Abachi.next — Issue # 1
Welcome to the first issue of Abachi.next, a quick way to catch up on what Abachi has been up to. This will graduate into a regular newsletter so make sure you subscribe to our medium page.
Marketing & Partnerships:
Since the start, our core focus has been on strong ecosystem players. We converted two of those into long lasting relationships.
We continue working on more partnerships as we grow and will be reaching out to more ecosystem players to integrate & establish strategic alliances.
Speaking of friends, Composable Finance is now a reality as they have successfully won the 7th Polkadot parachain auction. Composable opens up a whole new era of cross-chain opportunities and we are excited to have joined hands in hosting a hackathon with them with up to 10k in rewards.
Governance & Policy:
One of the primary objectives of swapping from aABI to ABI was to enable governance.
We had our first vote go live and voted on, this was for the whitelisting and usage of mstable. 100% of the community voted yes. Some of them voted on their first-ever proposal and got a taste of how on-chain governance works.
As part of our governance push and as mentioned in our docs, we are diligently working on strategies in Snapshot which will utilise NFTs to give weightage to votes in addition to ABI token holdings. As a first trial of that process, more NFTs were created and distributed, which are currently a novelty in our Festivus collection. Every NFT is created by one of our community members.
We plan to open up a few more governance proposals soon, however we want to finalise our Policy team first. We are also waiting to chat with the good folks at Olympus DAO who have offered help in some aspects of questions we may have. There are some really great folks already in the Policy team.
Development & Research:
We added 3 more core devs from the community & are working to complete our apps.
Our initial plan was to fork the v1 of Olympus DAO, which everyone else has done (rome, klima, wonderland, etc), but with the v2 released, it made no sense to fork v1. Pivoting to the new, we had to rework a bit of our deployment strategy and the devs have been working 18 hour days going through each contract to understand the differences, create custom deploy scripts & test. If you think you can help us, reach out. The v2 as we understand it, has not completed its audit yet on the Olympus DAO side, but we are getting our own audit done via Paladin on the same code base (with slight changes). Currently staking is targeted for Jan 20th, pending a green-light by auditors.
We have a gorgeous UI coming up for the staking app. This will probably be simplified more in the future and we plan to do a complete overhaul of it. But for now the interface should look fairly familiar to most. Please don’t read into the values, they are fake and this is a design mock-up, not the real thing.
We have also been working on getting the first version of our production website up. This also includes a look into our treasury.
Our treasury continues to grow in the background.
Our treasury has not been sitting idle while we work away on the apps and continues to grow in the background. This means that the money raised is being compounded to help Abachi achieve its goals in the longer run. We are earning between 12–17 % APY on our stable coin positions via mStable. Currently a total of 1m is staked but we plan to add a bit more.
We are also now providing liquidity via gOHM-FRAX with roughly 1/4th of our gOHM position on TraderJoe earning 70% APR paid in gOHM.
Once our mStable proposal goes live and approved on their end our MTA holdings will also increase, which have already gone up to 40,000 MTA as staking rewards + our initial 35800 MTA buy ($25,000).
Abachi is starting to gain visibility and we are noticing!
Below, a few mentions of Abachi from the crypto community:
- View the Abachi press release on CryptoBriefing.com
- Avi Felman (early investor & co-PM Block Tower) mentioned Abachi.
- Zeus and Jaws tweeted out a community made graphic of the OHM Partners & Friends ecosystem.
- Crypto Differ, who also invested early in us, has been tweeting about us.
- Finally, RugDoc is running a free ad banner campaign for its favorite projects vote for us here.
With that we will wrap up this issue of Abachi.next. We will try and make this a monthly newsletter, but may send updates earlier than that too. Until next time!