Revised Desmos Plan
Last month, we have completed our Round-2 private sale. We have successfully raised $2.69 million. Apollo testnet, which is planned as the final testnet before mainnet beta, has received incredible responses from over 150 participants. Thank you for your support!
New mainnet target launch time: August 2021
After we have reviewed our own progress and the development of the Cosmos ecosystem, we have revised our development and launch plan to make sure Desmos can have a more successful launch to make greater impacts. Our revised mainnet launch time is August 2021. Instead of a mainnet beta with restrictions on some functionalities as previously suggested, we hope this will be a mainnet. Below is the explanation for this revised plan.
Desmos Profiles, IBC & Security Audit
Since Apollo started, we are testing the features of Desmos Profiles. Our objective is to extend them to include IBC in a way that will allow everyone to link their Desmos Profiles with other chains and existing social networks.
In order to make them reliable and safe to use, we cannot only rely on Apollo for testing. We have also discovered a vulnerability lately. As a result, we are seriously considering to bring forward the security audit which will be performed by a reputable third-party firm.
Potential of Gravity DEX
Gravity DEX, which is positioned as the most advanced interchain DEX, has just completed its testnet competition. The competition has received over 20K applications. We believe this will be a game changer to advance Cosmos to the next level. We predict Gravity Dex will be ready by August. If Desmos mainnet launch time is near that of Gravity DEX, this will provide a seamless interchain experience for DSM hodlers. We may also leverage the strong user base of Keplr Wallet.
Potential of CEX
We also need to consider listing on CEX as this is an effective way to expand our reach to more audience outside of Cosmos ecosystem. We may need more time to discuss with potential CEX so that the rights and benefits of DSM hodlers are optimized. While we cannot promise this will happen before mainnet, we will try our best to make the best decision.
Forbole X and Big Dipper 2.0
We are developing Forbole X, a full service wallet and cryptos management tool. We guess this will be the first wallet to support DSM. While we are confident we can deliver Forbole X according to our original timeline, we are also confident to improve its user experience if we have more time to work on that. Furthermore, we also need more time to educate DSM hodlers as some them are not quite crypto savvy. We hope Forbole X can perform as an educator.
We have soft launched Big Dipper 2.0 through the Apollo testnet of Desmos. Big Dipper 2.0 is positioned as the block explorer for the interchain. There are still a lot of bug-fixing and improvement works which needed to be done. After that, we will gradually introduce Big Dipper 2.0 to other blockchains.
Both Forbole X and Big Dipper 2.0 will have social network features supported by Desmos. If we have more time to improve Forbole X and Big Dipper 2.0, they will be able to convert their own user base to Desmos.
Reorganizing Forbole
Forbole as a team is also upgrading. We call it Forbole 2.0 internally. One of the major moves will be spinning off its portfolio management to become a stage-agnostic investment vehicle: Forbole Venture (temporary name). A portion of its portfolio will be used to invest in early stage crypto projects which will integrate with Desmos. We believe this will help to boost up Desmos’ own ecosystem. Another major move will be reorganizing our team. More team members will become fully dedicated to Desmos. We need more time to make these changes happen.
Fighting sybil behaviours
Also, we have noticed a large scale sybil behaviour in our previous validator programs. To protect the interest of the genuine and engaging community members, we will spend a lot of effort to fight this malicious behaviour.
What does this mean for our community?
i) To validators:
This means Apollo testnet will be extended. As validators are doing real contributions, we will consider to provide rewards to them. But at the moment we will not make any promise. This arrangement will help us to spot the potential validators who we should work closely with. With the extended period, we can have a better assessment to design our delegation plan after mainnet has launched. So you are strongly encouraged to keep participating Apollo.
ii) To DSM hodlers:
We will commence counting the lock-up period right after the mainnet is launched. So the delay of mainnet launch also means the time to start lock-up period will also be delayed. But you will have more time to learn how to use Forbole X to manage your DSM.
iii) To all others who are considering to join Desmos:
You can join Apollo as validators. This will definitely help you to earn a seat as our mainnet validators.
As we have more time to launch mainnet, we may have one more round of private sale before community event. If you are interested, please stay tuned :)
