Major Update on the PAPA DAO Project
It’s time to announce the next direction for PAPA DAO and the work we’ve been doing over the past month since we decided to halt the Olympus DAO forked project and redistribute the treasury to our loyal holders.
In between helping people add MIM to their Metamask, we’ve been working on something very big… we actually have multiple major updates, which we’re excited to release over the next few days!
The Background on the Update
In our mission to develop PAPA into a metaverse utility token, we identified that an Olympus Fork is going to have a lot of issues, but we persisted for some time. Staking and APY rewards were one issue, but there’s also the speed of transactions, gas fees, front running and other issues in the ecosystem. This is not to mention the smart contract limitations. We scoped out some potential changes within the existing infrastructure, but eventually it was decided that we can take a better path.
We have a strong partnership with SnapEx Ventures, good access to capital and we are constantly growing our team and extending our development expertise. If we are serious about the metaverse and want to attract Triple AAA game developers to our platform, it needs to actually be a platform.
The big game companies we’ve spoken to want to own the token of their ecosystem. Trying to create a singular token that can be commoditized and used across multiple companies, games and platforms is a bold objective, but one that we don’t expect to ever be fulfilled. The space is simply too competitive to permit the sharing of assets with a common currency. However, we expect that all of these game developers are going to need to run their projects on existing blockchain infrastructure.
When the market turned South in late-January, it presented the perfect opportunity to move forward with the decision to scrap the limited-functionality OHM-fork contracts, return the capital in the treasury to holders, and start development on PAPA Chain.
Existing infrastructure is not optimised for metaverse and game development, having issues with slow block times, scaling and storage. This is where we have identified multiple opportunities for improvement and optimization.
Introducing PAPA Chain
We expect PAPA Chain to be the first EVM-compatible blockchain built with the metaverse and gaming applications in mind. A third generation blockchain platform designed for building fast, scalable, distributed metaverse applications with options for low fee and feeless transactions.
The chain will be a scalable solution for Solidity-based applications with the intent of revolutionizing the game and metaverse landscape. Unlike other scalable EVMs, PAPA Chain won’t just be a hard fork of the original Go Ethereum code. It will be an entirely new EVM, redesigned from the ground up and offering performance benefits targeted at GameFi developers.
Well-documented and designed with VR, AR and game makers in mind, PAPA Chain will power the game and metaverse economy of the future, ignited with the highest metaverse potential of any network currently available. To ensure first mover advantages, we won’t explain the technical solutions in more detail at this point, but we believe we have the solution that game companies need.
We aim to build a decentralized network, operated by visionaries, creators and technologists alike. However, this isn’t a network that will be built overnight…
What’s the Timeline?
We’re expecting a longer timeframe for this project, because of it’s massive scale and complexity. When PAPA Chain releases, we’ll give past PAPA DAO holders a front-row ticket to the action with a whitelist position.
At this stage we’re expecting to produce major updates on the development of the project in late 2022.
Okay, I know, that’s far away!
Most crypto investors are looking for something to invest in today or tomorrow, which is why we’re also working on another project, for immediate launch and we’re in discussions with one of the biggest names in DeFi. To be clear, if this goes ahead, it will be a fun project and one that we expect to become the industry leader on Avalanche.
We’re hoping to have further announcements regarding this opportunity within the next couple of days — It is an investment opportunity, featuring a completely new token.
And we also have PAPA NFT being released soon too. Stay tuned for all of these exciting announcements on Twitter and Discord!