Dear Mojito Markets community,

Please see some key updates in relation to our last note to the community below:

Re-mint will not take place for the foreseeable

In terms of the proposed MOJO token re-mint, we have decided to not move forward at this time. We think it is important to align large project movements such as a re-mint in line with real steps of progression i.e. development of the protocol. As we are pausing the project, we did not want to send mix messages to the community and therefore decided the re-mint should be aligned to planned project successes. An opinion that our lawyers and advisors have agreed with.

Communication Channel Consolidation

We don’t have an accurate estimate on how long our project pause may take but will depend on factors such when the funding and macro-economic situation improve. As such we’d like to avoid the situation where we have a number of dead communication channels with not much engagement but also allowing for some channels to exist to allow for the dialogue to occur when required. As such, we’ll look to consolidate some of the communication channels we have so as to concentration of any engagement/discussion. Twitter, Telegram and Discord will be streamlined in a format that is most convenient for the community to continue to chat. Please keep an eye on Telegram (link here) for how this will be formatted.

Please claim winnings from Mainnet Beta

The mainnet beta markets have been resolved. Users will still be able to withdraw their winnings from correct predictions at app.mojito.markets. Our protocol is completely on-chain, so your winnings remain unaffected. You can interact with our site up until the end of January, at which point we will take down the site for down so please redeem any winnings. You can redeem winning via interacting with the Aptos blockchain directly from there.

FTX Liquidation

We, like many others, will work to maximize our chances of recovering funds on FTX. The liquidation process often takes years and we understand this may take time.

Token and Liquidity

Our market maker is no longer in play and has recently removed all liquidity from DEXs/CEXs. We expect volatility in the future token price given the lack of support from a market maker.

Please note, we have 85% of the token supply locked. These will remain locked and we will NOT be selling these tokens in the foreseeable future. We still very much hope that this project will continue in future and look forward to the day where we can pick up where we left off.

Mojito Markets Team.

Please see full project update at https://bit.ly/3WtfQnp.

TLDR below:

- The FTX/Alameda crash disproportionately affected Mojito Markets in many ways. We lost project funds that were under the custody of FTX, we lost our market maker, Alameda
- Obtaining emergency funding has been tough in the context of a bear market, having serious implications on our ability to deliver on our project plan
- The excitement and enthusiasm for Mojito Markets across the team is still very much alive but have come to terms with the reality of the situation and have decided to pause project development for the time being
- When the capital/funding situation becomes better, Mojito Markets intends pick up where we left off but also go multi-chain to maximise exposure of the protocol, whilst also tapping into universal cross-chain liquidity

Immediate next steps will include:

1. Reminting the token on Ethereum as the first step in our multi-chain journey [details of how this will work to follow in the next few days - please note you must hold the old (Aptos) token to receive the new (Ethereum) token]

2. We’re putting the required processes and plans in place to effectively pause the project until the macroeconomic situation is better and we can fund the project

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Medium

Project update — pausing protocol development; token remint on Ethereum coming soon

TLDR

Dear Mojito Markets community,

We set out to build Mojito Markets in June of this year. In just 5 short months we were able to attract 40k users to our testnet site, receive $150k worth of predictions on our mainnet beta and grow our community to 47k and 20k across Twitter and Discord respectively. Not to mention the countless AMAs, Crew3 activities, contests and more. It’s been the toughest, most fulfilling and satisfying road I’ve ever taken. We worked tirelessly to gain the trust of the community, and thank all those who stood by us. We made strides in the right direction and were excited to continue to prove our dedication and passion for the Mojito Markets vision. Unfortunately, the events of the last week have significantly affected our project.

In terms of the facts so far: Mojito Markets engaged an OTC team at FTX to convert the IDO proceeds from APT to USDC following the IDO. This was done to minimize price fluctuations in the treasury and allow for proper planning and budgeting. In parallel, Mojito Markets signed an agreement with Alameda Research to market make our token, which they had done so for the few weeks since the launch of our token. All these were performed in good faith, given the prevailing market knowledge (then) that these were reputable and trustworthy companies in the space. After the shocking crash of both companies, we were unable to withdraw funds from FTX and we’ve been left without a market maker for our token. To add insult to injury, the founding team had the majority of their personal wealth on FTX.

With project/personal funds unavailable to us, we have been reaching out to countless institutions and private investors to support us through this liquidity crunch, including the Aptos Foundation. We will continue to engage investors to support us during this time. In terms of next steps I want to make sure were doing everything we can to support our community in any way we can. We will be taking the following actions:

1. The mainnet beta markets have been resolved or will be resolved when midterm election results are out. Users will still be able to withdraw their winnings from correct predictions at app.mojito.markets. Our protocol is completely on-chain so your winnings remain unaffected.

2. We have promised airdrops to users in December. These will be awarded as planned.

3. We’ll continue with the FIFA World Cup beta on Testnet to give users a sense of a larger set of markets in the hopes we receive emergency funding.

4. We, like many others, will work to maximize our chances of recovering funds on FTX. The liquidation process often takes years and we understand this may take time.

5. We have 85% of the token supply locked and some proportion of the circulating supply. These will remain locked/with us and we will NOT be selling these tokens. We still very much hope that this project will continue in future and look forward to the day where we can pick up where we left off.

6. We’ve removed liquidity from the APT/ MOJO pool on Liquidswap for now. We’ve lost our market marker, Alameda Research and need protect some funds to maintain a small project budget and pay some existing dev expenses. We understand these actions may lead to short term price volatility but were deemed necessary.

That’s it for now. As usual, we will keep community channels open for now to answer any questions and address concerns. I promise to be as transparent as I can and support the community in whatever way possible

? Our socials and contactsDiscord | Twitter | App | Telegram

Discord

Discord - A New Way to Chat with Friends & Communities

Discord is the easiest way to communicate over voice, video, and text. Chat, hang out, and stay close with your friends and communities.

Winnings from our 1st beta ready to redeem!

1. Which party will win the 2022 New York gubernatorial election?
   Result: Democratic

2. Which party will win the U.S. Senate election in Pennsylvania in 2022?
   Result: Democratic

Redeem winnings at: https://app.mojito.markets

We'll continue to monitor the results of the mid term elections and resolve remaining markets as and when results become available to us!? Our socials and contactsDiscord | Twitter | App | Telegram

app.mojito.markets

Mojito Markets - Home

Bet on your beliefs. Play and earn in crypto.

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Mojito Meme Contest #1 begins!

Create a FIFA World Cup meme with Mojito Markets' logo ⚽

? November 9th, 10:00 AM - November 12th, 10:00 AM (UTC)
? OAT powered by @Galxe

10 outstanding creators will win additional prizes ($MOJO) ?

Details below ?
galxe.com/MojitoMarkets/…

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Very excited to be working with CertiK for the audit of Mojito Markets!

Audit will be completed and ready in time for phase 2 beta?

Who's getting excited for the FIFA World Cup?!

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Cheers ?

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Leaderboard is up for the Mojito Markets airdrop competition ?

Congratulations to all our winners!

You can check if you've won at: https://competitions.mojito.markets/leaderboardRewards to be allocated in December 2022? Our socials and contactsDiscord | Twitter | App | Telegram

Just under 24 hours left to get your bets in folks!

Check us out at https://app.mojito.markets/ to test out our live beta on Aptos mainnet!

And Mojito Master Program - Phase 2 is now LIVE https://mojitomarkets.crew3.xyz/? Our socials and contactsDiscord | Twitter | App | Telegram