VRJAM COIN LAUNCH, ONWARDS AND UPWARDS

9th November, London, UK: VRJAM's native metaverse coin, VRJAM Coin, is getting a new lease on life following technical problems that negatively impacted its official launch on 30th November.

Last week we updated our community about the technical problems that occurred during the launch, arising from the initial price being set incorrectly by our market makers. This error created uncertainty in the market at launch and stalled early trading, which resulted in an immediate drop in the token price.

We attempted to engage with our market maker to secure the price but were simply unable to do so despite our best efforts.

To create a solution to this situation, we will re-launch the token to restore its price, protect our investors and rebuild the faith of our community members.

The launch strategy for the new version of VRJAM Coin will also differ significantly from the strategy used to activate the previous listing.

The new token will launch exclusively on centralized exchanges (CEX) and will remain solely available on CEX for 90 days from the re-launch date.

The re-launch will activate at midday UTC on Monday, 19th December, and the pre-sale campaign on VRJAM's IDO launchpad partners will commence on Monday, 12th December.

To ensure price stability, the only emissions at launch will be from IDO launchpad investors. No other tokens will be released for the 6 months following the commencement of trading.

To create a more stable price floor, we will reduce the IDO price of VRJAM Coin to match the price at which trading stopped when we called ceased trading following the failed ‘version 1’ launch which was $0.003. The supply of the new, ‘version 2’ coin will be expanded from 1B coins to 10B, which enables us to maintain the valuation of VRJAM Coin at listing at $30M.

By 17:00 UTC today, we will re-deploy the token smart contract for VRJAM Coin and also take the following steps:

- burn all the VRJAM Coin tokens we are holding that were generated via the old smart contract.

- provide all existing token holders on CEX with an equivalent amount of new tokens; we will add investors' wallet addresses to a vesting smart contract based on a snapshot of the existing smart contract that was created at midday UTC today.

- work with MEXC and Gate to do the same for the centralized exchange token holders.

- re-launch only on CEX for the first 90 days and then activate DEX trading approximately 90 days following launch.

- only distribute tokens purchased on IDO launchpads at launch, eradicate other distributions wherever possible for at least the first 6 months, including tokens purchased by institutional and seed round investors who are now subject to a 6-month cliff.

Existing token holders will begin receiving the new token 90 days post-launch to avoid these distributions creating sell pressure following launch, and tokens will then vest linearly over 90 days.

In Q1 2023, the first significant events and content activations will come to the VRJAM Platform. Creators and brands who are scheduled to activate on VRJAM in Q1 include Polygon Studios, DJ Roger Sanchez, Snoop Dogg, and Billy Ray Cyrus' 'Hardworking Man' NFT project and web 3 Mars colonization game Mars 4 Me.

These activities will help drive consumer traffic to the platform, which will, in turn, help boost demand for VRJAM Coin through the sale of Web3 digital products like tickets, NFTs, and premium content.

We want to thank all our community members for their support, faith, and understanding as we get VRJAM Coin back on track to becoming the world's most exciting and in-demand metaverse coin.