New Product & Q4 Roadmap Adjustment — Ensuring LatteSwap’s Fit for the Future
Dear Baristas,
Time flies. One sip of Latte and we are already half-way through Q4. Our dev team has been working hard developing new features for LatteSwap, and we believe now is a good time to update the community on our progress and some adjustments we are making to the roadmap. There are two items we’d like discuss in the article today:
- Addition of LatteSwap’s Lottery feature: Keopi Game (Not originally included in the roadmap)
- Prioritization of LatteSwap’s Stablecoin feature
#1: Addition of LatteSwap’s Lottery Feature: Keopi Game 🦑
We believe the major features outlined in our roadmap will kickstart the next stage of growth for LatteSwap. However, they do take a longer development time to be ready. To ensure that LatteSwap can sustain and grow its user base, activities, and token price, we need new smaller features while we work on bigger stuff in parallel. After some internal discussions, we decided to launch our very own Lottery feature inspired by the all-time Netflix hit series, Squid Game!
The feature is ready and the inaugural Keopi Game will be held on Thursday November 18th — 4AM UTC. Read on for details.
▶ What is LatteSwap’s Keopi Game?
LatteSwap’s Keopi Game is our version of a Lottery game. It will provide our users with a new, fun, and exciting way to earn and at the same time will add another source of revenue to our token burn program. Our Keopi Game participants will be able to earn up to 80% of the total reward pool while the remaining 20% of the proceeds will be burned.
Interesting! How do I participate in LatteSwap’s Keopi Game?
To participate in our Keopi Game, simply follow the steps below:
Step 1: Purchase Participation Pass
You will need a participation pass to participate in the game. The price for the pass will be equivalent to $5 in LATTE tokens. (We will take a snapshot of LATTE’s current market price to determine entry amount for each round.) Of course, you can buy as many passes as you want to increase your chance of winning. Passes purchased are only valid for that game. The game will be held three times a day at 04:00, 12:00, and 20:00 UTC.
Step 2: Reveal your fate
Each game consists of six rounds, with each round lasting 30 minutes. Before each round ends, you must check your fate to see whether you have been eliminated or have survived the round. Your fate will be determined at random based on Chainlink’s VRF function. If you fail to check your fate before the round ends, you will automatically be eliminated. So, make sure to grab a cup of latte and don’t doze off!
Step 3: Vote to Stop or Continue
If you survive the round, you, along with other survivors will be asked to vote whether to continue to the next round or end the game. If the majority votes to stop, the game will end. Otherwise, all survivors will proceed to the next round.
Step 4: Claim your prize
Once the game ends, winners can claim their prizes directly on the Keopi Game page. If there are more than one winners, the prizes will be split equally among them. The winners who survive until the end of the 6th round will also receive an exclusive Booster NFT as an added bonus.
▶There was only one survivor in original Squid Game! What are my chances of survival in LatteSwap’s version of the game? 🤔
Below is a table summarizing your survival chance and the rewards payout for each round. As you go through each round, your chance at survival becomes slimmer and slimmer. At the same time, the prize pool for the winner also becomes bigger every round. Note that locked rewards will be rolled over to the next game. The maximum rewards that can be earned from the prize pool is 90% and at least 10% of the rewards pool will be rolled over. Do note that if you decide you continue and survive Round 6, you will also receive our highly exclusive Keopi Game Booster NFT, Keopi Guard, which provides a 25% boost on all LP pools (1,000 Max Energy)! Hence, think carefully before you cast your vote!
▶ To show appreciation to our community, the LatteSwap team will be allocating 500,000 $LATTE (~$100,000) from our own pocket to seed the prize pool. 🍾 🎊 🎉
500,000 $LATTE will be added to the prize pool, distributed across 21 games taking place in the first week. The allocation will be as follow:
LatteSwap’s Keopi Game is scheduled to release on Thursday, 18th November, 2021, 4AM UTC.
#2: Prioritization of LatteSwap’s Stablecoin
Although it has been only about two months since LatteSwap launched in September, the market landscape has shifted significantly. To ensure LatteSwap can remain competitive in the swiftly shifting market landscape and an increasingly intense competition, the team has decided to re-visit the roadmap we originally released and has made a decision to re-prioritize our dev efforts on some key features. The re-prioritization is as follows:
- 🔼 Prioritization of LatteSwap’s Stablecoin (Q4 2021)
- 🔻 De-prioritization of Stableswap AMM (Q1 2022)
- 🔻 De-prioritization of Governance (Q1 2022)
- 🔻 De-prioritization of NFT Marketplace (Q1 2022)
Why prioritize Stablecoin? 🤔
As mentioned in the previous roadmap article, one of the key focus areas for LatteSwap for Q4 this year would be to grow our user base. Since then, we’ve conducted over 6 AMAs, got listed on 2 CEXes, and launched DripBar partnerships with 6 projects. These efforts have resulted in constant and noticeable growth, albeit not exponential.
To take our growth to the next level, we have to pull our biggest lever: releasing a new and unique feature. However, the features originally planned for Q4 may no longer suit the current market situation for LatteSwap:
- Stableswap AMM is great, however there are existing solutions out there and the launch of stable swap AMM might only yield marginal benefits in the short term.
- Governance is best implemented when a protocol is mature, as its value derives from being able to vote in key decisions and parameters for the protocol. With LatteSwap’s current situation, implementing governance right now may be a bit too early.
- The NFT market is getting increasingly competitive, with many DeFi platforms launching their own marketplaces. We are also in a bit of an NFT bear market at the moment. With those two factors in play, spending our dev efforts to release an NFT Marketplace right now may not yield the growth we are seeking.
Given the evaluation we’ve made above, the team has decided that we will focus our dev efforts mainly on Stablecoin despite it being the most complex to develop. Our decision to do so is supported by three key reasons:
- The Stablecoin feature will significantly improve our users’ capital efficiency, leading to the growth of our user base, especially when we are in a bull market where investors/traders are looking for leverage and maximizing their capital efficiency.
- The Stablecoin feature will add another significant source of revenue (interest rate, etc.) to in increase $LATTE burn and acts as another deflationary mechanism.
- Increase protocol’s TVL as we will accept various assets as collateral to mint our Stablecoin.
- The Stablecoin feature will indirectly uplift the value of developing/implementing Governance, a Stableswap AMM, and an NFT Marketplace as a result of the user base expansion.
As a parting note for today, I’d like to let all Baristas know that our team is working tirelessly and we’re confident that we’ll be able to release our Stablecoin module in Q4 this year. In a couple of weeks, we will make another announcement, detailing how we will go about implementing our Stablecoin and its unique qualities. In the meantime, please stay tuned!
