Oh man, I apologize in advance for this long post, but I just have to get this off my chest. This is the story of the next project that is alienating its own community and acting dishonestly - welcome to @PascalClearing and @Jetstreamtrade (formerly CVEX).
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1⃣ Background
CVEX is (or was) a decentralized derivatives exchange that should enable users to trade perpetual futures across multiple blockchain networks. In 2024, they launched a testnet with playful achievements, and I invested quite some time in it. I now know that testnets are generally a bad deal for users, but I wasn't annoyed about it. On the contrary, my activities even earned me the OG role on their Discord server. This is usually a special distinction, and only around 400 users at CVEX have been awarded this honor.
The launch of the CVEX token was finally announced for January 2025 – but the closer the date got, the quieter the team became. The date passed and the community was left perplexed.
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2⃣ Separation of CVEX
Then, at the end of June, there was a surprising twist – the CVEX project was split into Pascal Protocol and Jetstream. The separation of CVEX into Pascal Protocol and Jetstream was driven by the need to create specialized entities, with Pascal focusing on a scalable clearing protocol for DeFi and Jetstream providing a capital-efficient trading platform (according to the team). Most users didn't know what to do with it at first (just like me), but hey, I invested time in CVEX, so I'm going to follow the new projects too.
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3⃣ The first major problem
At the beginning of July, I wanted to login on Jetstream for the first time using the same wallet I had used for CVEX. Unfortunately, I didn't get very far because there was a captcha before the wallet login and I was stuck in a loop. I opened several tickets on the Discord server, all of which remained unanswered. My posts in the general chat also remained unanswered and unsolved. So, no luck for now.
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4⃣ Announcement of $PASC
Then, in August, there was a surprise. The TGE of one of the two projects, Pascal Protocol, was announced for September 9 (in other words: today). And the good news: OGs will receive an allocation of 524 $PASC – at an initial price of $5 per $PASC! Too good to be true? A $2.5k airdrop? Little did I know at the time...
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5⃣ TGE and the total disaster
Well, here I am today, once again annoyed about a project that can't get its act together. Or that deliberately leads its community around by the nose.
It was emphasized several times on the Discord server that all OGs would receive the 524 $PASC allocation, and without vesting. So 100% on day one. The allocation was also displayed to me in Jetstream's reward dashboard. I was finally able to access it again at the beginning of September, as the captcha loop had been fixed. So what could go wrong?
The fact that the TGE was then postponed by 250 minutes today – never mind. That happens. The liquidity pool on Uniswap was also set up in an exemplary manner.
But the rest... Just like me, the majority of OGs saw no allocation in the claiming portal. Instead, some (not me) saw the following text pop up (see the first image):
“This allocation was originally intended to be 500 USD, but it was mistakenly entered as 524 $PASC tokens. We have rebalanced these awards to align with the original intent and actual activity. Many had not been active since April or had not connected to Jetstream. More than 50 had even left the Discord server. These allocations were rebalanced out.“
What the actual fuck? So you screened me out because I wasn't actively using the platform? After you went underground for some time at the beginning of the year regarding your postponed TGE and then made it technically impossible for me to use the successor platform Jetstream or even log in there?
As a result, it turns out that, contrary to other announcements, they simply withdrew the promised allocation from 80 percent of all OGs based on the arbitrary criteria above and only after claiming the opposite until the claiming portal went live.
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6⃣ What can I learn from this?
Don't waste your time with testnets.
In crypto, always expect incompetence or malice on the part of project teams.
And stay away from anything related to CVEX, Pascal Protocol, or Jetstream. Anyone who lies to and alienates their closest community will do it again and again. And I'm not going to be fooled twice.
Thank you for reading this far.
