Happy New Year! We’re excited to ship our second bi-weekly update to the community. We’re using these quick blog posts to keep everyone up to speed on progress and new developments. Communication is key as we build out this new vision — and we’re excited to highlight the progress being made!
If you missed our last bi-weekly update, you can find it here. In it, we covered tokenomics details, a sneak peek of our new protocol’s design, and some dev/BD updates.
Another reminder: Our token migration portal is live! If you haven’t yet made a decision on cashing out vs. joining us in our next endeavour, please do so by January 20th. We’ve written several articles on the reasoning and logistics behind the token swap. It’s all available on our blog here.
In our last bi-weekly updates, we shared the vesting schedules and distribution of the $XYZ token.
Here, we want to give you a look at how the token’s architecture will flow. A few things worth noting:
- $XYZ token stakers will receive a significant percentage of protocol revenue (#RealYield).
- Governance is at the center of this architecture for a reason. We’re designing a collaborative approach to protocol decision-making, with an important balance between concentrated and decentralized governance. More on that in a future article!
The search for our protocol’s liquidity layer has been anything but trivial! For a number of reasons, we’ve had to reorient ourselves several times through the process of seeking a partner protocol to leverage for our architecture.
Thankfully, over the holidays, we were able to solidify an arrangement and make significant progress on development efforts. We don’t have a testnet or static DApp to share yet, but we have finished an MVP and moved to internal testing!
The team is fired up about the progress being made and excited to bring it to you all.
Marketing and Community Updates
Given our stealth-like approach with this new protocol, we’ve been cautious about going on the offense too early with our marketing efforts. That said, we have spent (and continue to spend) a lot of time thinking about how to bring this to market to attract the widest range of traders — and also communicate the inherent value of the product being built.
We think you’ll like the go-to-market approach we’re taking. It’s centered around authenticity, narrative-building, and compounding the loyalty of our existing community. Observing the successes/failures of other tangential protocols throughout this brutal first phase of the bear market has given us a keen sense of what’s impactful and what doesn’t move the needle.
To summarize, expect us to be shaking up the DeFi ecosystem from all directions, through a variety of different mediums. Our timeline for beginning these efforts publicly is the end of January/early February, assuming development progress stays on the trajectory we’ve anticipated.
Alright, that’s all for this week’s update! We hope everyone had a rejuvenating holiday season and is as excited for 2023 as we are. As always, we appreciate you sticking with us into this new chapter.