- Price remained range-bound for most of the week until reaching a new low as vesting for IDO participants and private sale were unlocked at Friday 4pm UTC — currently 60% of total IDO tokens are ‘unlocked’ and can be claimed by users, while 40% of private sale tokens are ‘unlocked’
- Unfortunately due to fast vesting schedules, these ‘flippers’ who are in the IDO will claim and sell their $PACIFIC tokens without holding long-term, pushing price down as they offload
2. The downward pressure on price is due to a number of factors:
→ IDO participants have fast vesting schedules. 20% of IDO participant holdings were unlocked on the token-generation-event (TGE), with linear vesting of 20% weekly. This is true with private sale participants also, with 10% unlocked on the TGE and 15% unlocked weekly. It is good to have fast vesting schedules for these participants as it allows users who aren’t long-term holders to cash-out and be replaced by long-term buyers looking to buy at discounted prices. The downside to this is sudden sell pressure as these participants cash out
→ Users who bought at inflated prices of $0.20 range are realising losses and are now selling at a discount
3. Current diluted market cap is $2.5mn USD — it is quite small given the roadmap and plans we have ahead, but the team is positive that once (1) IDO users who want to sell are ‘flushed out’, (2) Dapp is live and users are able to stake/farm on the platform and (3) Pacific DeFi has its first CEX listing, there will be positive price momentum
- UX/UI for App Homepage, Liquidity Pools, High-Yield Vaults have been drafted and completed
- The integration of the UX/UI of the App Homepage has been complete and team will begin beta-testing this week
- Staking and LP staking contracts for the PACIFIC and PACIFIC-BNB pools have been completed and will be beta-tested this week. During the beta-testing period, contracts will also be audited to insure maximum security
- The team has commenced work on on a Polygon bridge and Polygon staking and LP staking contracts to expand future liquidity. Completion is likely to take 2 months for contracts to be fully developed, beta-tested and audited before going live
- Once team is near completion of Polygon bridge and relevant staking and LP staking contracts, work will begin on an ETH bridge with ETH staking and LP staking contracts
- Our team has decided to pivot and create bridges across popular blockchains: BSC, Polygon and ETH
- These bridges will act as ‘gateways’ to access liquidity across multiple blockchain and acquire DeFi users in the process
- Staking and farming will be available on BSC, Polygon and ETH
- The team is also interested to develop integrations on Solana and Avalanche once the three main blockchain integrations are complete
- Only once we have established liquidity on BSC, Polygon and ETH that the High-Yield Vault development will commence. It is essential to grab liquidity in multiple places across multiple blockchains to cast Pacific DeFi’s net wide and acquire users from all angles
- Our potential market maker partner and the team are looking into a few CEXs that might fit the current scope. We have short-listed a couple CEXs but we are still assessing the best approach and when would be an ideal time to list — ideally once our staking and farming is live and IDO sellers are ‘flushed’ out so that circulating supply is minimal
- The team is selective on certain CEXs because reputation is everything. We would ideally want to be on a tier 1–2 exchange but not a tier 3 CEX. Many exchanges claim to have large volumes but in reality its wash volume and bogus trading that make the bulk of it. Many CEXs also claim to have a large user-base, but when we compare actual volume and claimed user-base statistics, the numbers do not add up
- No new partnerships this week apart from working closer together with our developer partner at NonceBlox and their VC, NonceVC
- The airdrop on CMC has been completed with over 400k+ adds to the watchlist. You can view us on CMC here: https://coinmarketcap.com/currencies/pacific-defi/
→ This will be our last major airdrop as our team believes in promoting our project via word of mouth from existing users via referral-based marketing, and rewarding our existing holders with additional tokens or cash prizes to spread the word
→ Airdrop rewards from the CMC airdrop will begin next month and will be vested over time to prevent price dumping
2. We have distributed 137k tokens to 5,500 participants who took part in our first airdrop via an ‘Airdrop Bot’. Distribution was made on 4th October 2021 (yesterday)
3. Daily Twitter updates, and TG announcements/engagements will be continuing as it is important we are transparent and engaging to our community
4. We have decided to pivot with regards to our current marketing strategy and understand how we can work with a specialised agency to develop proper strategies when engaging with influencers on YouTube, Twitter and also how we can use Reddit and crypto-media ads effectively to increase brand awareness and increase our holder count — we will let everyone know this progress as we discuss with potential partners in the next few weeks
- The team will initially operate two pools for the liquidity mining process: PACIFIC and PACIFIC-BNB on the BSC. After discussing with the team, these pools will run for 3 months and have 500k rewards for each pool with a maximum staking limit of 5mn tokens per pool (10mn total max. staking/farming allocation)
- Polygon bridge is in development as well as staking and LP staking contracts on the Polygon blockchain to widen user-reach and also deepen liquidity
- Product focus is on high-yield fixed income vaults via auto-staking strategies for stablecoin and non-stablecoin deposits. These single token deposits allow for users to generate yields across high-grade DeFi protocols on the BSC, ETH, Polygon and Solana ecosystems
- A ‘Lending’ feature so users can deposit stablecoins and earn yield will also be developed. These stablecoins will be lent out in the high-yield vaults to generate higher stablecoin yields and increase leverage for non-stablecoin deposits (e.g. BNB)
- To deepen our liquidity pools, we will partner with other DEXs so that users are able to stake on these platforms to earn the 30mn additional $PACIFIC rewards out of the 100mn total token supply
- We will not be doing anymore airdrops. Unfortunately in crypto airdrops seem to be the norm, but I would say in most cases users are not token buyers and only want ‘freebies’ — they don’t represent what we truly care for which is to have a community of long-term token holders that are passionate about the project
- Our Telegram and Twitter count has been artificially inflated as a result — we have a small organic community of likely ~1k members and supporters but definitely not 40k+ which is stated on Telegram and Twitter. The only time the team hears from the remainder of the other followers is when they want ‘Airdrops’, which is why we won’t be doing them again as it caters to the wrong user-personality
Official Twitter: 55.8k followers
Official Telegram: 45k members
Contact us:
Official email address: info@pacific-defi.com
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