This article will cover our refund policy. The points covered below are very important and are a must read for anyone taking part in an IDO on our platform.
Any investment you make is one you have to be comfortable with as there is inherent risk. However, while some launchpads have removed their refund policy, we wanted to put a refund policy in place that will provide a good level of protection for the first 24 hours of a token’s launch.
The refund policy we have created we feel is fair for those investing, and also fair for the projects. We have created this policy taking into account feedback from our community and projects as well as looking at best practice in the wider space and experiences we have had ourselves.
Spheres community refund policy will be in place for the first 24 hours of a project listing their token and it can only be triggered if one or more of the following points are activated:
- The market price of the project token falls below the IDO price within the first 24 hours of initial listing; Considering the market movements, the token market price may dip below the IDO price within those 24 hours for a lesser period than 1 hour without triggering the Refund Policy.
- The project delays their token listing date by more than 2 weeks, from the date that was originally mentioned during the IDO period.
- An initial listing exchange makes an error in listing the Token. For example an exchange lists the project token early or at a price point below agreed listing price.
Key points for IDO investors:
The refund will be for unclaimed tokens only and the refund will be claimable via our site. Any tokens claimed during the first 24hours post listing, can not be refunded should the refund policy be activated during that period.
The Sphere moderators will let the community know on our official Telegram channel should the refund policy be activated.
If the refund policy is activated, investors will have 24hrs from the point of activation, (from when moderators brief the community), to put in their claim. Refunds will only be given to those that put in a claim during the period of activation.
The refund policy will only become live should one or more of the refund activation points be triggered, these are detailed above.
If the price of the project token goes up by more than 2x from the IDO price, within the 24hour refund policy activation window, then the refund policy is cancelled at that point. This is regardless of time left within the refund policy activation window, or future price movements within the first 24hours post listing.
Once funds have been released to the project, (after the refund activation period), from Sphere, any and all follow up questions relating to the project, token price, project expectations/ delivery, road map etc, will need to be directed to the project from that point on via their official channels.
Sphere is not accountable for any funds invested in an IDO after funds have been released to the project.