Hi everyone.

It been quite some time since we posted an update, and the market forces have not been kind. Amongst some of the worst regulatory environment and a bear market that saw us drop to 16,000 per BTC we thought it best to keep our heads down and keep building.

We launched Abachi at the absolute top. Its been an absolute massacre since then. On a personal level this affected a lot of the team members both financially and mentally. There was a minefield and even being conservative a bunch of the team and our early investors lost a lot due to the FTX debacle.

Abachi took preventative measures and immediately stopped any and all extra spending. We are happy to say that coming out of it on the other side we managed to keep the DAO treasury relatively constant without having to draw into it for funds.

In this article, we explore some of the things we completed in the last year and what is to be expected in the next, along with our vision of where ABI and Abachi may be headed as 2024 rolls along.

To keep things simple to read I’ll list out in bullets.

The Good:

1. Added an extra pool on mainnet, added support for bridging of ABI to mainnet.

2. Launched contracts for bonds on testnet and mainnet - this is the core product that is being used to fulfill loan requests.

3. Sold gOHM into ETH at roughly 2 ETH per gOHM. We are now a BTC + ETH + Stables backed treasury.

4. Acquired 1% of veLIT supply for future yields in mainnet pools.

5. Established an office in UAE with Fendi moving to Dubai full-time.

6. Lent out 280k USD and received $12,000 in revenue to date.

7. Buy backs of ABI on a monthly basis with yields (GMX) and revenue (still ongoing).

8. Buy backs of pABI by the team for investors that needed liquidity to exit as the market tanked. 70% of this supply was bought back by Abachi Labs & the team.

9. There are no more advisory tokens, or team unlocks etc. The founding team has voluntarily locked their tokens and are managed by the multisig. The founders incentives are well aligned.

10. Avoided all platform hacks, and other rug pulls during the worst period in crypto we have seen (in terms of liquidations).

11. The loans we made to real world are an absolute astounding success and have increased growth at Luca Plus by 30% month over month, with the bottle neck being sourcing more funding. (more on this in a later blog post)

The Bad:

1. We had invested quite a lot into mstable as our choice of liquidity pool provider and had hoped to launch a gauge with them for both ABI and eventually a synthetic AUD. Unfortunately mstable had to wrap up and was acquired by dhedge. We still hold over 50,000 MTA however the value dropped significantly.

2. One of our early investments was in coconuts finance. Unfortunately this project did not materialise either and was swept away in the bear market. We spoke to Chimera the founder and will be working with him to see how our community can benefit in his other project. Chimera also runs Shared Stake and we are one of the early partners. LSD space is heating up, and sharedstake holds over 16000 ETH. The team will work with Chimera to test and possibly also use this as our own staking contracts for ETH.

3. Developer & contributor exodus happened almost as soon as prices started to plummet. We lost our UX person, along with NFT designer, and a couple of other contributors in dev and documentation.

4. We had to scale back loans and delay public releases until we were absolutely certain more real world businesses don’t collapse. On this we are not out of the woods but we are slowly recovering.

5. We had to pay costs in registration in legals to move from Singapore to Dubai.

There are quite a few major updates coming out this year. Yes the speed has been abysmally slow on our end, both due to market conditions and self preservation. Survival is needed to succeed.

Q3 2023

1. Launch V3 ABI/ETH Pool on Mainnet

2. Launch bribes and APY on Uniswap pool and Eliminate rebasing. Staked LP will earn high APYs. These will not be paid out in ABI, but oLIT, ETH or USD.

3. Launch auto-compounder contract for staked ABI/ETH.

4. Start work to Migrate token from polygon to Mainnet

5. Research L2/L3s on zkSync, arbitrum and optimism (all released within the last few weeks).

6. Launch beta for front-end bonds for public testing with limited 200k available to lend.

7. Move governance to Commonwealth & Discord

8. Move forums to commonwealth & discord

9. Start Abachi Labs fundraising.

10. Launch the insurance fund.

11. Overhaul Docs

12. Overhaul website

13. Kill App and overhaul with new staking mechanics.

14. Clean up discord

Q4 2023

1. Launch an L2/L3 for the bonds based on research either on zksync, op or arbitrum. Yes this means an app chain (abachi chain).

2. Launch KYC & Front-end for everyone to loan and borrow on bonds.

3. Launch an alternate ABI pool on L2/L3.

4. Launch Smart Contract Wallet integration.

5. Raise a round for Abachi Labs UAE entity to work and integrate the SC wallet & Funding platform into other businesses.

6. Launch a bonds market MVP for bonds already in circulation.

7. Launch an insurance dashboard for ABI and USD in insurance funds.

Now if you read all the way to down here, feel free to mint this NFT. It may or may not have utility in the future. Its priced at roughly $1 to avoid spam, so its essentially a free mint. Any fees from it go to abachi.eth.

Minting will close in 11 days.

https://opensea.io/assets/ethereum/0xeD40E848ae9694FBC14c62c7eeAE6FE55333F1A4/0

Hi everyone.

It been quite some time since we posted an update, and the market forces have not been kind. Amongst some of the worst regulatory environment and a bear market that saw us drop to 16,000 per BTC we thought it best to keep our heads down and keep building.

We launched Abachi at the absolute top. Its been an absolute massacre since then. On a personal level this affected a lot of the team members both financially and mentally. There was a minefield and even being conservative a bunch of the team and our early investors lost a lot due to the FTX debacle.

Abachi took preventative measures and immediately stopped any and all extra spending. We are happy to say that coming out of it on the other side we managed to keep the DAO treasury relatively constant without having to draw into it for funds.

In this article, we explore some of the things we completed in the last year and what is to be expected in the next, along with our vision of where ABI and Abachi may be headed as 2024 rolls along.

To keep things simple to read I’ll list out in bullets.

The Good:

1. Added an extra pool on mainnet, added support for bridging of ABI to mainnet.

2. Launched contracts for bonds on testnet and mainnet - this is the core product that is being used to fulfill loan requests.

3. Sold gOHM into ETH at roughly 2 ETH per gOHM. We are now a BTC + ETH + Stables backed treasury.

4. Acquired 1% of veLIT supply for future yields in mainnet pools.

5. Established an office in UAE with Fendi moving to Dubai full-time.

6. Lent out 280k USD and received $12,000 in revenue to date.

7. Buy backs of ABI on a monthly basis with yields (GMX) and revenue (still ongoing).

8. Buy backs of pABI by the team for investors that needed liquidity to exit as the market tanked. 70% of this supply was bought back by Abachi Labs & the team.

9. There are no more advisory tokens, or team unlocks etc. The founding team has voluntarily locked their tokens and are managed by the multisig. The founders incentives are well aligned.

10. Avoided all platform hacks, and other rug pulls during the worst period in crypto we have seen (in terms of liquidations).

11. The loans we made to real world are an absolute astounding success and have increased growth at Luca Plus by 30% month over month, with the bottle neck being sourcing more funding. (more on this in a later blog post)

The Bad:

1. We had invested quite a lot into mstable as our choice of liquidity pool provider and had hoped to launch a gauge with them for both ABI and eventually a synthetic AUD. Unfortunately mstable had to wrap up and was acquired by dhedge. We still hold over 50,000 MTA however the value dropped significantly.

2. One of our early investments was in coconuts finance. Unfortunately this project did not materialise either and was swept away in the bear market. We spoke to Chimera the founder and will be working with him to see how our community can benefit in his other project. Chimera also runs Shared Stake and we are one of the early partners. LSD space is heating up, and sharedstake holds over 16000 ETH. The team will work with Chimera to test and possibly also use this as our own staking contracts for ETH.

3. Developer & contributor exodus happened almost as soon as prices started to plummet. We lost our UX person, along with NFT designer, and a couple of other contributors in dev and documentation.

4. We had to scale back loans and delay public releases until we were absolutely certain more real world businesses don’t collapse. On this we are not out of the woods but we are slowly recovering.

5. We had to pay costs in registration in legals to move from Singapore to Dubai.

There are quite a few major updates coming out this year. Yes the speed has been abysmally slow on our end, both due to market conditions and self preservation. Survival is needed to succeed.

Q3 2023

1. Launch V3 ABI/ETH Pool on Mainnet

2. Launch bribes and APY on Uniswap pool and Eliminate rebasing. Staked LP will earn high APYs. These will not be paid out in ABI, but oLIT, ETH or USD.

3. Launch auto-compounder contract for staked ABI/ETH.

4. Start work to Migrate token from polygon to Mainnet

5. Research L2/L3s on zkSync, arbitrum and optimism (all released within the last few weeks).

6. Launch beta for front-end bonds for public testing with limited 200k available to lend.

7. Move governance to Commonwealth & Discord

8. Move forums to commonwealth & discord

9. Start Abachi Labs fundraising.

10. Launch the insurance fund.

11. Overhaul Docs

12. Overhaul website

13. Kill App and overhaul with new staking mechanics.

14. Clean up discord

Q4 2023

1. Launch an L2/L3 for the bonds based on research either on zksync, op or arbitrum. Yes this means an app chain (abachi chain).

2. Launch KYC & Front-end for everyone to loan and borrow on bonds.

3. Launch an alternate ABI pool on L2/L3.

4. Launch Smart Contract Wallet integration.

5. Raise a round for Abachi Labs UAE entity to work and integrate the SC wallet & Funding platform into other businesses.

6. Launch a bonds market MVP for bonds already in circulation.

7. Launch an insurance dashboard for ABI and USD in insurance funds.

Now if you read all the way to down here, feel free to mint this NFT. It may or may not have utility in the future. Its priced at roughly $1 to avoid spam, so its essentially a free mint. Any fees from it go to abachi.eth.

Minting will close in 11 days.

https://opensea.io/assets/ethereum/0xeD40E848ae9694FBC14c62c7eeAE6FE55333F1A4/0