Upcoming OpenChat SNS decentralization sale

Gated chatroom. Great analogy

I hope this SNS public sale will be sold out within three or four hours. Therefore, I hope that the OC official team will issue a detailed SNS operation instruction, and the entire community will RT and forward this instruction on social media. Such an excellent product as OC should go out of ICP, so that other blockchain believers, BTC ETH DOGE all holders can also use it, and even let web2 Users can also use it.

This is very necessary. The community hopes CHAT to the moon and hope that OC will become more and more valuable. The community should unite to encourage more holders

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Congrats to the team :partying_face: I hope I am able to participate, I wasn’t so lucky with SNS-1.

How does the sale begin? Does the sale begin immediately once the majority vote is reached or will the voting conclude and a date will be chosen/announced for the sale?

This is going to be a whale orgy disguised as a DAO sale.

Congrats in advance to Dfinity. Truly a big round of applause. You have 2 SNS sales that went headfirst into the toilet.


What makes you think it will be a whale orgy?
If fewer than 500 people take part the sale will be invalid and everyone will get refunded.

If you want to be sure of participating in the “Open Chat” sale, all you have to do is activate “Community Fund Membership” on your neurons. In this way, you will invest about 10% of the neuron’s maturity in an completely automated way.

Decentralized sale begin 82128 seconds once the majority vote is reached.


After adding hotkey i still can not vote on SNS-1 proposal

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Dfinity has decided not to allow anybody else to install SNS canisters

I would like to clarify that technically DFINITY does not have special privileges wrt installing SNS canisters.
An NNS proposal was required to add DFINITY’s principal to a privileged list so that DFINITY could help with these steps exactly once. It was up to the NNS to accept this and someone else’s principal could be added to this list and allowed to do so in the same way.
Whether the NNS community (and DFINITY) would vote yes for this is a separate question, but I don’t think this was categorically excluded.


With respect to special privileges, here’s @hpeebles : “Dfinity made the decision to give the SNS launch the green light now rather than wait for the ‘single proposal’ version to be complete since that would mean delaying again.”
I love a lot of stuff Dfinity is doing, and am rooting for Open Chat, but Dfinity does seem to have a bit of a blind spot regarding the gap between the de facto state of the network (the practical situation) and the de jure one (what is ‘technically’ the case). Anyway, I’m glad to hear this is a one-off deviation.


@hpeebles Is there a central location where I can find the following stats pertaining to the OpenChat app:

  • financial information such as its revenue, balance sheet, expenditures (both developer and costs to keep the app running)
  • financial projections (revenue, costs required to sustain the developer team/app)
  • current users, daily active users, monthly active users, MoM user growth

OpenChat has up until this point been funded by Dfinity (both the cost of the dev team and the cost of running the canisters).

So OpenChat itself doesn’t really have a balance sheet, it simply has a pool of cycles, and whenever that cycles balance has needed topping up we would ask Dfinity for some more.

For the last few months the service has cost roughly 1500T cycles / month. The vast majority of that isn’t actually burned and is still sitting in our canisters. This is because each canister needs its own pool of cycles in order to keep running. We’ve been in talks with Dfinity and in the not too distant future we’re hoping that the cycles costs for a group of canister will be able to be paid by a single canister, this will reduce our upfront costs massively because we will no longer need to keep a pool of cycles in every canister.

Regarding revenue, we introduced Diamond membership roughly 3 weeks ago and so far we’ve already raised over 1000 ICP. It’s worth noting that we gave out 1 year of Diamond membership to ~15k users for free (they were the users who had verified their phone number or paid for storage) and its likely many of them will pay for their Diamond membership once it is up for renewal.

In the future we plan on having many more revenue streams, eg. private communities (communities is a feature we will work on soon after the decentralisation sale), premium groups where we do a revenue share with the group owners, premium add-ons for groups and communities, integrations with 3rd party apps, and many more.

We currently have 82343 users (https://4bkt6-4aaaa-aaaaf-aaaiq-cai.raw.ic0.app/metrics).

Here are our active user numbers for the past month, I’ll see what we can do about making this public.

The dev team is made up of 3 people so is relatively low cost due to its small size.


Sorry, but this is hardly a project with a $20M(?) valuation and the information you provided thus far on all channels I’ve seen is absolutely not enough for anyone to make a proper investment decision.

This is basically Dfinity making money out of thin air: they are solo “seed” investors at an undisclosed valuation (probably less than $2M), also investing their maturity via the Community Fund and also wouldn’t be surprised if they try to facilitate certain bots during the public sale to meet the 500 minimum quota.

P.S. How many of the 83k users of OC are real users?


the real users I guess less than 3000. so the $20M valuation is too high,that means each user is worth close to $2,000

I want’t buy it.

Some larger Open Chat groups hit around 10k users. There are ~17k Diamond (verified/paid) users. So it seems that there are probably about 10-15k real & active users.

Your 3000 seems to be heavily underestimated.

This is the blockchain community, and it is not a strange imagination for each user to have 5-10 paid accounts on average

Do you know Decentraland has roughly 800 average daily users and is worth $1.2 Billion dollars. Just saying… your methodology doesn’t seem to fly in the world of crypto.

:melting_face:So how many CHAT would u like to hold ?

can we RT or @ some dfinity team about this ‘rosetta’ problem, and know how long it will be supported ?

So I committed 370 icp. How many chat tokens will I receive? When will I receive them and what are they worth? There’s no mention of this information anywhere

You can find your CHAT neurons in the NNS dapp in the section My neuron staking → “OpenChat”:

The information regarding the basket of CHAT nuerons you would receive for your ICP contribution is in the Proposal to create an SNS-DAO for OpenChat - see the Governance section.

Also this information can be found in the OpenChat SNS Whitepaper.

25M CHAT tokens were sold for 1M ICP. So for your contribution of 370 ICP you should have received 25 * 370 = 9250 CHAT as 5 neurons each of 1850 CHAT.

At the time of the sale your tokens were worth 370 ICP.