For the largest part, OpenPredict has been and remains self-funded.
Despite having immense demand, we opted to proceed with a well-distributed sale at a small valuation for the sake of immense upside for the community.
In the spirit of DeFi, we deemed it reasonable to let our project kick off with a minor figure and then let the market actors decide the valuation. This also aligns with our own belief that reliance on self-capital and having tokens as the primary incentive for team performance is cause for rapid delivery, creativity, and a focus on the long term.
Similar to almost every other protocol in this space, our roadmap does not require expensive licenses, coverage of lawyers, a bloated team, or fancy offices.
All the resources needed for the creation of this protocol, like almost every other protocol, are entirely in the hands of the team. Yet, almost no one in our team takes a salary.
From the content creator and graphic designer to the UI lead, reliance on savings is the norm in our team, and thus the team itself is a primary investor in the project even in terms of capital (and not just labor). We do so because this ensures that we seek a strong token just as much as our community.
A Qualified Airdrop
DeFi projects have used various forms of distribution, but they all revolve around some form of airdrop. The purpose behind this is seeding a strong community.
We opted for a route that prioritized community quality over anything else.
By severely reducing the valuation of the development during the Strong Holder Offering, we were able to attract interest from talented, dedicated community members. The model sought not wealthy stablecoin depositors, as is the norm with yield farming, but instead prioritized the personality and merits of the to-be holders.
Allocations, with low caps, were awarded to individuals who have:
- shown considerable value-add for blockchain projects
- been active liquidity providers on AMMs
- have a proven track record of being long-term holders
We deem this as a qualified airdrop because, even though the rewards were allocations, they were allocations which were artificially priced quite low. We received various institutional offers to purchase entire rounds at a multiple of the price we offered to the community, but we did not accept any such offer because we placed the community first and foremost.
We continue to hold this perspective.
We have launched DAO Maker’s Social Mining program to launch our community Hub, a platform dedicated to boosting OpenPredict’s ecosystem and community involvement in the project. Each month, at least $5,000 worth of OPT tokens will be distributed via OPT Hub to the platform contributors
OpenPredict was and remains largely self-funded with the vast portion of the team operating on our own savings as we truly believe in the long-term success of the project. This aligns our interest with that of our token holders: a strong token. The token offering was merely a means to pick the most qualified early holders, and hence the raise and valuation were so incredibly low; they were intentionally as such.
For new community members or even on-lookers interested in OpenPredict, it is advisable to disregard the offering price as it is very much an airdrop value. A better metric to assess the token is its launch price.
About OpenPredict Protocol
OpenPredict Protocol creates liquid options for hedging against the price risk of assets staked in DeFi protocols. These options are minted into tokens, enabling first-ever options that are not siloed to a single exchange. This adds a powerful new “money lego” to the DeFi market, one that brings a financial instrument for security against market volatility.
The project’s product-focused roadmap merges the three most successful product markets in the crypto market: predictions, DeFi, and trading.
Telegram Chat: https://t.me/openpredict
Telegram Announcements: https://t.me/OpenPredictAnnouncements