As we transition from the last quarter into the next, we believe it’s crucial to reflect upon our progress over the past three months. We’ll examine our successes, identify areas for improvement, and highlight concrete measures to bolster Planet’s foundation in the upcoming quarter. This article offers an in-depth analysis of our retrospective findings and outlines our future strategy.
Achievements and Successes
Key Metrics
AQUA price: $22
GAMMA price: $0.021
TVL: ~ 15 million (6 million added)
AQUA burned: 8152 (2664 burned)
Establishing Planet as a Premier Yield Aggregator on Binance Smart Chain
We have successfully laid the groundwork for Planet to be a dominant yield aggregator on the Binance Smart Chain. Our commitment to pioneering innovation is evident as we have aggregated concentrated liquidity pools with Thena, simplifying user experience by offering one-click zap-ins and zap-outs. Additionally, we are working on automating concentrated liquidity rebalancing.
Streamlining User Experience
We have integrated 1inch into our system to offer our users the best rates without the need to switch platforms. This integration simplifies depositing and withdrawing from pools, making the process seamless with the help of single-click transactions.
Refining the Platform’s Interface and Functionality
We’ve enhanced user-friendliness by resolving the majority of bugs and eliminating significant tech debt. These improvements range from backend infrastructure upgrades to frontend redesign to smart contract upgrades to automated migrations, ensuring a smooth and intuitive experience.
Enhancing Understanding and Accessibility
Our newly developed landing page offers an easy-to-understand overview of Planet’s mission and offerings. We’ve launched the boost calculator and referenced it throughout the platform to ensure its visibility. We’ve also revamped the user interface to ease pool participation and enhance understanding of tokenomics and the value of the gamma boost.
Strategically Focusing on Key Aspects
We’ve made strategic strides into liquid staking and concentrated liquidity, reflecting our belief in the future of DeFi. We’ve collaborated with Thena, not only to aggregate their concentrated liquidity pools but also to simplify user participation through one-click zap-in and zap-out capabilities. Furthermore, we’ve launched markets and pools for liquid staking tokens, anticipating this area’s growth potential.
Building Robust Partnerships
Our alliances with Helio, Stader, Thena, ApolloX, Ankr, and others have helped us launch various pools and markets, strengthening our platform’s offerings.
Challenges and Lessons Learned
Despite our advancements, we faced challenges. The most notable was the lack of significant price action despite strategic development and partnerships. While profit-taking is a common market phenomenon, we acknowledge room for improvement. Here are the key factors contributing to a less than expected Total Value Locked (TVL) growth:
- Overly generous distribution of Gamma.
- Lack of targeted and effective marketing strategy
- Insufficient utilization of partnerships.
The Road Ahead: Q3 2023
In the past, our focus was platform stabilization, clarity, utility, and usability improvement. Moving forward, our emphasis will shift according to our Q2 review. Our future strategy involves
Gamma Price Stabilization
We aim to shield Gamma from significant price fluctuations by adopting a mechanism discussed and approved in a recent proposal on tokenomics and rewards distribution, including automation of tokenomics.
The proposed changes help increase the liquidity to attract whales, reduce price impact on sells, link gamma price to BTC which is the most solid asset in crypto and is pretty bullish for the next two years, follow game theory to slowly let users invest into GAMMA to get higher yields, and maintain a balance between locking GAMMA for higher yields and taking profits.
We will be releasing another medium article this week explaining the specifics of the proposal, its benefits, implementation, migration, and rough timelines.
Utility Expansion
We plan to aggregate Pancake Swap concentrated liquidity pools with automated rebalancing for organic high yields, partner with more platforms, and identify additional high-yield protocols. We will also continue to add high APY markets and pools.
Quality Enhancement
Further backend improvements and bug elimination will be prioritized. Additionally, we plan to acquire a paid 1inch API to circumvent rate limitations.
Decentralization
Host Planet on IPFS and start laying foundation for truly decentralized governance and deployment
Team Expansion
We have a new marketing lead joining us next week, and we will continue to add new team members for both tech and marketing, to further our reach and capabilities.
Concentrated Marketing Efforts
We will enhance our marketing strategy, targeting specific user avatars, increasing social media presence, onboarding key opinion leaders, leveraging partnerships, and engaging the community.
We are about to take a three-dimensional approach towards expanding our reach, i.e
- Organic and engagement-driven growth
- Influence and education-oriented expansion
- Partnerships and campaigns-led promotion
We will publish a comprehensive (but dynamic) marketing plan in a couple of weeks.
In conclusion, while we might not have witnessed significant price movement, we’ve laid a robust foundation to build and market — Improvements made to the product, security enhancements, established partnerships, identified challenges, and active measures towards their resolution have set us up for success. Chasing marketing without this foundation would equate to burning funds. With improved tokenomics, we are well-positioned to accelerate our marketing efforts.
A considerable amount of AQUA has been burned, significant GAMMA has been added to the treasury, and our team has expanded. We remain committed to delivering highyields and the best DeFi experience to you. We are optimistic about the future and appreciate your support.
We look forward to delving into specific details in our upcoming articles (on tokenomics changes and marketing) and in the AMA.
