As promised last week, the former Oyster team is proud to introduce Opacity — our new project name. Many of you are familiar with Opacity as you may have utilized it to interact with and access files on the Oyster Protocol in the past.
For anyone active in our community, Opacity has quickly established itself as a tool to effortlessly share files uploaded through Oyster. After coming to an agreement, the projects will move forward together under that name. We believe Opacity is a great step as we close our Oyster chapter and continue our mission to bring anonymized and decentralized data storage to all.
Opacity means you are in control over who sees your data. Keep your file handle private, and you are the only one able to access that file. Selectively share it with friends, or whole communities, to make files accessible to whatever audience you like.
- Ticker: OPQ
- Token Supply: 130M
- Fork Details: 1 OPQ provided for all wallets holding 1 PRL as of Block #6607247. The fork will be executed by end of day Friday (11/9)
While we believe Opacity is a great brand for what our platform ultimately does, our team was to operate with as little opacity as possible moving forward and be completely transparent with the community to rebuild trust and continue marching forward. This will mean more team visibility, more community involvement and, most important, regular updates in regards to budgeting and financial health
In an effort to provide the community with additional transparency and foster further trust in light of the events of last week, we have decided to make an effort to provide full details of our cash burn to help everyone understand where we are spending funds
This includes all of our operational expenses not related to headcount. This includes:
- Hosting Expense
- Third-Party Software Expense
- Rent Expense
- General Business Supplies
- Legal Fees
- Professional Fees
- Marketing/PR Fees
- Exchange-Related Fees
As you can see, this cost trended in the low $20k range in August and September. This cost was reduced significantly in October as we drastically reduced our AWS cost as we ended duplicative/redundant hosting instances. This cost base should continue to be in the low $10k range moving forward.
This includes all headcount-related costs. The Opacity team headcount is broken out as such:
- Management: 3
- Engineering/R&D: 9
- Product/Marketing: 1
- Community Management: 4
In November and December, the management team will be taking no salary. The rest of the team will either be taking no or significantly reduced salaries through the end of the year. At this time, we will re-evaluate the project’s financial situation and re-evaluate the expense situation at that point in time.
Use of Proceeds from OPQ Fork
As mentioned above, the token supply for OPQ will be 130 million. The total supply of PRL at the time of the snapshot was approximately ~103 million. The additional tokens will be utilized as follows:
- Operations/Salaries: 20 million OPQ
- Current/Future Employee Token Grants: 5 million OPQ (vesting over 12–18 months)
- Additional Token Reserve: 2 million OPQ
After executing the fork of PRL, the team plans to continue doing what we have always done: build. While this situation has forced a temporary slow-down on the development front, we plan to pick-up where we left off and start immediately.
In terms of the exchanges we are listing on, trading was paused at our request on PRL and SHL pairings on 10/29. We are in active discussions with each exchange and will be providing additional details around re-listing initiatives as they become available. Our goal is to bring liquidity back to our community as soon as possible.
In term of SHL, we are being advised to avoid combining PRL and SHL into one token for legal reasons. As such, we will be doing a fork on SHL to a new token once this initial fork has been completed. More details to come soon.