I hope you are doing well. I have some questions regarding the current state of the project, and I would appreciate any clarification you can provide.
Project Development & Business
Has the project onboarded any first customers or launched any pilot programs?
What is the planned release timeline for the VMs? Can we expect them in Q2 or later?
I came across some information about the new SLA protocol—what are the expected release dates for this?
Could you provide an update on the Ambassador Program? How many ambassadors have signed up so far?
Token-Related Questions
I understand that market conditions are currently challenging, so I won’t focus on price. However, I do have some concerns regarding the token
It appears that GSR has returned 8 million tokens to the DAO wallet—does this imply that the project currently does not have a major market maker?
Has this token return impacted the project’s funding in any way?
Given the current liquidity and trading volumes on exchanges, is there a risk of delisting?
Does the DAO have any plans to engage a new market maker?
Considering recent developments regarding crypto regulations in the U.S., is the project working on ensuring accessibility for the U.S. market? If so, are there any expected timelines?
I appreciate your time and insights. Looking forward to your response.
Product
VMs are currently live in private alpha. We’ve received 150+ applications for the testing participation and applications are now closed. There are critical issues still has to be fixed before opening VMs to a wider audience.
VM release was delayed unfortunately due to series of complexities and ETA of public beta now is Q2. We have $4mm+ potential ARR in the pipeline waiting to be onboarded but the tech completeness is a blocker to onboard this. Note this is the estimated potential protocol revenue based on current prospects, can be different in reality.
The SLA was mentioned by me at Depin Day in Hong Kong. We’ve building towards enabling on-chain SLAs to compensate customers for downtimes if they happen, but not yet have ETA for this feature.
You can see these news in DePIN Day Hong Kong and Denver recordings. We will make sure they are better propagated via our socials and newsletter.
Community
On Ambassadors, over 700 applications were received and after several stages of approval, 10 finalists were chosen. They just have started to being onboarded.
Liquidity
8m FLT returned from GSR to the DAO treasury is the unspent amount from the launch allocation that supposed to be sold on the market initially. They’ve been sitting there since April 2024 and now returned. GSR continues to provide market making services using this liquidity (10m FLT).
There is another market maker StudioB also working on CEXes together with GSR, mentioned here. Spreads look good.
Delisting from exchanges is out of our control. The whole market is down now, so volumes are low everywhere.
The US accessibility is the question of listings now. Last week, FLT was listed at Biconomy, which has US license and available for US users. We are deploying liquidity to the Uniswap pool very soon to support the organic volume that happens there. Uniswap is available in the US.