Community Update: The Road Ahead

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August Update for the CryptoArena Community

August 31st ‘21 – Hello everyone, you’re all waiting for news and we’ve plenty to share, so let’s get straight to it.

First off, there were a couple important outstanding topics:

  1. As extensively announced, our allocation of liquidity to Spiritswap has been moved back to Eth and added to our Uniswap listing to facilitate trading and reduce slippage.

  2. We have an outstanding airdrop, but the devaluation of the tokens makes the gas cost not worth retrieving them. In light of this, we are doing two things; i) we will put up a contract from which the whitelisted addresses may claim the tokens – if gas goes particularly down, the tokens up, or a combination thereof, and ii) at some point in the future, we will take a snapshot of all whitelisted addresses that do not claim these tokens, and will instead give them as credit on NFT Arena where they can be used to buy cards without gas cost.

Recap of the Month

It’s no secret, the month of August has not gone as we had hoped. Quite the opposite in fact. Things started going south with the TosDis IDO not reaching completion, and since our very negative listing day, we’ve bled a significant portion of our audience to FUD and various other slander.

Nevertheless, we have the runway to deliver, valuable tech has been and continues to be built, and the future looks bright. The only real consequence of the sell-off to the company is in the schedule for release of new products: specifically, regardless of how well development is coming along, we will need to work on rebuilding our audience’s enthusiasm and numbers prior to launching NFT Arena.

Therefore, we are delaying the release of our next products, and associated marketing effort, until the end of Q4. We will take this time to regroup, onboard new staff, and to finish building our products in full. 

 

Then, we’ll come back stronger.

The Road Ahead - how we'll win the world over

1. Token Upgrade

The events of last month, while certainly not positive, do provide us with the perfect opportunity to accelerate on planned upgrades for the token. Thus, shortly before NFT Arena’s official release, we will be launching a new token that will render the $CATS tokens obsolete.

Migration Process

At some undisclosed point in the future, a snapshot of all remaining CATS holders will be taken to create a whitelist for the initial holders of the new token (this will include tokens locked in farms, or remaining on FTM) – no worries – none will be lost.

  • No action is required from Holders to qualify the new tokens

  • Claims on new tokens will be vested initially to prevent a repeat of last month’s events

  • Other than one upgrade, the new tokens will be exactly the same as CATS in proportion, utility and tokenomics.

Liquidity will not be pulled from CATS listing until after the migration is completed, thus, if you do not want to participate, you will have the time and option to get out.

The Upgrade

We are adding “reflection” functionality to our tokens, a mechanism pioneered by the likes of Safemoon and Reflect.Finance.

What this implies is an additional revenue stream for all holders through a yield generated by the token’s transactions, without having to do anything other than holding tokens.

The smart contract charges a small tax on all transfers (1.5%) and friction-less-ly reflects part of the value to the listing of the asset, increasing liquidity, and part of the value directly in the balances of existing holders – meaning your tokens increase numerically while you hold them.

Or in simpler terms, once the upgrade is live, the more transactions happen the more benefits are passed on to holders.

2. NFT Arena Launch

Is postponed to give us the time to build up our audience, partnerships and hype, and is now expected for December ‘21, to be released directly as the alpha of the full version of our game.

[you can take a sneak peek at what we’re building here]

 NFT Arena is a play-to-earn trading cards game built by CryptoArena & Whimsy Games that uses any NFT as game asset (ERC 721/1155), and in which you can win NFTs from your opponents.

3. Generative NFT Collection

We will also be launching an exclusive collection of the highest quality, 10K unique, animated NFTs made by Whimsy Games, and dropping a few hundreds of them to influencers, personalities and projects within the NFT space, as well as 50x of our lucky followers – stay tuned for more!

NFTs by Whimsy Games will be the first included in our partner program, which gives affiliated collections a slightly better chance at card rarity on creation, and a spotlight section in our in-app marketplace.

4. Team Expansions

Those of you who’ve been with us longest know well; we work hard but are quite few in number, and this has caused us to struggle a little with the volume of work we’re each responsible for. You will be seeing fresh faces soon adding to various departments, particularly in our marketing and community teams

5. New structure, new websites, new look

Our product offering has grown significantly over the last two-three months, as we originally set out only to build our innovative exchange, but more and more complementary pieces have been delivered or planned.

Thus we are restructuring our company to make things make more sense, separating services and entities and branding them individually. This will also mean that we’re getting a thorough make-over on our websites, materials and documentation. You’ll love it.

Our Next Appointment

Join us on Discord on September 2nd for our next Community AMA to ask us any and all questions you may have about the past, present and future of CryptoArena.

About CryptoArena

CryptoArena is building a crypto exchange and regulated securities broker that rewards active users with platform-generated net revenue through a game-like points scoring system. More points = bigger share.

Rewards distributed will start at 25% of net revenue and increase over time all the way to 100% as a consequence of a unique “self-decentralization process.” This process will use smart contracts to automatically distribute rewards and transition their holding entity into fully self-sustained, non-profit, public benefit infrastructure.

Website | Documentation | Twitter | Telegram | Discord | E-mail

We're building the 1st S-DEX (“Self-Decentralizing Exchange”) – a market intermediary using a custom blockchain solution to transition its holding entity into a non-profit over time. Why, you ask? 
To fulfill blockchains' true purpose by redirecting platform generated revenue to our end-Users instead.

Lorenzo Ferrari | CryptoArena CEO Tweet

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Lorenzo Ferrari

Lorenzo Ferrari is the Founder & CEO of CryptoArena.org, a fintech startup aiming to launch the first “Self-Decentralizing Exchange” – a secondary market intermediary using a custom blockchain solution to transition its own holding entity into a fully non-profit Foundation. 

CryptoArena distributes platform-generated revenue to its (active) Users through a game-like, social-competitive, points scoring system. Incrementally, over time, 

all the way to 100%.

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