ReFi Bi-Weekly Update — 20/01/2023

Hello everybody! Hoping everyone is having a great start to the year. Today we’re excited to ship our third bi-weekly update to the community. We’re using these quick blog posts to keep everyone up-to-date 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! Before we start, a big reminder:

**Token Migration ends today.**

Please ensure you’ve decided to either cash out or join us on our next endeavor. You will have until the end of the day. We’ve written several articles on the reasoning and logistics behind the token swap. It’s all available on our blog here.

Earlier this week, we also made a comment on telegram explaining what we’re doing with the remaining tokens and our reasoning for closing the swap on the 20th.

“The team has decided that 50% of all remaining $REFI tokens that haven’t been swapped (after the closing date) will be distributed as $PIOU to holders who have already migrated (under the same vesting schedule). The other 50% will be used for marketing and token emission incentivization for the new protocol.

We also want to communicate that the reason for the Jan 20th date limit is that it’s important for the team to have a final tally of what’s in the treasury for runway and marketing costs, all of which will contribute to the long-term success of the new project.”

Additionally, we have some big updates on transitioning from telegram to discord, so please read carefully!

Alright, let’s get to it!

Development Updates

The 1st iteration of smart contracts is done, and we are almost finalized with the front-end of the product. Our team is working hard to get things right, and we’re excited about the progress so far. We are still on track for a private beta launch from mid-February to March.

During the private beta launch (on testnet) we would start the auditing process to ensure we’re 100% ready for the mainnet launch.

We’ve had a lot of fruitful design conversations this past week and are excited to ship out novel designs that are quite unique among DeFi protocols. Here’s a teaser ☺️

Investment Updates

We’ve cleaned up our Private Sale Deck and have been talking to many different investors ranging from Whales to VC Funds. Initial Feedback is incredibly positive, and we have a lot of soft commitments.

Marketing & Community Updates

We are making some significant changes to our telegram. Please read below:

Main ReFi Telegram Channel

- Telegram will transition to Discord starting on the 27th and be token gated at the beginning for existing $PIOU holders.
- You’ll be able to see the logo and name of the new protocol, but we’re keeping details secretive for now and will update the community as we get closer to private beta near the end of Q1.
- Channel will be renamed to $XYZ Official Telegram on the 21st, and moderators will no longer be active starting on the 27th

TLDR;

- Channel will be token gated until after we have launched, meaning you need to have $PIOU tokens to gain access.
- Link to the Discord will be sent to the ReFi telegram group on the 27th

ReFi Whale Telegram Channel

- Telegram will be discontinued on the 27th as well. Members should already be in the discord.

Alright, that’s all for this week’s update! We hope everyone is having a great start to the year, and we’re excited to see the community congregate on our new Discord channel moving forward!