An update on the state of Meridian
Today we bring you an update on PreSaga’s progress and the current status of Meridian and our long term vision.
Starting with PreSaga, we have concluded and deployed our Rinkeby faucet for users who wish to try out the beta for our prediction markets Dapp.
Users can access it via the “Faucet” button on PreSaga’s page header or directly through the following link:
When pressing the “Fund me” button, Rinkeby ETH and Rinkeby LOCK will be sent to the inserted address.
We encourage everyone to test PreSaga and forward any feedback they deem relevant to our admins on Telegram.
As stated in our main chat a couple of days ago, “Due to reasons personal and professional @SandyBees is no longer a member of the Meridian admin team. Please do not message her for any requests or queries.”
At the same time, we’d like to welcome AJ, one of our oldest and most active community members, as her replacement. We’re confident he will be a tremendous asset for Meridian. His Telegram handle is @AjLockr.
Current outlook on Meridian’s future
As a community governed project, it is our duty to be transparent and open about our project’s funding and future plans.
As of January 2021, the Meridian Foundation wallet address holds 22,546 LOCK (4,800$ at the time of writing). As you know, this address represents the entirety of the funds held by Meridian.
PreSaga (and all it entails) ended up costing the Foundation between 50,000$ and 60,000$, which was entirely paid in LOCK. This amount was paid out from the Foundation address in batches, and ended up representing a little over 400,000 LOCK. This also represented the vast majority of the remainder of our funding.
As you know, a very large share of LOCK was also used to pay for staking rewards to our staking and liquidity staking participants.
These two events, along with our marketing expenses throughout the last 6 months, ended up consuming a considerably larger share of resources than we anticipated, due to LOCK’s token price decrease.
However, we’re proud to say we managed to complete PreSaga and will be able to collect the respective fees once it goes live on the Ethereum mainnet.
What this also means is that until PreSaga’s mainnet version collects enough fees to allow us to resume picking up our DAO proposals, Meridian won’t be able to engage in any paid marketing efforts, or, for that matter, any other activity that requires payment. We will effectively be waiting until the mainnet version collects enough fees from user participation.
What’s next for PreSaga?
With the launch of our recently developed Rinkeby faucet, and with the amount of bug feedback we’ve been getting from our testers, we estimate the testing/Rinkeby phase to last between 2 to 3 months at current rate. This includes not only testing but bug fixing as well, as part of our contract with the development agency.
Once we’re done with bug fixing and overall security verifications, we’ll proceed to deploy PreSaga to the Ethereum mainnet. At that point, PreSaga will begin collecting the above mentioned fees which will allow us to proceed to the next community approved Dapp.
In the meantime, make sure you try out PreSaga and let us know how you feel it could be improved!
The Meridian team