To our friends and supporters:
We are in awe of the tremendous reception we have received in SOFA since our launch last Friday, which was certainly well and above even our most optimistic assumptions. We are truly grateful for the community’s support so far.
Furthermore, in the short time since launch, both our SOFA protocols and $RCH utility token have achieved some incredible milestones:
- $RCH was ranked #1 in trading volume in the Uniswap (ETH) pools in the first 48 hours post launch, and ranked #2 in trading volume on a 7-day basis since.
- SOFA has contributed ~$20M in staked rUSDT on Arbitrum and Ethereum, accounting for >10% of their USDT pool reserves on ARB.
- The protocol has successfully burned about 17k USD in $RCH tokens via our protocol fees.
- OKX Ventures announced their position as a founding member of the SOFA.org DAO.
- Galaxy Asia Trading Ltd, one of the world’s leading digital asset and blockchain service providers, was announced to be a key strategic partner of the SOFA protocols.
- SOFA.org is an official grant recipient from Arbitrum and an official member of Chainlink BUILD.
- We concluded our inaugural AMA session with Detalks.
- Despite being a 100% fair-launch token, a number of CEX have listed our token (on their own) including BingX, Bitmart, LBank and MEXC.
- We successfully completed our smart contract audits with Code4rena, PeckShield, and SigmaPrime.
- We have outlined our initial roadmap for 2024, expecting support for additional token denominations, new structured product types, and ecosystem expansion with new protocol partners.
Naturally, there has been a lot of energetic feedback surrounding our launch, and in particular with the $RCH token price movements. On that point, we would like to remind our supporters that SOFA.org has an ambitious and long-term vision to elevate DeFi to the next level, and we prefer to let our products and actions speak for themselves. Also recall that this is a 100% fair-launch with no tokens to the team, so all of the team’s interests are ultimately aligned with all our supporters.
With that being said, starting next week, the team will be announcing a series of planned updates that should be highly relevant to both our SOFA protocol users and $RCH holders. And for that, we ask for your kind patience and support in the meantime, as we are just in the beginning of a very long and exciting journey.