Spectre.ai Results Y5 Q2

Oto Suvari
teamspectreai
Published in
3 min readNov 9, 2022

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We are pleased to announce end of Q2 results for 2022–23 (July to September) for Spectre.ai.

Y5 Q2 Results:

· Actual number of total traders by end of quarter = 10,661.

· Actual number of traders within individual quarter = 773. This is our lowest since year 2 and reflective generally of the current economic climate.

· Actual number of total registrations by end of quarter = 141,963, up 16% compared to the 121,833 registered by end of Q2 last year.

· Actual number of registrations within individual quarter = 3,562, down slightly on previous quarter.

· Total volume traded within individual quarter = $2,020,275.

· Number of users who have used SXUT to upgrade = 127 (no change).

· Number of wallet accounts since launch = 62 (no change).

· Decentralization factor (since launch) = 0.58% (lowest ever).

· Paid out winnings = $885,862.

· SXDT rewards paid out = $155,999.

As outlined in previous releases in 2022, results are reflective generally of the current international economic downturn. With so much uncertainty regarding inflation, interest rates, changing levels of consumer income and government taxations, weaker trading volumes are in evidence everywhere.

Plus, of course, the crypto market in general experienced a major pullback or crash earlier this year, with the prices of numerous cryptos dropping by 60 to 80%, and there is still no real sign of recovery with major systemic incidents (Luna, FTX etc) continuing. Confidence and interest in anything remotely crypto-related remains low, and this is combined with the continuing general worldwide crackdown on short term synthetic trading. In addition to this, spending on security (owing to major hack attempts by 1 asian competitor and a known hacking organisation) increased, but did result in platform slowness on select days, impacting volumes somewhat.

Despite all that, however, we continue to gain new traders (3,562 new registrations in this quarter, with the actual number of total registrations up by over 20,000 year-on-year). The new trading platform will be launched shortly, featuring a state-of-the art UI and increased speeds. Growth measures will be explored on the back of this.

Guidance Update

That being said, the group is carefully monitoring developments in the markets and will also be engaging in upcoming restructuring as and when appropriate.

As first measure, during this period of restructuring, we expect operating costs to drop by 10–15% at first, with weekly rewards paid out to drop to $5k-15k/week (from the current c. $10–20k/week range announced earlier this year), temporarily, and we expect this level to continue until restructuring of the product portfolio is complete along with necessary streamlining of the cost base to better reflect market conditions.

As a follow-up measure, should we see a further deterioration in certain product lines owing to further deterioration in market conditions, they may be culled entirely and with associated cost-cutting, a c. 40–45% total operating cost base cut is on the cards. We would expect no impact on rewards, however.

Meanwhile, new revenue streams from diversified sectors including, but not limited to:

a) traditional energy such as oil
b) natural gas
c) renewables (specifically on-shore PV and battery storage)
d) online retail and
e) digital asset sales (from SG’s metaverse activities) are expected to increase rewards in time again.

The combination of the above activities, should, in our view, result in a far more focused and leaner group with higher profits.

The project will soon be holding a strategic webinar to discuss the results of the last quarter, the developments that took place during this period and the future of the group’s projects as a whole.

This will include updates not only for Spectre, but also for SkillGaming, Metaverse (Escape), Spectre Exchange, other projects and ongoing R&D. As always this webinar will be open to token holders only and full details will be sent shortly.

Regulatory Notice: Spectre.ai is strictly closed to U.S citizens. Trading and investing involves high risk and you can lose all your money.

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Oto Suvari
teamspectreai

Heading up the group’s R&D activities for Hatchworks.