P2P Finance Update: Integrated feedback from industry peers, a partnership, and a new advisor
Good day, everyone! This is P2P Finance checking in. We have been busy and progressed along many dimensions moving the project inch by inch to its maturity.
Over the last two weeks, we talked to a lot of industry stakeholders, including but not limited to investors, advisors, smart contract and protocol developers, industry veterans, and potential users, and gathered feedback which we then took into consideration.
We digested all the comments and suggestions and will shortly be implementing the following updates.
P2P Finance website
Private sale subpage. After receiving many requests for more information, we’re deploying a private sale subpage on the website with in-depth tokenomics, and token sale information.
Roadmap. Removed social trading from the roadmap and took down oracle creation. On-chain social trading is a nice-to-have, hard-to-implement feature that would be developed only once the whole ecosystem is in place. In order to avoid backlash and manage expectations, social trading has been removed from the roadmap for the time being. The decentralized price feed is being provided by Charli3’s Oracle.
Team and Internal Resource Expansion
Team addition — Dominique Schoonbrood and Pedro Verdades. Dominique is the Lead Back-End Developer at Sanmax, a specialized web development company in Belgium. Dominique developed and managed the delivery of the KRC Genk website among many others. Pedro has graduated as postgraduate human resources and has experience as a content creator and business developer at AnimaTech. A great asset to the team to bring exposure through our social media and community channels.
Smart contract Developers. At the moment we’re cooperating with a developer team specializing in Haskell coding. The team is composed of 2 Computer Science PhDs and a couple of junior Haskell programming language developers with some blockchain-related coding experience already under their belt. We’re very confident in their ability to deliver results and follow the roadmap milestones in due time.
Unfortunately, we are not able to disclose the team and their identities at the moment. The competition for Haskell developers in the Cardano space is truly immense and this information is kept confidential.
The developer team has already successfully deployed Cardano Smart contracts to the testnet first and the mainnet during a very short period of time while the Alonzo update is live. Moreover, we are planning to open up and make Github repositories public by the end of this month, after the staking script is deployed in the simulation environment.
Advisor — Damon Zwarich. Damon is a marketing professional with previous work experiences in Mosaic Sales, Microsoft, and Charli3. He’s already started helping P2P Finance and advises the team on a weekly basis. Damon brings not only his personal competencies to the table but also his vast network of professionals, tech-savvy engineers. He’s very energetic and eager to take initiative which makes him a perfect fit for the marketing and business development advisor role.
Partnership with Charli3. P2P Finance has formed an official partnership with Charli3 in order to receive a decentralized price feed for Lending and Margin Trading on P2Pswap. By engaging with Charli3, P2P Finance is able to remove oracle development from the roadmap and focus completely on the core essence of the P2P Finance platform with an increased focus on direct utility and passive earnings opportunities for P2P token holders.
Besides the already mentioned aspects modified on the website, in the whitepaper we also made these changes:
Renewed token sale info.
- Introduced a vesting schedule instead of a lockup. After a rigorous consultation from a prominent advisor that we cannot yet disclose, the agreement was made to change the token distribution scheme from a 3-month lockup to a vesting schedule.
Previously private sale tokens were scheduled to be locked for 3 months followed by 100% release to market. Based on the current dynamics of crypto projects, this unlock could have led to fear from public sale participants.
The inevitable increase of the P2P circulating tends to initiate selling pressure on tokens before the unlock with a secondary wave of selling happening after the private sale tokens become available to early investors.
At all times we must protect the project and the P2P Token as it reflects the community sentiment and health of the project through price movement. Therefore, we are changing to a vesting period instead of a lockup period.
- Changed the public sale structure to 1 round. The updated plan states that P2P token sale will have only one round giving the opportunity to purchase P2P tokens at $0.16 apiece (instead of 2 rounds at $0.16 and $0.25, respectively)
- Reduced initial listing market cap to $360,000. Since the reduction of public sale rounds and removing the $0.25 price round, P2P sale contributors will be able to acquire more tokens for the same amount of investment. Public sale tokens will be released on a 10% per day basis resulting in a very small market cap at the time of initial listing of P2P tokens. The circulating supply/market cap correlation can be observed in the image below on a day-by-day basis.
The developer team will deliver a weekly update to the CTO every Wednesday. We plan to release an article every Friday, discussing those updates which will also contain a weekly recap from the business development.
1st ETA for running the code in a simulator for functionality testing is scheduled to be launched at the end of September. Based on the outcome of the testing, required modifications (if any) will be made and fully deployed for the test net followed by a Smart Contract audit.