AMA #3 Recap
In our 3rd AMA we covered progress updates, plans for getting the community involved in the relaunch, and status of the broader market
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1.So it’s been a couple of weeks now, can we have a check-in on progress with the website relaunch and other developments?
We’re building up momentum here in the background — even though it might not look like so much is happening from the outside!
The new website redesign is 90%+ complete, and we’re making good headway on the synthetics smart contract code. We’re also growing the team, in the process of hiring a new lead dev which is really exciting as well as a marketing lead as we start to head from a high level roadmap to a pre-launch period and then to launch mode and will start to raise the profile of what we’re doing beyond the current SCIFI community to the broader crypto community at large. Exciting times!
2. Is there any budget for team growth from here and if so where is it coming from?
Yes — we do have some budget to grow the team from here.
Funds are not limitless but we have a very interesting product pipeline that’s steadily filling out, so I’m confident we’ll be in good shape to raise more capital towards the end of H1. Meanwhile we have plans to boost liquidity and incentives on the existing products (GBI & SCIFI) that we expect will see growth in AUM as a result. With additional funds and liquidity we generate fees from participating as LPs and of course from AUM growth we’ll see demand on the treasury’s Spice holdings.
3. So is the plan to grow AUM/TVL more based on intrinsic value of existing index products or does the team plan to build multiple more indexes and then market them?
We have a whole suite of index product ideas which really make so much more sense to launch as synthetic indices than as asset-backed.
Once the synthetics platform is live we could in theory launch a new product every 2–3 weeks, but the goal is to build a suite of (relatively) orthogonal index sets that cover a wide gamut of investor demand rather than products for the sake of products.
And of course we’ll be actively involving the DAO in this pipeline and finding ways to provide healthy incentives for those members of the community who actively participate.
4. You mentioned getting help from the community with regards to Design & Branding — how do you see that working?
So, as mentioned in the first two AMAs, we’re rebranding from scifi.finance to Spice — to match our native governance token.
As part of that rebrand, we want to bring together the community in the design of assets that we’re all going to be using and seeing a lot of. For examples, something fun and easy to start — an updated library of memes, then a set of customized stickers for our Discord channel, and then our logo and the logo template we’ll use for the different index products we both have launched and, will launch.
It’ll be a great opportunity for the community to come together around the new updated brand and be a part of its creation and development.
5. Will there be any incentives for community members participating?
Absolutely — and we’ll pay out in stablecoin (USDC or similar) rewards to any assets we select to use; whether memes, stickers or any features of the new logo! 5 minutes of work for lunar yields ;)
6. So how do people get involved with the Meme/Sticker competitions, what’s the timing?
Please keep an eye on Discord, Telegram and Twitter today and tomorrow. We’ll be posting clear instructions there.
7. Zooming out now are you worried about the current downtrend in the markets given the relaunch plans for Spice?
Not at all in fact.
This is a great time to be relaunching Spice/SCIFI with some of the hot air taken out of crypto-prices generally — which is a good thing.
Of course the current geopolitical instability along the Russian/Ukrainian border does not help, and we could easily see more risk-off activity across macro assets if things get worse from here.
Look at the end of the day nobody can predict what will happen in the future. And there is definitely a sense right now of disillusionment with crypto, and Solana having major spam transaction issues over the weekend certainly didn’t help.
But on the positive side so many incredibly smart and talented people are working so hard right now on well funded projects making crypto more accessible and more stable for the future adopters, and however far the market corrects, I’m confident it will rebuild back up with far more useability and stability for this new wave of investors into the space.
If you look at the Emerging Tech hype curve, the trough of disillusionment is followed by the slope of enlightenment:
And that’s where I think the next transition will be.
Prices will come back up slower, but with less volatility, as larger swathes of the more cautious investors come into the space, bringing renewed attention to those protocols that actually generate value rather than just hyping a coin.
This will be Spice’s time to shine.
8. Will there be another AMA next week at the same time?
Well as you know we’re going into full crunch mode over the coming days/weeks so I think best use of time might be to continue to collect questions from the community for now, and when we get back above a certain number (eg. 20) we schedule one longer AMA and address all those questions at once.
So…let’s skip the AMA next week…but please all keep sending in questions, the faster they come the faster we’ll do that AMA. But in the meantime stay tuned for more exciting updates