It has been a month since we took a fresh approach to Planet’s growth, and what a month it has been.
Firstly, we want to sincerely thank the entire Planet community who have been very positive and really rallied behind the new Planet turnaround plan. The level of discourse and support in the Telegram group has been amazing and we recommend any users who haven’t joined telegram to do so. The entire team is listening to everyone’s feedback and the future of Planet is being driven by these conversations.
Secondly,
Progress on the short term roadmap
The following items from the short-term roadmap that have been completed
Compensation Plan for Terra Meltdown
This was important to release inorder to start making affected Planet user’s whole. We’ve started small, however as we progress and the protocol grows, we hope the rate of compensation increases too so that user can be whole once again.
Perpetual Markets
We launched Perpetual markets in partnership with ApolloX. We’ve seen better than expected traction on this with daily volumes hovering around 1 million dollars.
Aggregated pools
We launched aggregated pools from Thena as a first step to give the best yields on BNB chain to the Planet community. Launch was well received with ~1.5 million dollars funds added in 48 hours since the launch.
Usability improvements
We made improvements to the UI, fixed a few bugs, and revamped the Analytics page for better usability.
All this is focused on increasing TVL, generating more fee as well as increasing earning to rewards ratio. All of them so far have been successful in creating buy pressure on GAMMA and we can see that in the metrics shared above.
Community Engagement and Transparency
One of the key areas of focus is to engage with the community constantly and maintain full transparency. We can see that the community loved this approach and we will continue to do so.
What’s the short-term focus going forward?
Our focus in the short-term is to increase TVL by adding more aggregated pools, make it easier to use aggregated pools with one-click deposits/withdrawals, and focus on marketing and communications.
More Aggregated pools
We will continue the aggregation of pools with stablecoins and liquid staking. We are also analysing a few other platforms we can aggregate in addition to Thena.
Let us know what pools and platforms you would like to see on Planet.
Transform and CovertLP
Currently, you have to leave Planet to get the LP pair from the Parent farm. We will improve this experience by implementing one-click LP creation feature. You will be able to convert ANY BEP-20 token to an LP token directly from the Planet website. We will use 1inch internally to provide the most efficient swaps and routes while creating LP tokens .
Swap improvements
We will update our swap UI to directly start using 1inch from our platform so that users can swap any token, at the best rate, on Planet.
Boost Calculator
Boost calculator helps users understand the power of the GAMMA boost functionality. Users will be able to optimize their yields by figuring out what yields they can get even before depositing into Planet
Improved Governance
We will be posting a new proposal on changes to the governance which will enable better proposals that can drive Planet’s growth. We will implement these changes if the proposal is approved by the community
Landing Page
Marketing and onboarding new users is a key focus going ahead and we start this journey with a landing page that will clearly demonstrate Planet’s tokenomics and benefits for users.
Integrations with other Defi websites
We will review all the important websites where we should list Planet and integrate with these platforms. We will also fix the existing listings. This is a core step to start our marketing journey.
Marketing
While Planet has always seen organic growth, we understand marketing is important at this stage. We will be focusing on spreading the word of Planet through partnerships with protocols, reaching out to influencers, creating earn campaigns, and providing DeFi’s highest yields.
We have already launched a new deposit campaign for Perpetuals, and based on how it goes, we will keep doing more and more campaigns to attract more users.
We have also built an analytics platform to capture the impact of campaigns we run. We have started working on the landing page designs and will help new users understand Planet better when they drop in for the first time.
While the search for a full-time marketing manager goes on, we will be reaching out to a few web3 focused marketing agencies to get the ball rolling.
Communication
We will be posting regular weekly tweets on key Planet stats — burns, treasury, gamma reserve etc. We will also be publishing monthly progress reports and we will be having monthly AMAs too.
Conclusion
There are positive indicators that our laser sharp focus on providing the best yields on the BNB Chain to our users is a step in the right direction. We will continue to be hyper focus on things that add value to the Planet community.
We eagerly anticipate the future with great excitement. There is much to look forward to, and we are thrilled to continue this journey with our community by our side.
