HederaStarter: August Update
Howdy everyone! The team here hopes everyone is having an interesting Bear Market of ’22 so far! There's been some news floating around and general lack of information (from our end) about the state of HederaStarter.
Beginning with the question of: “Is HS a Rugpull?”, short answer: No, long answer: No. We’ve been radio silent following the INFTO because there is really nothing that we can do from our perspective. Certainly we could’ve continued producing YouTube videos and being much more active on Discord and other channels but from our point of view it was better for us to instead focus on developing and improving the team behind HS as much as possible during this market down turn.
Though everyone knows that we came onto the Hedera scene around February of ’22 we’ve all been in the industry for quite some time, with a majority of that time being in the launchpad and incubator scene. With that being said we’ve been focused on rewinding the clock back to 2020 during the crash which practically started the bull run which ended around November ’21.
This means that the entire BD and research team has been slowly working our way through all of the research and information we’ve saved since the bottoming out of the market in March of ’20. We do this with the sole purpose of learning and improving our skills, as a launchpad we’re very much B2B2C and so that means we need to be aware of trend, how they formed and where their taking us so that when the bull market eventually comes back (and who knows when that will be) the entire team here at HS will be ready and well equipped to support the many different projects that will be coming the way of Hedera and looking for a unique ecosystem to deploy on.
On the technical side we’re sure everyone is aware of the team’s original intention to launch on BSC, to which we were met with a fair amount of feedback. We had an audited and ready to deploy product but decided to shelve it at the behest of the wider Hedera community and instead focus on launching purely onto Hedera.
This delayed and has continued to delay the ability for us to deploy our product. Our developers have continued to work very closely with the Hedera folks to keep pressing their stack to the point where we can launch our product with all of the necessary requirements. Its just as it currently stands, and has stood for quite some time, we are technically unable to deploy the working Hedera dApp until Hedera mainnet has all of the features of a Hyperledger Besu EVM in place. And until that time we’d simply be wasting everyone’s time running our gums waiting for incremental bits of code to be ready.
Regarding Metastable and Tangent Finance they’re both independent teams from the HS folks and they have to grapple with realities of a bear market. We can’t force them to launch let alone to keep working on their products if their teams are unable to due to whatever extenuating circumstances. This is just an unfortunate fact of the bear market and we just don’t have the resources to support those projects.
The discussion of those two projects brings us onto another reality of life for running and launchpad: in a bear market everyone is significantly more cautious to launch, the capital needed to launch projects also increases and quality projects are harder to come by. When our BD team speaks to prospective projects that they’re able to meet with or get a lead into, nearly all of them are looking to launch on chains that still look like they’re flush with cash. The current fad is Ethereum L2s, the Near/Aurora folks are still getting some traction and Polygon (assuming you didn’t count that as a Ethereum L2).
What this means is that, since all of these projects are very much strapped for cash, they’re only looking at the most popular chains on the market as venues to launch. With that also comes all of the additional capital (VCs/Funds etc) that are also only looking at those chains as they know they have market share. Its more risky for products to launch on smaller chains that don’t really have the institutional pull hence why it’s been difficult from our end to find teams who would even consider launching on smart contract platforms outside the top 10–15.
We’re not intending the above to speak ill of the amazing folks at the Foundation or any other Hedera associated entities, its just the reality of the situation from our point of view. Our BD folks are constantly looking through projects and teams looking to launch on all of the major chains, trying to generate leads and so on but its been a rather rough going for trying to attract quality projects to launch, let alone on Hedera. That is our goal ultimately to use HS as a vehicle for bringing quality projects to Hedera but that means we aren’t going to be able to constantly launch projects (especially since our dApp isn’t finished/can’t operate). We're not going to use HS to launch low-quality likely spam projects and this is quite noticeable in a bear market as that means we have might go for a period of time with no launches or lose some folks (cc: Metastable).
TLDR;
We’re actually still here but rather silent as we’re tied up either in researching, working (our devs) to get Hedera to a state upon which we can actually launch our dApp, or trying to generate leads and see where all of the quality projects and teams are wanting to launch and how we can persuade them to launch on Hedera. All of our seed and private investors who supported us with the funding necessary to ensure we can survive through to 2025 and beyond are well aware of our struggles and the markets struggles. They are on the same page as the HS team in understanding that the focus now is to improve ourselves as a team and be as prepared as possible for when the market begins to pickup so we can fulfill our purpose of launching quality projects.
We’ll continue providing monthly updates as to what is happening behind the scenes at HS (hopefully with a working dApp!) but rest assured we’re not a rugpull its just that the market for a launchpad is just a tad bit rough at the moment and just as the market hit a rough patch in 2020 and bounced back we have complete faith that crypto will bounce back following this cooling down.
We’re merely asking for patience until that bounce back does happen.
Follow HStarter’s social media channels to stay up to date with the latest news:
- Website: https://hstarter.com/
- Telegram Announcements: https://t.me/HStarterAnnouncements
- Telegram Community: https://t.me/HStarterCommunity
- Twitter: https://twitter.com/HStarterio
- Discord: https://discord.com/invite/hstarter
- Youtube: https://tinyurl.com/HederaYT
- Medium: https://medium.com/hedera-blog
