1 year in, where we’re at?
Dear Candy Fam,
I hope this announcement finds you well.
I’m sorry for the delay, they were some heated discussions within the team concerning this particular one.
It changed versions many times since last Friday, but I’m confident this last version is the best way to go forward.
First let’s take a step back, not to talk about everything we’ve accomplished this past year.
For once I want to talk about mis-steps, things we did wrong or could’ve done better and how to avoid them in the future.
Some of you accuse us of not listening to the community, I beg to differ, I think one of our main issues this past year was listening too much.
Don’t close the page just yet, bear with me for just a second please. I’m not blaming the community of any wrong doing here.
Whatever it is, it’s probably our fault. The thing is when I look at our initial roadmap and see where we are right now, I can pinpoint the exact moments of shifts and they all coincide with community requests.
I’ll give you examples but first let me tell you a story to better explain what I’m trying to get at.
Most of you are probably too young to remember but I’ve had almost every iphone model since the first one. And each model had its own particular problems as any innovation it takes time and many iterations to get to a perfect result.
But the tech community wasn’t having it. For each very specific problem they wanted a direct solution implemented right away.
For example iphone 3had smaller keyboard buttons so all tech bloggers out there wanted Apple to add a sliding keyboard on the side of the phone..
With iphone 4 it was bad reception and again everyone on the internet agreed Apple needed to add an external antena right away to fix it.
Apple of course ignored everyone like they keep doing today and we hate/love them for it.
What I want to say is that if we were running Apple like we did BCC this year, your iphones would look like this or worse !
Because we have always favored doing what the community wants rather than sticking with the plan to get to where we set to get.
I’m not saying your suggestions are bad, no no they are great, you suggest them because you see them elsewhere because you’re in the space and know how things work or don’t work.
Thing is, just like Apple clients, you see the current problem and not the entire plan, or what works for others but they have different roadmaps.
Like let’s fix the price of token now by doing this, let’s fix the floor price of the NFTs now by doing that..those are specific pains to holders and to us but if fixing them means getting out of our planned way then it’s probably a bad idea.
Let me five you real examples.
Peppermint: If you re-read through our initial roadmaps, there was never question of an NFT marketplace. But times were good, community requested and we said why not.
Result: tens of thousands $ spent and 0$ profit or any prospect of future profit.
Candy lock: Same thing, this was never planned or supposed to happen, community wasn’t happy with autocompounded locked vault apy dropping they wanted somewhere to lock both tokens and nfts and claim rewards right away and it was done.
Result: It rekt our emissions because it was added candy to the market that wasn’t calculated pre-mint.
I can go on there are other smaller but impactful examples. As you can see, these are not bad ideas, they are great ideas in the right context but this wasn’t.
Let me be clear, again, I’m not shifting blame onto the community, we made our fair share of bad calls on our own too this past year.
But I wanted to get this out to start off the new year on a good basis. You are all concerned with the value of your holdings, tokens and nfts, and we are too.
What you need to understand is implementing short term fixes to increase the value of your holdings is not a permanent solution.
The only thing we need to go after is REVENUE, if the project is profitable then your holdings will have permanent value.
So whatever actions we need to implement shouldn’t be to pump the price for a few days, but to generate REVENUE.
Sorry for the long introduction, yes this was just the introduction, I will now outline the specific actions that will be taken in the coming weeks and months.
- Polygon:
I don’t regret trying, the reasons that pushed us to go to polygon are still valid reasons in search of revenue but we missed the mark.
Was it the timing, was it the offering, we’ll never know.
For now, we are stopping the mint of the nfts, all mints will be refunded. We are also stopping the token ICO and will refund any participant.
2. Peppermint:
After long thought, we have decided to shut down peppermint, it’s costing in maintenance fees more than what is bringing to the project.
There is no specific timeline as we still need to move the candy vaults and the nfts locked there, once that’s done we will shut it down.
3. Tax:
The sell tax has served us well, it keps arbitrage bots and pump & dump schemes away from us, but as we approach the bull market we need to be more inviting to new comers who might be scared by that.
So the plan is simple, after december and some big locks unlocking we will start reducing the tax in january.
We will reduce it by 2.5% per month for 4 months then so that by halving date it’ll already be at 0. No specific dates will be announced prior to reduction to avoid dumps.
4. Candy Lock:
This product wasn’t meant to be but did serve us well. We will immediately stop any new lock from being created, the product will continue to deliver rewards for existing locks until all is out then we delete it.
For now the autocompounding vault will do as replacement lock (APY will be increased), a new and improved vault system is in the works for next year.
5. General DEX emissions
We already stopped the WCRO earning pool, we will also be stopping Candy single staking, candy flexible pool will do as replacement (APY will be increased).
To finance the APY increase of both vaults, we will also stop WCRO single staking and all farms under 2k $ liquidity.
More none candy farms livelihoods will be studied in the coming days and new or returning candy farms will be thought over as well. Specific announcements will be made priori to any change in this area.
I will not give updates about the games developpment, marketing and other news in this announcement, it’s long enough and served it’s purpose, we’ll have another AMA to talk about the rest once all of this is done.
Thank you for reading and I’m sorry for being too long.
God Bless Candy Fam,
Candy Man
