Hi all,
I’m writing to update you, the community, on $SLN and Smart Layer progress in the 6 months since our February TGE and to outline our strategy for the year ahead.
To start with, I would like to address the token price and the de-listing by OKX.
We are obviously very disappointed.
OKX listing us but restricting $SLN from trading in most major crypto markets had a significant impact on price trajectory.
The inability to build market support for the token has seen us underperform the market and other altcoins.
Despite a steady stream of very positive developments around ecosystem growth, tech adoption, and flagship partnerships, we have been unable to bring in new investors because the token was simply too hard to acquire on our most public exchange partner.
The delisting has contributed to the under-performance relative to the altcoin market.
But it is not the only factor.
We have to do better on the narrative and communication of our technology USP, and that is addressed in some detail below.
Time To Rebuild
We are now focused ahead on rebuilding. There is no shortcut to this process, but we are fully committed to it.
There are 4 primary drivers for reclaiming a +$200m FDV Market Cap over the next 12 months, and these are:
- Ecosystem and technology adoption
- Cut through for our tApps narrative
- Listing on Binance and Bithumb
- Crypto macro turning bullish for altcoins
Ecosystem And Technology Adoption
In the past 6 months, we have achieved very significant and accelerated growth in the building out of our ecosystem and the adoption of Smart Layer tech by flagship partners.
Partner projects using ERC-5169 + TokenScript to create tApps ( Tokens as Apps ) include the following:
- Redbrick Land, a major web2 game developer in South Korea with millions of players, has used Smart Layer tech to launch 10k game achievement tokens → here.
- Klaytn Foundation, a major South Korean blockchain (to be renamed Kaia), launched 7 Dragons using Smart Layer tech with 77k tokens as passports to their ecosystem → here.
- Mint Blockchain, an NFT-focused blockchain targeting Asian NFT creators, has created a smart token collection of 50k Mint Cats using Smart Layer tech → here.
- Baby Shark Universe global IP is coming to Smart Layer in a game + experience universe connected via an unlimited PFP collection powered by Smart Layer → here.
- MOOAR NFT Marketplace has fully integrated TokenScript and is introducing native gameplay to an NFT marketplace for the first time with Smart Layer → here.
- Degen Distillery is bringing RWA to the alcohol industry in partnership with Brew Dog and has partnered with Smart Layer to onboard web2 users at scale to $DRINK.
- SEI Blockchain has agreed to a partnership that will launch in September to bring mini-games to SEI using smart layer tech and launchpad
- Polygon Games and NFT have agreed on a partnership to launch a series of mini-games that can be played on Telegram, Discord and Farcaster using Smart Layer tech.
All of the above projects and partnerships involve Smart Layer receiving grants or payments via tokens or cash for development work or to launch the project via Launchpad, securing a growing stream of revenue to fund Smart Layer operations.
In addition to these partnerships, we have dramatically expanded our ecosystem through over a dozen wallet integrations and other points of distribution or integration.
You can see our full Ecosystem Map here.
Our network growth continues to accelerate. Since the TGE in February, we have recorded:
- 27.8m network connections ✅
- 305.7k wallets connected ✅
- 137k tokens issued ✅
New Narrative… tApps (Tokens as Apps)
Narrative has been an Achilles heel for Smart Layer, and we have found it consistently difficult to meet the prevailing market meta.
Our new narrative is based on tApps > Tokens as Apps as a solution to the crypto problem of too few consumer apps. tApps are a new type of token that incorporates app-like utility. They are a category-shaping solution for Crypto.
Tokens to date have mainly focused on ownership without being interactive.
Solana’s Blinks and the EVM’s OKContract bring interactions to dApps, allowing users to interact with smart contracts and transact directly on a webpage (e.g. stake, buy, sell, or transfer by simply clicking a button).
tApps unlock app-like functionality within tokens themselves. They unlock the full gamut of read, write, and own by enabling tokens to carry frontends and become experiences. tApps can be distributed in any channel: wallets, websites, social media, marketplaces, and platforms.
All of the partnerships we have launched in the past 6 months demonstrate the power of tApps as a category-shaping solution for Crypto.
Listing $SLN On Binance And Bithumb
There is no shortcut to getting listed on the key exchanges we want to be listed on.
Nevertheless, we remain committed to building confidence with Binance and Bithumb in our team, our vision, and the progress we are making on a category-shaping solution for Crypto.
We have never been further advanced in our technology and product-market fit. Over the coming 12 months, we will ensure our progress and ability to deliver are understood despite the setbacks we have encountered in the past few months.
Listing on Binance and Bithumb are not outcomes we can control, but we will do everything in our power to deliver this result in time to capture the full impact of the bull run.
We remain listed on 10 global exchanges, including KuCoin, Gate.io and Crypto.com.
Crypto Macro Turning Bullish For Altcoins
We share our investors' frustration as we approach what may be a historic bull run. But we do believe there is the time and, most importantly, the product momentum to turn this around and ensure material value capture through $SLN.
If you want to know what you can do to help us over the coming weeks, there are 3 things we would welcome your support on:
- Talk about tApps, the projects and the tech we are delivering
- Help us find 3rd parties to talk about tApps, the projects and the tech we are delivering
- Connect us with partners who want to build tApps
All the best,
Victor
