GoMeat ICO — A summary

ICO at a glance

GoMeat is a first-of-its-kind business endeavor catering to the $1.7 trillion global (Halal+ Kosher) market, with 400+ retailers on-boarded on the GoMeat platform, 6,000+ orders handled, and a gross volume of $300k+ in 2020. GoMeat Token — GOMT is a deflationary utility token with a restricted supply of 5 million tokens that provides a huge value proposition to all of our stakeholders, such as customer convenience and reliability. Stores will benefit from digitalization, increased revenue, and operational savings. Several utilities, as described in the white paper, a regular burn plan, and a plan to list token holders on recognized exchanges are all available to token holders.

Token Uses

The GoMeat Token can be used on our platform to place meat, grocery & food orders. Users also avail of free delivery and lucrative discounts when paying with GOMT. You can also earn extra tokens by referring the GoMeat App to your friends. Our token burn mechanism ensures that token value increases over time. GoMeat Token can also be traded for other crypto assets.

Token Soft Cap (ICO) $250,000

Token Hard Cap $1,565,250

GoMeat had a Soft Cap of USD 250K which has been achieved in the Pre-ICO and a Hard Cap of USD 1.5 Million has also been achieved.

Token Allocation

GoMeat has offered upto 35% tokens for the community excluding 25% for future expansion. 5% capital will be invested in marketing, bounty etc. Token distribution is as follows:

35% tokens from 5 Million total supply will be offered for funding USD 1.5 Million in the following phases:

Pre-Sale (24th Jun — 16th Aug 2021)

The GOMT Pre-Sale began on June 24, 2021, and within two weeks, the GOMT had hit 25% of its soft cap. The pre-ICO, which was supposed to run until August 24, 2021, ended two weeks early, with all 400K GOMT sold out.
Tier 1 (25th Aug — 14th Sep 2021) Each GOMT was sold at $1 with a 20% bonus on all purchases.

Tier 1 (25th Aug — 14th Sept)

In just 3 days of the launch, over 520K GOMT were sold. ICO Tier 1 sold out completely 5 days before the deadline, giving our ICO a significant boost in the right way. The first tier started off at $1 per GOMT and a 15% bonus on all purchases.

Tier 2 (17th Sep — 6 Oct 2021)

Moving forward, GoMeat officially launched ICO Tier 2 with a tweak that our loyal community requested — a 10% price increase. 1 GOMT was sold at the price of $1.10. The GoMeat ICO Tier 2 concluded with over 87 percent of the GOMT planned to be sold. The unsold tokens were moved to Tier 3.

Tier 3 (7th Oct — 27th Oct 2021)

GoMeat had reached the final stage of its primary event, ICO Tier 3. All unsold tokens from Tier 2 were transferred to Tier 3, resulting in a total GOMT for ICO Tier to be 295,500 (250k+45.5k). The GoMeat ICO Tier 3 was scheduled to run for 20 days, but it sold out 5 days early, marking the end of ICO main event.

Pre-requisites for Buying GOMT

  • Due to regulation uncertainties, citizens and residents of the following countries were restricted from participating in the ICO: United States of America, China, Canada, South Korea, Afghanistan, Bahamas, Barbados, Botswana, Cambodia, Ghana, Iraq, Jamaica, Mauritius, Myanmar/Burma, Nicaragua, Panama, Syria, Trinidad and Tobago, Uganda, Vanuatu, Yemen, Zimbabwe, North Korea, and Iran.
  • For KYC compliance, buyers had to submit the following information: full name, address, and a document proving their identity (e.g. passport/National ID card/driver’s license).
  • To receive GOMT, all investors were required to have a valid Hydra Wallet.

Token Referral Program

Buyers could generate their own referral links to share with friends and family. To benefit from the referral reward system, users were required to sign up using a referral link.

For every GOMT purchase made using the link, 5% (of the transaction) bonus tokens were given as referral rewards. As decided by our growing GoMeat community, the bonus GOMT were divided as follows:

  • 3% for the referrer.
  • 2% for the referee.

Referral bonus tokens were provided from tokens allocated for Pre ICO and Main ICO.

Hydra Steaking Incentives

To further strengthen the Hydra ecosystem and to allow our community to benefit from the High APR, GoMeat introduced Hydra Staking Incentives or “Steaking” as our amazing community likes to call it on Aug 8, 2021. Users who had already made investments as of Aug 6 in the non-Hydra token were also able to participate, based on average Hydra value on the date of their investment.

All HYDRA collected during the ICO have been staked and the rewards will be shared with Hydra investors in the form of GOMT tokens. To reap the benefit of high APR:

  • 100% of Hydra tokens collected during Pre-ICO and ICO will be vested for 1 year.
  • In case Hydra constitutes over 70% of our total investments, any Hydra that received over 70% of the total investment will not be part of this staking.

The conversion of the HYDRA staking reward into GOMT will be based on the average rate at the date of expiry of the 1-year term. A Reserve of GOMT token is already created (10% of total GOMT) from ICO to fund this incentive for Hydra conversions. Any additional GOMT Tokens needed to fund these incentives will be acquired from the market/exchanges.

A Staking Reward Dashboard has been developed where investors can track the staking rewards and corresponding GOMT.

Private Placement

GoMeat offered private placements for investors interested in buying more than the cap per person ie 25,000 (plus bonus) GOMT. For a private placement, the following steps were followed:

1- Sign up at https://gomeat.io/icopanel/register and submit a KYC application.

2- Once your KYC has been approved, submit a private placement request via email at kanwal@gomeatservices.com.

3- You will be provided with a contract and a complete plan on how tokens will be released to your wallet.

4- The tokens will be released to your wallet over a vesting period.

Planned Fund Allocation

Listing on Hydra DEX

GOMT listed on Hydra DEX on 16th of November, 2021. Hydra to GOMT conversions can now be made through the HydraDex.org interface. Simply connect your browser extension wallet and enter the amount you want to trade. $GOMT listed at the launching price of $1.15 with a liquidity pool of $20k. Details can be accessed here:

https://explorer.hydrachain.org/contract/1f487cf98b69d4dc43592bca5b89751c146652ff/

Milestones to be achieved in 2021

  • 600+ Stores (400 Stores in October, 2021)
  • 1000+ drivers
  • Volume $630k+
  • Customers 10 k+

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GoMeatToken

Empowering The Specialty Meat Industry! The first specialty meat & grocery ordering service.