Next Move for Algebra
Not so long ago, we started a long-term partnership with the one and only QuickSwap, built on Polygon. It is now official that we have no rival competitors when it comes to the efficiency of technologies we provide — we made an excellent code that has received high scores from the community, other projects, and many professionals in the DeFi field so far.
However, building a decentralized exchange during these times turns out to be a very resource-consuming process that may not live up to expectations. It requires great marketing, cost-effective media coverage, multiple partnerships, a decent amount of TVL, and so on. Other networks, which might have worked for our project as a DEX, already have major decentralized exchanges, consuming all the volume on the market, thus leaving no chances for new platforms to grow and develop. These conditions create the same old problems we faced while developing on Polygon: we do not have the required financial and time resources to build our own decentralized exchange properly.
With that being said, the above resources can be found in QuickSwap — the DEX, which will soon upgrade to V3 thanks to the concentrated liquidity technology, as well as the adaptive fees model, we are currently working on. As the representatives of QS say, it is “the most significant upgrade” of the platform, and we could not agree more. Basically, that is the reason we started implementing our solutions to another project, and that is how the brand-new option for development of Algebra has been created. Everything we’ve been lacking all along can be obtained through strategic partnerships that benefit all parties.
New Possibilities Arriving
Algebra Team is now focused on turning the project into something fresh. The Algebra Protocol, we may say. With our outstanding technologies, we can provide multiple projects across different blockchains with the best crypto solutions for their community, reforming the DeFi sphere as you know it. It’s a win-win for all the sides:
- Our community will share part of all dev fees, coming from the transactions on the platforms we will work with, with the upcoming staking program;
- Our partners will increase their efficiency and gain more community members thanks to the innovations we provide;
- We will get all the resources for a further development of Algebra, as well as a stable place in DeFi as a protocol.
This way, we will be able to use the existing communities of decentralized exchanges we’ll work with, as well as their resources, without losing anything. So, introducing Algebra Protocol, we’ll widen our possibilities a lot.
Our community can always reconsider the further development of Algebra by voting, and coming up with the options that we can consider in the future.
At this point, we would like to ask for your advice:
Do you support the idea of switching from the concept of Algebra as a DEX to the concept of the Algebra Protocol, which can be used by other decentralized exchanges on other blockchains in order to rise the efficiency of all parties involved?
The snapshot will take place on August 15th, Monday, at 3 PM UTC. The vote will start immediately after that.
In order to vote, you need to have your ALGB tokens being staked. That means, that voting will require xALGB, generated before the snapshot — make sure you entered our staking in advance, so as not to miss out this opportunity.
Eligible xALGB holders will have 3 days to cast their votes.
Start date: Aug 15, 2022, 3 PM UTC
End date: Aug 18, 2022, 3 PM UTC
How to Participate in the Vote
1. Visit https://snapshot.org/#/cryptoalgebra.eth after the snapshot on Monday, August 15th;
2. Connect your wallet. Make sure you’re connected to the Matic Mainnet.
The weight of xALGB in your wallet at the time of the snapshot will dictate the weight of your vote;
3. Select the open proposal, titled “Next Move for Algebra”;
4. Click on the option you prefer;
5. Confirm your selection in your wallet.
Dear Algebraists, thank you for staying with us. In spite of the decision you will make, we are eager to know what you think about that, and we will keep the good work for you all. Share your opinions in our social media, and we’ll keep moving together on this crypto journey.