ADA Finance — Business Development Update #1
Greetings, ADAFiers! We believe in engaging our community and contributors through frequent communication, which is why each week, we will publish either a technical or a business update. This way, we hope to keep everyone in the loop of the latest advancements and where the project is headed.
Being the first official business development update, this article will include a summary of key business activities in October and what is planned in the weeks to come.
Revised Tokenomics and Rebranding
As you may know, in October, ADA Finance rebranded from our original name — P2P Finance. There were multiple reasons for this change, including community requests, social media username and hashtag strength, and SEO maximization. With the rebranding in place, we are positioned more distinctively in the marketplace.
We also revised the original tokenomics to strengthen the value of the token for the long term. This was not an easy decision as it required us to issue refunds after establishing a cap to eliminate whales forming even before our token launch. The demand for the ADAFI token is huge from every investment leg in the industry. Everybody just wants more and more tokens!
Revising both our brand and tokenomics added significant strength to the ADA Finance project, allowing us to engage with top players in the industry. You can read more about these improvements in this article.
Cardano will open its ecosystem shortly, but what does that actually mean? The team has been in technical discussion the past weeks and it got clear that Cardano is in its infancy stage not going to be ready to properly run DeFi. As Christof likes to say: “ People expect from a fetus to run a marathon.” Those words make an impact in the industry as people understand what is meant by that.
To guarantee a good user experience, we initiated our development process on Avalanche blockchain, in parallel with the Cardano development. Not only brings this more freedom to the users of the platform but also protects the ADAFi ecosystem from the childhood illnesses Cardano will have.
After researching multiple blockchains and networks, the team came to the overall conclusion that Avalanche has the right specs to work with. Not only from the business development side, where AVAX is booming lately and has a great growth margin ahead. From the development side, the Avalanche blockchain has the best financial dApp development papers from the whole industry.
Avalanche is a level 1 chain specifically designed to support and serve financial markets. The combination of both Avalanche and Cardano is the perfect marriage for a DeFi platform and is yet another reason why ADA Finance is positioned to be the #1 DeFi project of the year!
ADAFI IDO Moves to December
We originally planned to launch in November, but after consulting with the partners and launchpads to get the best result possible, there are a few hurdles to be taken. Community building and engagement are the two most important ones now. We are starting to release the 5 weeks backlog of business development milestone announcements over the next few days. Without flooding the community with announcements and updates, we are spreading out the news that builds up the momentum to our public sale in December.
The first step we took, was launching a 5000$ ADAFI airdrop. These tokens will be distributed on 31st December, equally spread between 100 participants who have the highest scores. The airdrop motivates the community growth, while the PR, partnership announcements, and business development milestones are being reached we are looking to convert this community growth into community engagement.
This week we launch our Go-To-Market strategy to bring ADA Finance to the world and the world to ADA Finance. This four-week strategy includes working with a trusted public relations firm to tell our story among top-tier media outlets while we continue to engage the community with updates and announcements.
We will be informing the community each week about strategic partnerships, and advisory engagements, in addition to our business development and technical updates.
On our road to the IDO Launch, the tier-1 influencer line-up will be announced. The influencers we engaged with have invested in the private sale and will support ADA Finance on YouTube, Twitter, and other channels.
Stay tuned for the latest updates and join our social channels to be involved with the community!