Both CyberFi and Vabble fans were looking forward to Vabble IDO that was supposed to take place on Samurai launchpad.
However, due to the current market sentiment, Vabble IDO, that was supposed to take place on June 23rd and 24th, was postponed.
This came as a decision from Vabble itself, and CyberFi noted that the IDO will have to wait until further notice.
CyberFi, the intelligent automation DeFi platform, was supposed to hold a Vabble IDO last week, but due to the current market sentiment, Vabble decided to postpone.
The crypto sector has been exploding in late 2020 and almost through the entire first half of 2021. However, around mid-May, the market saw a strong price crash that cut the prices of many cryptocurrencies in half.
While it was expected that this is only a temporary drop that might end in a matter of days, this ended up not being the case. It has been a month and a half since the price drop, and most projects are still near their strongest supports, and significantly below the ATHs, they hit earlier this year.
This kind of performance also impacted the launch of some new projects that were supposed to see the launch, such as Vabble — an upcoming interactive streaming service based on blockchain technology.
Vabble launch postponed
Vabble is an interactive streaming experience that will allow users to watch films, documentaries, series, and alike, whether on their own or with friends and family. It is based on blockchain, decentralized, and it aims to eliminate things like censorship of this kind of content.
However, the current state of the market caused it to postpone its IDO (Initial DEX Offering), which was supposed to take place on CyberFi’s launchpad, Samurai. Vabble announced the decision via Twitter, informing the community that the team has decided to postpone the IDO raise for a short period of time.
However, the project did not specify for how long. Instead, they simply said that they don’t think it is a good idea to hold an IDO given the current market sentiment, noting that they feel that the decision is in the best interest not only of Vabble as a project and a company, but also of everyone else who is in any way involved with it, including investors, partners, and others. Meanwhile, CyberFi shared the news, pointing out that the launch will not take place until further notice.
Of course, the decision does make sense, given that people are currently more interested in selling than buying. This bearish wave that struck in mid-May has mostly been beneficial for derivatives traders, but not so much for anyone who holds actual cryptocurrencies.
Still Vabble is looking at the bright side, noting that this period will give it more time to better coordinate with its partners and launch to the best of its ability once the right time comes, meaning when the sentiment switches back to being bullish once more.
Still, the project is aware that this turn of events has likely caused some inconveniences, which is something that it apologized for. Still, it will stick with this decision for the time being, as it still believes that it is the right call to make. Once the situation changes for the better, it will be able to hold the launch that the community deserves and expects.