Galleon Structured Products Depreciation & Looking Forward
As we know, 2022 created strong headwinds even for well-capitalised projects within the crypto space with a series of industry calamities. Galleon had no exposure to any of these events, such as FTX, and we continued to operate as normal throughout the year.
However, the industry squeeze has been felt internally and it is with a lot of sadness that today the core contributing team announce the depreciation of our current Set Protocol based structured products as we look to reinvent Galleon, consolidate and find a new path to success — whether through a technology stack change or a refocus on the niche we fill.
Why?
- Ceased development on Set Protocol, our primary infrastructure partner. Galleon was founded as an ecosystem project of Set and whilst we created an endorsed fork of the protocol, we will not have the resources to continue evolving it independently.
- Due to the recent loss of engineering talent within Galleon to adequately build and maintain Set based products, it would be careless to operate financial products without the resources to do so.
- Well-capitalised competition and the fast evolution of on-chain product strategies whilst the crypto market remains relatively flat in size means Galleon fights for a smaller share of the same size pie with less runway and resources to innovate.
Galleon shifted strategies multiple times to adapt to the environment and this is the reason why the DAO has been so resilient since its inception in February 2022. Today marks the first major restructuring and refocus of the organisation whilst acknowledging any negative sentiment that may come as a response. With that said, It is key to understand that Galleon is not disappearing, nor is the core team disbanding, we just cannot be ignorant or deceptive about our current capabilities given the sector we operate in and always want to act in good faith, transparently. The core team will still be developing and fully supporting our Cursed Pirates NFT collection roadmap, with all its Doubloon initiatives intact.
What does this mean?
— All structured products will be depreciated from March 1st and maintained until June 1st:
- ETH Max Yield Index (ETHMAXY)
- Basis Yield ETH (BYE)
- ETH Dynamic Leverage Index (ETH-X) — deployed but not announced
— Products can be redeemed via the app.galleon.community dapp till June 1st — past this date, direct redemptions via the contracts on Etherscan can be utilised.
— Galleon, the organisation represented via governance token, Doubloon (DBL), has no changes, the DAO will continue as it seeks to reinvent itself alongside existing non-structured product initiatives, such as Cursed Pirates (NFT).
— There will be no changes to DBL-WETH liquidity currently provisioned on Uniswap (Arbitrum)
— The core contributing team will continue to build Cursed Pirates and related content for launch whilst identifying a new technology stack that can facilitate the products we want to develop, or a new niche altogether.
— Cursed DAO to still operate as a Sub DAO of Galleon with the following dynamic
- Galleon governance determines the funding injected into the Cursed Pirates whilst having an initial allocation into the collection.
- Cursed DAO governs all aspects of the collection, treasury management and development direction.
— Restructuring of the Galleon Discord in line with this shift in direction.
— Changes to the project website (galleon.community) to communicate these changes going forward.
We have had an overwhelming amount of support the past year from new crypto participants all the way to some of the largest influencers and backers in the space and hope the motivations behind this announcement communicate well to the community. We will continue to operate and build for Galleon, with this new chapter focused on open participation, sustainability via revenue, sound tokenomics and continuing to create a strong, high-integrity brand that we believe Galleon represents as a DAO.
We sail on and hope to still see you on deck.
Davy Jones
