ATLO IDO update

As you probably already know, we planned to split our IDO into two phases, with phase one being held on Skyward starting 24th May and phase two on Atlo on 31st May.

Alongside the Atlo team, we have decided to postpone phase two of our IDO indefinitely. More information is to follow in the coming weeks regarding the allocation of $SEAT tokens destined for sale on Atlo, but for now, we can confirm that phase two WILL NOT be taking place on Atlo as planned.

PLEASE NOTE that phase one of our IDO on Skyward is unaffected and WILL go ahead as planned. This is your only opportunity to get hold of $SEAT at this stage.

Why we have made this decision

We are building SeatlabNFT on the NEAR Protocol blockchain, but we had agreed with Atlo, a Terra (LUNA) launchpad, to become their first cross-chain IDO. Due to Terra’s current situation, we sadly had no choice but to rethink this part of our IDO. Our goal was to engage with the Terra community and raise funds in the Terra-native stablecoin UST. The events of the last week have seen UST lose its 1:1 peg with the US Dollar and, as a consequence, cause a snowball effect that has had a dramatic impact on the Terra ecosystem as a whole. For more information on exactly what happened, this article explains it well.

We want to clarify that SeatlabNFT is being built on NEAR, so we are unaffected by Terra’s collapse outside of having to postpone our planned IDO on Atlo.

What’s next?

Our IDO on Skyward is still going ahead as planned and is just around the corner. The deposit period runs from 17th May to 23rd of May 2022, and the sale period runs from 24th May to 30th of May 2022.

Don’t forget to pre-register on our website to be notified!

We stand by anyone who has felt the effects of the current market conditions surrounding Terra and will be releasing more information shortly about how we can move forward and bring our two communities closer together.