Unlike basically every web3 project we’re going to keep an updated account of our exact situation in terms of where our project is at. Any major change will be added directly to this page but you can also find rolling updates at the bottom.
This will include both the good and the bad. This is in line with our strong commitment to transparency as outlined on our About Us page.
The Good:
So despite the circumstances under which VestaDAO was formed (see VestaDAO History) we actually have a few things going for us:
Wide open market: It is actually crazy that no-one has moved to fill the information void in the Metis ecosystem – with the Metis EDF being distributed (~$15million to be distributed this year at current prices) we should begin to see a flood of new projects deploying in the near future. Given the full EDF amount allocated to project grants is almost $100million at current prices we should continue to see this in flow for several years. This creates an opportunity waiting to be taken.
Good connections: Our project lead, Cobi, has not been idle for a second since taking over. He earned a bunch of good faith for taking over the project and has been busy creating a network across the Metis ecosystem. This positions us perfectly to gain help and support in the early days of our plan, including privileged access to dev teams of existing projects.
Great community: It’s a bit cliche to say – every community claims to be the best. But here’s a fun fact – since the migration we have had four times as many buys as sales (as of 18/05/24). Our community doesn’t just talk the talk – they believe in the future of this project. This is something that can’t be bought or faked – and something we’re not only extremely grateful for, but also a powerful tool we plan on utilising.
Low Market Cap: What can we say? We’re currently a small fish – but we view this as a strength; much better growth potential and the opportunity for the most faithful of our supporters to own a significant chunk of our future.
The Bad:
We Broke. No other way to say it. If you don’t know why then please read VestaDAO History. This is definitely an issue worth addressing. Our hope is that eventually the sale tax (see $VDAO) will be more than sufficient to fund the day to day expenses of VestaDAO (and hopefully begin returning value to our holders), but in the meantime we need to work with what we’ve got. This is why our proposed Value Proposition is focused on labour intensive strategies that don’t require a ton of capital upfront.
We’re fortunate to have some incredibly eager team members who believe in this project and will make up for a lack of funds with hard work.
Current Financial Situation:
Currently the financial situation is roughly as follows:
- Roughly 7% of total supply was put in to the liquidity pool with all of the Metis obtained during the migration (see VestaDAO History). There are no plans to remove this.
- A further 30% of total supply is sitting in the project wallet, however approximately 20% of the total supply is pegged for unclaimed migration tokens.
- The team has made the choice to reserve 4% of supply to allow them to make some limited moves to progress the project.
- Whatever is remaining after all migrations are complete (June 2nd. 2024 deadline) will be used only with permission of the community through DAO votes.
- As mentioned on the About Us page this project had no presale or fundraising – the token was generated and airdropped on 1 for 1 basis to those who migrated their VDB.
bIg ThInGs CoMiNg!
Outside of our main Value Proposition we currently have a few things in the works that will give us a little more short term financial flexibility. These things largely depend on factors that we don’t have full control over so view these as active imminent ambitions rather than promises, but just because we don’t have a direct path to these things doesn’t mean we aren’t excited by them.
- Applying for the Metis EDF – this is the one with the most active plan behind it. Cobi has had some close contact with some of the Metis team – we’d ideally like to convince them that some plain talk marketing is exactly what the Metis ecosystem needs (because let’s face it, it does.) Securing some funds would be huge – it would give us some breathing room and allow us to roll out our plans without compromise.
- Newspaper NFT – For the most part NFT’s have been released as speculative psuedo memecoins. More recently they are seeing limtied usecase in web3 gaming. We thought it would be cool to implement a more relaxed usecase – a genuine web3 collectable.
We are working on collating our regular news articles into a monthly open edition NFT. This will be available at a very cheap price (we think around $1) and allow people to own a little piece of Metis History. Additionally it would provide us with a small amount of capital to add to liquidity or pay various fees with. - Other Partnerships – We have multiple other partnerships at various stages of progression but are looking to establish a platform of fact over hype.
Updates:
- VestaDAO held its first leadership election, ending on July 1st. We believe this makes us arguably the most decentralized project in all of Metis. We plan to hold future leadership elections in order to maintain this status.
In an open letter to the web3 community Kehmor and Cobi state their commitment to creating a Metis learning center.
We will be seeking to leverage this in addition to our other Value Statement offerings in order to secure funding for our project.
We are in early talks now about applying for #EDF# funding.
On the 14th of August, 2024 the project wallet was compromised and the liquidity was drained.
A press release detailing what happened, how, and what VestaDAO plan to do can be found here: https://vdao.online/vestadao-hacked-press-release/
