Dear friends,
As we head into the dog days of summer, we thought it would be opportune to take a look back and reflect on the journey we have made collectively since launch.
What We have Achieved
Launch
The SOFA protocol was launched on June 7, 2024 alongside $RCH, our 100% fair-launch token. The launch was received with massive fanfare which came in significantly above our wildest expectations, captivating market attention and validating our use-case to provide secured, accessible, and easy-to-use yield enhancement products to all crypto users.
Continuous Product Improvements and Token Expansions
The SOFA team has tirelessly added new product features and token support since inception. We introduced a leverage function for EARN users, which proved popular with our users, and added support for both stETH and RCH as deposit denomination.
Successful Campaigns and Collaborations
Our collaborative campaigns with OKX Wallet and DappOs were tremendous successes, drawing a significant number of new users and enhancing our market traction. Furthermore, we rolled out an exploratory Game Center feature last week, allowing RCH holders to participate and test their market predictions in a fun and engaging way.
Community & Partner Engagements
We have been holding regular AMA sessions with our DAO partners, both for online format as well as in-person events, most recently with Chainlink’s AWS event covering the “bridging of traditional finance and the web3 ecosystem” and the on-going Asian Blockchain Summit event in Taiwan.
Tokenomics and Fees Model
It goes without saying that the crypto and macro markets have experienced extreme volatility over the past weeks, and the team is well aware of the community’s focus on and commercial realities of our token performance. On that front, we wanted to reiterate and remind our readers of some key facts and foundation premises that we have built our protocol upon:
- The project was 100% fair-launched and self-funded. None of the core working team and community mods have received any benefits from $RCH, and any token ownership was from secondary purchases, and same as everyone else. Our interests are 100% in-line and we are putting in both personal and working capital to make the project a success.
- We remain optimistic that our hard work and fundamental value building will drive the project to significant success in the long-run.
- Our weekly burn rates have continued to grow despite challenging markets, as a reflection of our tireless efforts to expand our ecosystem and drive our value-add promise.
Looking Ahead
The team is fully cognizant of the macro challenges and ongoing work ahead of us to take SOFA to the next level. Our ongoing collaborations with Merlin Chain remain on track, and we have been busy speaking to various other L2 protocols and projects to prioritize our long-term integration roadmaps. Discussions with CeFi venues on various integration approaches are also on-going, and the team has been working as tirelessly as ever as we remain dedicated to our long-term building mission.
While business building takes time, we look forward to sharing more fruits of labour with you in Q4, when some of our longer-term BD efforts will start to payoff, and we thank you for your patience and support in entrusting your faith with us during this long summer. The team is proud of all we have accomplished in the past 2 months, and hope that the next 2 months will scale us to even greater heights through our dedication & hard work.
Stay safe and cool out there!