AutoShark ecosystem updates & expansion plans
Hello Sharkies, the AS team has been working behind the scenes over the past month to bring an underwater metaverse to reality. That is still an item on our plates, and we are still actively working on it. We have also been constantly studying the ebb and flow of the cryptocurrency market over the past 1 month, and we share our thoughts with you:
1) Metaverse projects were some of the hottest topics 2 months ago, and now, “metaverse projects” are now simply seen as a buzzword/cashgrab. Obviously when we were planning our metaverse, we were aiming to create an environment that made it easy for a beginner to onboard into DEFI. We are apprehensive about launching our metaverse project in such an untimely climate, and hence are observing the best time for it.
2) Some of our largest competitors (with similar products) on BSC are experiencing the same downtrend as us in terms of price and TVL. This is inevitable as we see funds moving out of BSC into newer chains. So far only projects with BSC backing are having a better time with retaining TVL and token price.
3) The same amount of capital has been chasing more chains over the past few months. There is huge capital dilution into newer chains as big organisations build their own chain in an attempt to capture market share of funds in the decentralised world.
What does the above mean?
At this point, chasing the newest “shiniest” trend in the cryptocurrency world is rather pointless as some of these trends die pretty quickly. Market timing is hugely important, just because we have a capable team that is able to build and deliver products does not mean we will be able to capture huge market share. This is a lesson our Shark team has learnt, and is exemplified in some of the products we have launched. Hence, this time around, we are observing the markets for the best possible time for us to unleash our shiny new products to the greatest effect.
Instead of sitting idly and doing nothing while TVL leaks from our ecosystem, this time, our team wishes to be at the forefront of setting the trend. We recall a point in time in our shark history where our strongest fans have constantly prompted for us to move cross-chain (Polygon), and our answer to that request had always been a solid no. The largest reason for that: Fractionalization of funds. Funds being split across chains results in thinner liquidity across different chains. Most of you Sharks have been around in the cryptocurrency world for awhile, and you must be painfully aware by now of how most cryptocurrencies are hugely volatile due to lack of liquidity. For our team to move cross-chain would mean for us to encourage our users to fractionalize their funds into different chains, resulting in negative repurcussions for our project in all the chains that we operate in.
Passing fads coupled with funds being diluted into newer chains is a painful trend to observe, and most BSC projects are caught in such a conundrum. This then prompts the question, what’s next? — Our answer to that; to head cross-chain, and we explain this below.
Funds has been generally moving out of BSC. Stats from DefiLlama shows outflow and downtrending funds locked on BSC chain.
Swimming Cross-Chain
In a stroke of chance, the Nervos team approached us to share about their offerings. For the unitiated, the Nervos team has built a chain that functions as an ecosystem with multiple layers that provides a high degree of security, decentralization, and scalability. Their unique design allows for funds to move across chains seamlessly into their layer 2 — which is EVM compatible. This got our team excited again on the prospects of cross-chain, this time however, with a stronger conviction, as we are able to avert the problems pointed out above.
We are glad that the Nervos team is extending an official invitation for our team to start building on Nervos seeing that AutoShark is ranked as one of the top few BSC projects. We believe that being an early mover, we will be able to bring huge value to the Nervos ecosystem, seeing as we have diverse experiences in some of the products that we have built.
Cross-chain benefits
The Nervos team has promised to provide full support to our team in terms of marketing and partnership supports. On top of that, we will be awarded a liquidity grant to allow us to immediately hit the ground running.
Why move to Nervos?
Nervos has but just only launched. There is huge money chasing few projects, and some of the projects that have already launched into Nervos have already hit huge upside. With our battle-hardened experience, our Shark team is confident of building some of the top DAPPs on the Nervos chain.
The Nervos team has promised to provide full support (tier 1) to our team in terms of marketing and partnership supports.
Our plans
Here, we share a rough plan with you so you can understand how you can benefit and participate with our Shark team in building the future together. We intend to build the universal cross-chain platform on Nervos. From the get go, we will be building an yield optimizer on Nervos network via launchpad-ing off YokaiSwap. With all the friends and partners we have made in BSC, we have the intention to bridge most of these projects over into Nervos to build an entire oceanic ecosystem that continuously builds value for all those that seek to invest and place their trust in us.
We will be sharing more information on the technical implementation and tokenomics in a future, more detailed article as our team makes preparations to move cross-chain.
How you stand to benefit?
We will be launching a new token on Nervos and we will make sure the AutoShark BSC holders will financially benefit through this launch. As long-time and huge supporters of AutoShark, we will not let you be left out!
We will financially incentivize holders of AutoShark ecosystem through 2 main avenues:
1) Airdrops of the new tokens to AutoShark community that can be now done cross-chain because of how Nervos Bridge was built.
2) On top of that, because Nervos is high interopable, we will be setting up FINS and JAWS pool or farm over at Nervos. This will boost the APY of existing BSC farms because users will migrate their FINS/JAWS over to Nervos for staking.
Both of these should lead to increase in our native token prices which will help us lock in more TVL and consequently, trading volume on our BSC AutoShark platform!
So yes, do make sure you hold tight to your FINS, JAWS & ATLAS tokens if you want to benefit from this cross chain initiative. Or if you haven’t done so, make sure to get yourself some!
Details on these will be released at a later date as we finalized the tokenomics.
What’s next
The AutoShark team will be running a close-knit voice chat AMA session before our launch at Nervos to answer any queries that all of you may have. Feel free to tag @ autogreatwhite with some of these questions before the AMA so that we can prepare our answers for you, and set the tone for the AMA!
Our AutoShark BSC arm will still go on as usual, with focus on launchpads being the priority as we scale across to other chains to get in more TVL and users.
— From Megalodon and Team
