Hey Fam! These last couple of weeks we have been heads down working on the development of the DEX. In this community update we make a recap of all the action we’ve had and outline the next steps in the roadmap.
Let’s dive right in!
- Roadmap progress
- GSWAP auction recap
- Farming progressing successfully
- New dev team members
- Foundation funds allocation
- Game partners search
Some strategic changes have been introduced in order to speed up development and which will allow us to shorten time to market and focus on nailing down product-market fit instead of pouring resources into endless engineering cycles. Tasks performed these past weeks:
- Front-end implementation with react is almost finished, pending some user flows.
- Settled on a suite of rock-solid smart contracts for our v1 exchange. We are building on top of a strong foundation and we will get low slippage, off-chain throughput and Consensys Diligence for the smart contracts out of the box! We will expand on this in an upcoming technical update where we will showcase the prototype.
- Planning and implementation of UX/UI improvements
- Ongoing work on video explainers to better communicate our value proposition
- Started revamping the shroom landing with the same goal as above
- Continued exploring collabs with games and ecosystem members
When retroactive rewards sir?
We are polishing the details of the rewards and we will publish the calculation and distribution in our upcoming update along with a script for checking the assigned rewards. As you might know the tokens will be credited and vested over 3 months via sablier.finance.
GSWAP auction recap
The GSWAP auction went smooth and we managed to get around ~536 ETH with a base price of $0.19/token, which was allocated as follow:
- 134 ETH for buying SHROOM at market price and setup GSWAP-SHROOM Balancer liquidity
- 134 ETH for the GSWAP/ETH Uniswap pair
- 134 ETH for previous and upcoming UX/UI and marketing work (via Bitfinex)
- 134 ETH for setting development bounties
The auction allowed us to successfully bootstrap liquidity in the pools. In addition it also helped us to make a good push in several fronts for building the ecosystem.
Farming progressing successfully
It’s been 2 weeks since farming started and we are impressed with the amount of tokens locked for farming! We are now at 46% of total SHROOM supply and GSWAP has crossed the 50% line to 60% of circulating supply.
Our community member Theoretical Trading maintains this spreadsheet here in case you want to check the updated numbers. APYs still are quite high, all above 1000%.
We had some initial bumps in the road mainly with a glitch in the rewards calculation and then hitting Infura’s API rate limits, but both issues have been fixed. We will soon upload the script that we are using to calculate the rewards to GitHub and you will be able to check it locally (nodejs script).
In case you notice our staking contract doesn’t have tokens it’s because the payouts will come from another contract that we will set up soon.
New dev team members
We are happy to announce that new devs have joined the core team and are already helping us to build the DEX. This additional help has been very productive so far and we are looking forward to introducing them to the community at the right time. For now the collaboration is being managed via GitHub and Telegram, but we plan to introduce a proper public bounty reward program and streamline the dev process via gitcoin soon.
Foundation funds allocation
As we keep progressing during this building phase, we are finding ourselves in a need for additional funds in order to maintain the lead and remain competitive in a market where copycats are starting to appear. We are glad that some community members are stepping forward and accepting SHROOM/GSWAP tokens in exchange of their assistance, but it’s not the case with everyone (eg. new dev members prefer stablecoins) .
We have started to explore OTC deals that will help us to get additional funding without having to sell tokens on exchanges and pushing the price down unnecessarily. In addition and depending on the number of deals we get, we might need to start doing periodic small cash outs in order to keep funding development.
Once we have the MVP up and running, we might start to reach out to our VC connections and close some partnerships. Investing in growth is something that will need to be done as soon as late December or during early Q1.
Game partners search
The progress searching for gaming partners has been slow but steady. We are still looking for additional firepower for launch day. Shortly after we open the DEX doors we aim to have some games on the platform. If you are (or know) a blockchain game, conventional game or game studio willing to get exposure to crypto markets and experiment with new revenue streams beyond the ad model, please contact us filling out this form.
You can also reach out via introduction in our social networks or contacting any of our moderators. Just mention you are interested in listing assets on the DEX.
That’s all for this community update. More exciting news very soon with big surprises!
Until next time shroomies!
Are you game?
We are just starting this amazing journey and we invite anyone who shares our vision and ethos to join our community of builders. Feel free to reach out for additional info through firstname.lastname@example.org or via our social media channels:
- Game Devs: We will help you promote your game, bootstrap your assets, and link them to the crypto world and its vast liquidity.
- Yield Farmers: Participate in our upcoming LP program(s), helping bootstrap cool games where you will be driving governance and getting interesting token rewards.
- Developers: If you would like to work at the intersection of gaming and DeFi, come and help us build the future, we have several grants and funds lined up.
- Designers: Bring your artistic input! There is a separate token fund for design tasks. We are starting from a blank canvas without creative limits.
- Marketers & Influencers: Use your skills and influence for creating real tangible value in a battle-tested industry. Become an ambassador; share our success.
💬 Social Media
- Join discussion in our Telegram at https://t.me/shroomfinance
- Discord at https://discord.gg/eZcFahS
- Don’t miss any update by following our twitter at twitter.com/ShroomFinance