In relation to the recent events going on in the crypto world (bear market, bankruptcy, hacks, new year, etc) we owe all our users and community an update on where we are and where we're going.
On the technology side, we are really happy we managed to launch our new website and new smart contracts, we have working vaults for 3 major protocols on the optimism network that have been generating nice rewards/apys. At the same time our smart contract for distributing rewards has also been working as expected.
On the business side, we've ramped up our twitter engagement, provided daily updates on our APYs and had discussions with ecosystem partners for collaboration opportunities and grants, unfortunately on the latter they have still not come through as most projects are holding up on partnerships and incentives until more clarity over market conditions.
Our biggest struggle has been to find PMF and attract new users. The truth is that given our raise on AELIN was not huge ($120k), we have been keeping costs as low as possible to ensure we have enough runway to get things done, mostly salaries, we've been paying our team of 4 a very small amount (~$1200 monthly) to ensure we could survive the bear market. However, as you can all appreciate, this is not enough to keep a full time team, and most have had to find jobs in other projects and places, which has drastically reduced the focus on NukeVaults, and from this new year onwards they won’t be focusing more on this project.
The project needs full time business development & community management, as well as 2 full stack engineers to ensure we are relevant given the competition and the plans for growth.
After discussions with our internal team and advisors to the project we will be taking the following final actions:
Fully open source our codebase, both Smart Contracts and UI, in the hopes that it serves as a public good to other projects and users.
Liquidate the Treasury and return to token holders
The UI will remain up on a free Vercel plan, the domain is paid as well for another fill year, and Smart Contracts will remain working via Gelato Automation for anyone that remains in our vaults. YOU WILL ALWAYS BE ABLE TO WITHDRAW YOUR FUNDS FOREVER!
For #2, we will convert everything to Stablecoin (either USDC or sUSD) and set up a Staking Contract for $NUKE token holders (the team won’t participate ofc) can claim at a pro-rata basis. Dates will be announced ahead of time to allow everyone to be able to claim their share.
The Treasury has around ~$38k (in Stablecoin, ETH & OP tokens).
We are really sad to say goodbye to this idea, but we truly believe this is the best option to allow everyone to continue pursuing new options and opportunities.
Please remain attentive to our next announcement on Discord for dates and steps to take for the Liquidation event.
NukeVaults Team