End-of-Year Update- reBaked announces update to BAKED tokenomics
The last year in crypto can be best described at least as volatile, with numerous hostile events affecting numerous Web3 Projects.
Working in a small team of about ten persons (often) makes us more viable & resilient in periods of uncertainty. Our team has consistently delivered our core products, something that doesn’t reflect in our marketing and communication- a milestone that we aim to fix during 2023.
We want to reassure you that our team will keep building and improving from lessons learned during 2022.
We have launched on production our decentralised hackathon CrowdHack, and we are now focusing on building partnerships with teams and projects interested in hosting their Web 3 hackathons during 2023.
During January 2023, we will release our signature product- reBaked BUILD — the ultimate tool for teams building in the Web3 industry. reBaked BUILD will feature three products: SEED, Open Bounties, and Learn2Earn. We have been working for more than one year on delivering this tool, and we believe that it outperforms our competitors' products in the number of features and flexibility that it provides to teams to design community incentivisation projects. Given the bear market, we believe a couple of teams will gradually replace ineffective marketing programs with community-driven rewards to flourish their ecosystems. More details and a presentation of our solution will be announced in January.
Our datathon platform already counts more than 10.000 data engineers, and the next logical step is to create an AI DAO. With the release of ChatGPT and all the momentum that the AI market is gathering, we will have fascinating announcements and tooling around AI. The platform is undergoing a major redesign, adding numerous features to enable decentralised Web3 crowdsourced contributions to scale an AI economy.
During the first quarter of 2023, we are also beta releasing “OpenSoul”, our most complex product till today that will enable the governance and monetisation of open-source software.
We are also working on two smaller projects around decentralised identity and the creator economy.
By Q2 2023, RBKD DAO will have five fully operational projects and will focus on market adoption and growth, while currently, our main focus has been on technical development.
Small wins come when you work hard, and we aim to intensify our efforts further during 2023.
We recognise that we didn’t perform very well in marketing and business development, which has proved more challenging (than expected) given our small team and smaller funding towards our competitors. We aim to build more aggressively in those domains, pursuing leads. We will decentralise our efforts with rewards and commissions for more extended business development, so we are looking for partners and hiring for both roles. You can reach out to founders@rebaked.com if you have a suggestion or looking to join forces with us.
As you may know, to build our crowdsourcing ecosystem, reBaked has issued BAKED- a community governance token and platform utilising medium. BAKED is backed by ecosystem treasuries accumulated by incubated projects, which are actively managed by the RBKD DAO.
The reBaked governance and tokenomics have been significantly revamped to support better our efforts to flourish our ecosystem.
We’ve made several updates that will substantially improve the utility of our token, and increase the resilience and trust factor for BAKED token holders. Hopefully, we can create more attractive tokenomics moving forward. According to our release schedule, the distribution to private investors is about to be concluded on January 26th, 2023, with the last monthly distribution to seed round participants. According to the initial release schedule, the total amount of tokens in circulation was expected to be 125065972 BAKED tokens. Under our revised token economy, we have currently issued only 100 Million BAKED in circulation. We plan to add a 1-year cliff (effective immediately) to tokens distributed to team and advisor tokens and the ecosystem fund. This will significantly reduce the number of new tokens that come to the market for the following year.
A new staking contract will be launched on January- February 2023. Users who stake BAKED tokens will receive governance power and actively participate in the management of DAO through Snapshot. RBKD DAO governance proposals will be inaugurated in January.
In addition, by staking their tokens, users contribute to the network’s overall stability, as malicious actors won’t be able to attack the DAO. The new system will impose a staking period of 3 months to be eligible for airdrops and accumulated tokens from the DAO. taking participants will receive proportionally any tokens accumulated by the different products of the DAO. All smart contracts impose a 5% access fee accumulated by the DAO.
This update aims to provide for the RBKD DAO ecosystem- our journey is far from over.
We are wishing you all happy holidays and best wishes for the new year.
Stay tuned for further product updates, crowdsourcing, and contribution opportunities in Web 3! Follow the official reBaked social channels ✨ -
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