Golden Fleece (GFL)

Information about the GFL token related to the Golden Fleece ICO.

Golden Fleece (GFL)

The Golden Fleece token (GFL) was discovered by Monkey Capital in approximately August 2017. This project was a mining project based in the country of Georgia. The project had a number of strengths, including support of the local government, business friendly environment, cost of electricity at about 1/2 that of Iceland's Genesis Mining, and no business taxes. However, they did not have a particularly well developed white paper and they did not have the marketing and financial ingenuity that Monkey Capital could provide. Daniel M. Harrison said that he read their white paper and thought "well at least I know you guys aren't trying to screw me."

GFL-COE option

Monkey Capital committed to underwrite the project with the idea that Monkey Capital could bring greater marketing and funding the project in exchange for approximately 20% of the token issuance, as represented by the waves-based GFL assets. Additionally, Monkey Capital forged a deal with tiered bonuses for funding goals. As a result, this proposed to allow holders of Monkey Assets to reap approximately 28-38x returns based on financial structure established by Monkey Capital.

Initially, GFL-waves options were to be purchased only with COE, however, in the context of demand, the COE requirement was relaxed and all GFL-waves options that were sent in for exchange were honored.

GFL Issuance

Despite Monkey Capital delivering oversubscription to the GFL-waves tokens that Monkey was responsible for, there was otherwise insufficient demand for GFL tokens. While Monkey Capital had fulfilled their obligation, Golden Fleece was unable to market a sufficient number of tokens. As a result of insufficient demand for Ether based GFL issuances, the initial GFL launch was refunded and the launch was done again. At the relaunch, Golden Fleece increase their funding from an initial goal of 100,000,000 to 500,000,000, and also denied the multiplier for Monkey Capital purchases that had come via GFL-COE options.

As of October 2017, Golden Fleece has stated that they are no longer honoring the original coinslip agreement with Monkey Capital, but have been unable to raise any notable funding outside of Monkey Capital. This issue is not yet resolved.