Dear community,. First of all apologies for the radio silence of the past weeks.
04 Dec 2022, 16:24
Dear community,
First of all apologies for the radio silence of the past weeks. I hear some discontent in the community which is totally understandable. We hear you and we read you every day.
Reasons for discontent seems to be focusing mainly on 2 areas. 1) My absence from the community 2) DAM performances. Let’s address them individually.
1. In these market conditions we decided to scale back our PR effort to focus more on product development, processes improvement and compliance. Hence you see less media appearances for me and the team. We strongly believe this is the time to build more and talk less. We just hired a new senior compliance officer and a new senior Dev-Ops exactly for those reasons. This year regulation will become stronger and tighter and in order to play at institutional level we need to ensure that we follow the regulation space very closely. The FTX drama has brought a lot of attention from regulators which is eventually a good thing to purge bad actors out of our industry.
I believe the narrative that we are building here at SingularityDAO is perfect for these times. Non custodial, fully redeemable, insurable DeFi! It’s true we might have missed an opportunity to speak to the media and have our voice heard on this matter, but in all honesty we didn’t see such an implosion coming and at that time we already made the decision to appear less publicly.
While it’s true that I’m still the CEO of SingularityDAO, we have senior people in key positions that are taking care of each area of the project, reducing my involvement in day to day operations and in community communications, so that I can focus more on strategy, product development, HR and external relations. However rest assured that despite scaling back PR, our commitment to the community stay strong, as shown by the consistent amount of content and activities we put out on a weekly basis. The community is still the core of everything we do.
2. As pointed out here many times, the Perfomance of the DAM should be evaluated at the end of this trading cycle. While it’s not showing the performance we know it can, it has also been a very strange time for the markets and so a cautious approach is the best one for the time being. We also need to consider that DynaDyDX is still in beta and will improve its performances with time.
We’ve also been working on some ground breaking tools with our team of quants and our R&D team. For sure we would have love to have these tools earlier, but also faced some development delays most due to the nature of software development, resource allocation, and so on. We are now aiming to have these tools ready by Q1 2023. These includes trading bots that would allow us to automate Dynaset trading that should increase their performances. Hopefully we should be able to share some results with the community soon.