although Keungz explained some of the problems, he did not answer the reason why the tokens fell all the way when no one claimed them at the opening, and the community’s anger soared to the extreme.
Event progress update
On the evening of July 5, WELL3 posted on the X platform that the previous technical problem of delayed token claiming has been resolved, and some holders did not receive the correct percentage on the claiming website, and this problem has also been resolved. WEL L3 also stated that users who claim tokens on well.eco between July 3 and July 9 will receive 100% compensation for their initial setup gas fees, and users will receive a refund directly to their wallets.
In order to effectively solve these problems in the future, the WELL3 team will expand more comprehensive technical support and implement an enhanced monitoring system to promptly detect and resolve any potential problems.
Conclusion
The launch process of the WELL token is full of drama and controversy, but it also provides us with valuable experience and lessons. In the future, how to better manage token issuance and transactions will be a problem that every blockchain project needs to think about seriously.