Letter from the Founder
Dear Community,
We would like to share the following developments with you:
Part 1: The Past Challenges and Putting Them Behind Us
First of all, as the founder of this project, I acknowledge my oversight in appointing a wrong person as the previous CEO. Not only he mismanaged but we have grounds and proofs to believe he has committed criminal breach of trust as well as theft.
He is currently under police (SPF) investigation and rest be assured that full legal actions will be taken against him in different jurisdictions.
During his time, he issued the Owner Circle NFTs and the company has decided to conduct full refunds accordingly.
As for the RED Fund, the company will honour the 10% guaranteed returns and will distribute within this year after verifications and checks. There is also legal disputes and action to be taken against the disgraced CEO to cause the loss of the company’s property.
The company has also obtained proofs and evidences that the culprit, together with his accomplices, has conducted a campaign of smearing and causing harm to the company. This will also be added to the last charges against him.
Part 2: Moving On and the Next Phase
Exchanges
It is also to be noted that the LABS tokens have been delisted from one of the past exchanges. The company did explain that it was due to the past mismanagement from the previous CEO and the aftermath. It was disappointing that the exchange simply ignores it.
However, the company is delighted to share that LABS would be listed on some exchanges which have even higher trading volume in the coming months.
Business strategy and model
The Company is delighted to share that we have strikes an agreement with a hotel group in Singapore to tokenize one of their properties which is located at a prime location. The details will be shared in the coming months.
We would also improve the token model by making it into a revenue sharing model thru staking and claim so that token holders are rewarded more directly and instantly.
The strategy and focus of LABS will be moved towards the hospitality sector and we believe that thus sector has the following advantages:
Easy to understand (one only needs to know basically the location, hotel rating, room rates and such)
Professional management in place (worry free)
This will also leverage on LABS ecosystem partner Staynex’s list of 2.5M hotels and serviced apartments. More details will be shared later on this.
There will also be an improved LABS RWA tokenisation platform to be introduced soon.
Part 3: Incentives for the Community and What to Expect
Staynex no doubt is a brainchild of the LABS team despite the fact that it is a totally different business nature and model. It is also an independent project and company by itself with its own team members with its own funding.
Despite that it is still our belief that LABS community should still warrant some incentives on Staynex. As such there will be a token swapping offered and also a Stake LABS to earn STAY campaign which one would have everything to gain from it. You are encouraged to participate ASAP as there would be a time limit and a maximum cap on it.
Staynex key highlights to help you here:
- 2.5M Hotels and Serviced Apartments onboarded
- Netflix like subscription model on a Booking.com like platform with Web3 and AI elements and a RWA layer.
- Lead Advisor Jeff Hoffman, the Founder of Booking.com
- Official Web3 Ecosystem Partner of Huawei
In short, LABS and Staynex are both hospitality ecosystem partners where both leverage on each other’s resources and model. The former could also tokenize hotel rooms and then have the latter convert it into Timeshare NFTs. And LABS could really tap on Staynex’s list of hotels as its RWA tokenization potential client list.
We will continue to build this into a much bigger ecosystem with other collaborations and partners. Stay tuned for more interesting updates soon with more details.
