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Snark Launch Announces Plan for Excess ETH Overflow Refund

Cointime Official

April 13 (Cointime) - Snark Launch, a decentralized launchpad platform that is built on the zkSync blockchain, has announced a detailed plan for excess ETH overflow refunds.

The project originally aimed for a 220 ETH hard cap target, combining the private (150 HC ETH) and public (70 HC ETH) sales. However, the total amount oversold reached 499 ETH, resulting in 279 excess ETH to be refunded.

The team acknowledges the lack of clarity in their token sale and the last-minute changes that led to confusion and distress among partners, KOLs, and the Snark community. As a result, they pledge to take full responsibility for the situation and commit to doing better in the future.

"We will honor what we said in the gitbooks and take full responsibility for the fud because we failed to be very clear on the token sale as many things kept changing. The team made a big mistake by changing the plans last minute and we will do better. We apologize again for the damages it has caused our partners/KOLs and to you (the snark community)." the team wrote in the statement.

In order to address the recent turmoil, the team will adjust the token listing and claim dates. The token listing is now set for April 20th at 12 PM UTC, followed by the token claim at 12:05 PM UTC. The excess ETH calculations are expected to be completed by April 16-17.

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