SingularityDAO: DynaSets Open Beta Launch

Greetings Singularitarians,

A look back at the closed beta

Closed beta, which has been live since December 20th has been a great success. All DynaSets are outperforming their underlying assets by more than 15% across the board.

dynBTC: 101.5%
BTC: 83.3%
Difference: 18.2%

dynETH: 88.5%
ETH: 71.9%
Difference: 16.6%

dynSING: 79.4%
SingTokens: 62.3% (SDAO, AGIX, NTX market cap weighted average)
Difference: 17.1%

With the release of our open beta, and following that with the release of DynaSets V1, we can expect even better performance over the coming months and years.

Below we have included a chart of dynBTC performance measured against Bitcoin and other popular crypto funds, Grayscale and VanEck. As you will see, DynaSet performance is on another level already and we are just getting started!

dynBTC vs BTC vs VanEck Bitcoin Strategy ETF (XBTF) vs Grayscale Bitcoin Trust (GBTC)

Open beta: What comes next

Today we kick off the open beta. Unlike our closed beta there will be no whitelisting, meaning that anyone who wishes to can take part. There will also be no max cap on contributions, everyone can add as much as they like. There is one exception to this, in that dynSING will have maximum total and personal contributions for ecosystem tokens, SDAO, NTX and AGIX.
wETH and USDC contributions will be uncapped however.

There will be a number of ‘phases’ beginning with the addition of an opt out button for those who wish to withdraw. For the first week users wishing to exit DynaSets will be able to enter our dApp app.singularitydao.ai/dynasets and choose to withdraw (this will require a signature from your wallet). After collecting these signatures for a week the next phase will be to pause trading on DynaSets and open withdrawals and deposits for open beta DynaSets. The third and final phase will be the forging of all past and newly contributed tokens into new DynaSets and the minting of DynaSet LP tokens, at which time trading will begin again and run until DynaSets V1 launch in Q2.

A quick look at DynaSets V1

Open beta will run for about 2 months while we make the final preparations for the launch of DynaSets V1. This will include all the integrations previously mentioned, such as the ability to short and apply leverage to trades, along with some major smart contract overhauls to greatly improve the decentralization of the project in line with our decentralization roadmap which will be released in the coming weeks. At that time things like the withdrawal of DynaSet LP tokens and the ability to trade them on DEX’s or perhaps stake them to earn additional yield will be enabled. There will be other very interesting updates which we will likely release in a changelog blog nearer the time.

Open beta timeline

• Monday, 21st March
• Enable ‘Withdraw Request’ button on the SingularityDAO dApp
• Monday, 28th March
• Enable withdrawals for those who opted out
• Enable contributions for those who wish to join
• Pause trading on all DynaSets
• Monday, 11th April
• Forge new DynaSets
• Mint DynaSet LP Tokens
• Reset benchmarks to 100
• Trading begins on all DynaSets

Delays and resolutions

As many of you are likely aware, there have been some delays in pushing out our open beta. Before going into more detail, allow us to take a moment to apologize for this and remind everyone that while delays are frustrating for both the team and community alike, our priority will always be to release the highest quality products and occasionally this will mean having to push dates back.

We always have and always will endeavour to meet our deadlines, unfortunately on this occasion we had to make the difficult decision to postpone the release until now, and also remove some of the new features that were planned for open beta.

Features missing from open beta and current progress on implementation:

• Withdrawal of LP tokens
• 90% resolved
• Development stage: Internal testing
• Deposits in tokens other than wETH, wBTC, USDC, AGIX, SDAO, NTX
• 95% resolved
• Development stage: 3rd party testing
• Contract updates
• 93% resolved
• Development stage: Awaiting completion of the above two issues

Unfortunately the time required to implement these changes has proven longer than expected. Due to the fact that we have users waiting to withdraw their funds, as well as many new users hoping to join, we made the decision to push ahead with the launch while working on making sure these missing features are working perfectly and ready to go live with the launch on DynaSets V1. Fortunately this does also inadvertently mean that we are now slightly ahead of schedule in the creation of the DynaSet V1 contracts, so if lucky, open beta may see some of the planned V1 updates (such as shorting and leverage) available to it ahead of time.

Closing comments

Once again, apologies to all for the delays and slight changes to the promised feature set but our highest priority is releasing the best product possible, and unfortunately that has meant making some compromises in order to not push deadlines too far past their planned dates. For all those waiting to withdraw, you can begin the process now. For everyone else choosing to remain in DynaSets and to all newcomers, welcome aboard!

I highly suggest checking out our recently released roadmap for a look at all the amazing things in store for DynaSets and SingularityDAO over the coming months and years!

SingularityDAO 2022 Roadmap: 1st Quarter
SingularityDAO 2022 Roadmap: 2nd Quarter
SingularityDAO 2022 Roadmap: 3rd Quarter
SingularityDAO 2022 Roadmap: 4th Quarter
SingularityDAO 2022 Roadmap: Extras

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