LTOADs: The Path Forward

It’s been a little while since you’ve heard official LTOADs news. We appreciate your patience, and we’re excited to share a major evolution in our plans.

We haven’t been satisfied with our level of transparency to you, the community. This has in large part been due to project plans that have often been evolving and changing as we’ve progressed the nature of the project from a simple LINK Marines PFP collection to a much more ambitious vision.

Whilst at Consensus 2023, we were able to gather a great deal of feedback: from LTOADs Generals, from some members of the community, and from members of the Chainlink team itself. We’ve listened to all of them carefully and taken this feedback to hear and made changes accordingly. We’ll be going over those changes here.

Before we get started, we’d like to make a formal apology for the Pepe: The LINK TOAD video series we posted. Our intent was not to glorify violence or portray the LINK community in a negative light. The videos were intended to rally the community behind the lore of the old Link Marines fighting FUD, but we realize now that the videos took a turn that we regret. We’ve taken down the videos and will cease operations of the series.

From here on out, we intend to focus on embodying the Chainlink way of doing things: radical transparency, Truth > Trust, educational content, inclusivity and positivity, and BUILDING. We look forward to these changes as we aim to add true value to the LINK community and ecosystem moving forward.

Now, on to the changes.

Firstly, we’ve heard a lot of feedback regarding the mint price of .077 ETH per TOAD. Feedback has generally pegged the mint price as too high, and thus too much a barrier to widespread participation, particularly in what remains a slightly tepid market. As such, we’ve decided to reduce the mint price to .0077 (plus gas). We hope that this will allow for a much greater level of inclusion by the LINK community and from other Chainlink enthusiasts who’d like to participate. To allow a maximum level of accessibility to the LINK community, we’ll also be making TOADs alternatively mintable at the price of 2 LINK.

Second, we’re altering the manner in which treasury allocations will be decided upon. Initially, we’d planned to disburse 27% of primary sales and 50% of secondary sales toward the end of repaying core initiators and other contributors. Instead, we’ll be returning to our original plan of a full community run DAO, which means 100% of mint fees and secondary sales going to the treasury to be disbursed by vote from TOADAO. We want this to be a project for the community, by the community, and directed by the community. We’ll also be making the treasury controlled by a 5/9 multi-sig consisting of LTOADs Generals and core contributors. This will eliminate any single point of failure, ensuring that the treasury always remains secure.

Now for hard plans moving forward! We’ll be keeping the allowlist open so as to get as many LINK community members onto the list as possible (be sure to spread the word about the reduced mint price!). We plan to launch pre-mint for a 36-hour window starting on May 23rd at 11:00 AM EST. Pre-mint wallets will be able to mint up to 10 TOADs per wallet. Immediately following the ending of pre-mint, we’ll start public mint (First Come First Serve). Public mint wallets will be able to mint up to five TOADs per wallet. After the mints have concluded, we’ll reveal the missions whose completion will allow you to meet your TOAD!

We thank you all for your patience and understanding. We look forward to pursuing this new path forward for LTOADs and to being the best community-run NFT project in the space!

Love, the #LTOADs.

Ribbit!