New Year, New Kek — Time to Level Up
First and foremost, this article outlines the intent to gradually migrate our Uniswap liquidity over to Spookyswap on the Fantom network. Migration end date: January 10th, 2022. Along with that, we’ll discuss why this is a good move for the project both fundamentally as well as speculatively.
Let’s dive in.
So Why Fantom?
To begin, our foothold in the Fantom ecosystem is apparent. Reviewing our trending tokens strongly suggests this. Our community likes Fantom. Additionally, the results of our community vote were 64% supportive of the migration versus 36% not. Last but certainly not least, we are extremely comfy with the Spookyswap team. We provide quality charts and they give us a good APY on our LP farm. Let’s go into some pros & cons around Fantom.
Fantom Network Pros:
- Faster transaction confirmations
- Much cheaper transactions - FTM $0.01 versus ETH $100
- Increased project revenue via LP farming
- MEV protection on trades (No frontrunning / user extracted value)
- Ability to gamify kek.tools
- Much higher upside potential compared to being paired against ETH
- Fantom community = quality people
One point we can touch on quickly is the Spookyswap yield farm. This is incredibly important to the project as our expenses continue to climb. The spotlight has brought in *some* revenue, but not nearly enough to allow us to come out net neutral. We are speculating into year 2, the LP farm will be a much-needed breadwinner.
Fantom Network Cons:
- Relatively centralized
- Smaller audience versus ETH crowd
- Increased volatility to the downside when the eventual bear market hits
While it may be a shortlist, the impact of those cons is surely something to discuss (and plan for). Fantom is more centralized than ETH, that’s apparent. *If* something catastrophic happens on the Fantom network we can quickly pull liquidity, take a snapshot, and airdrop all kek tokens back to their respective ETH address 1 to 1. Again, that’s a very big if. We are confident in the Fantom network.
The Fantom network has fewer users compared to ETH. The analogy of a vast ocean and kek being a Guppy feels appropriate when discussing ETH. With Fantom, we’d be medium-sized fish in a massive lake. Sure, less fish overall, but we’d have more impact on those around us. Quality over quantity also comes to mind.
As far as the increased downside, we have strategies planned to alleviate the eventual bear market, but that is a more speculative topic we’ll save for later.
The Ability to Collectively Choose
We’d like to stay on Fantom for the foreseeable future, but we (the team and community) can discuss possibilities as well as collectively decide future outcomes. During year 2, Fantom fits the bill.
- Full multipair support for all exchanges old and new
- Avax support (TraderJoe + Pangolin exchanges)
- Robust truly dedicated nodes managed by a professional
- Ability to change time preference on favorites “24 hour”
- Drag and drop favorites
What else is going on behind the scenes?
- Websocket (more “lively” data)
- Backend GO migration
- PancakeSwapV2 multipair sync
- Price alerts (Potential 1.7.4 release)
- New website
- Portfolio tracker
- Latest pairs page
- Reports page
Work Flow Optimizations + Running Lean
As you guys well know, Filip was entangled with multipair for the better half of last year. This book is finally concluding. We have multipair data in our development environment right now. This means that Filip can finally step into his role as project operations lead and tie technical operations together. Alongside that, we’ve aggressively stepped back into Pivotal to help us once again manage our workflow.
Not to air dirty laundry, but during times of market contraction, the project must run more efficiently. With that said, we’ve switched two of our contributors over to a contract role, which means being paid upon deliverables.
Year In Review
It blows our minds just over 1 year ago we created the liquidity pool on Uniswap. We started out having honestly no idea what *exactly* we were doing. All we knew was that we loved crypto and wanted to build something special. We’ve made plenty of mistakes along the way. Moreover, the important part is that we’ve learned from those mistakes and are eager to improve upon our design.
We continue to build no matter if times are bullish or bearish. Consistency and longevity are key. Into year 2 we want to focus on more advanced features, additional tools, unique data visualizations, and gamifiying the app just to name a few.
Onwards and upwards!
Thank you to all of the believers, it means a lot to us. ❤️