Where is Candy going?
Dear Candy Fam,
I hope you and your funds are safe in this bear market.
I’m writing today to give you a much needed update on our roadmap progress. I will go at it product by product to make sure I leave nothing out.
Please read this until the end as I will conclude with the real announcement.
DEX
The DEX is sitting at 4th rank in Cronos Chain DEXes by total TVL (865k) & 5th if you only count Liquidity Pools (529k).
You can check here: https://defillama.com/chain/Cronos?tvl=true
130k of that is Protocol Owned Liquidity + another 50k that we seeded to VVS for the trading.
You can check here: https://debank.com/profile/0x38f8d523e7115edc783e3b783d93d8a678354d51
The liquidity is down because of the prices of tokens composing it going down, and you can clearly see that no DEX in Cronos is growing in liquidity because of the market conditions.
You can also notice that only Veno Finance and lending protocols are growing in liquidity because that is how investors react to unstable markets.
But let’s not let the markets get us down, we haven’t stopped building and we’re not stopping come hell or high water.
We are launching our first partner NFT boosted farm later this week. This feature adds up to the catalog of features we offer our partners to bring more liquidity and users to our DEX.
And as you can see we have a list of very good projects lining up to launch with us. We take our time vetting and testing before presenting them to you but our launchpad agenda is full.
We benefit from these launchpads as the most of the liquidity stays with us. And new projects mean new users for us as well.
Marketplace
Back in January when we wrote our roadmap this was only an idea. Create an NFT marketplace where all CROfam is welcome, no one is favored.
This has become reality. Peppermint is up and running, you can buy and sell NFTs in candy or cro. And you receive listing and trading rewards for all collections.
We also had our first successful mint drop with Cronos Duels and just like the DEX, many projects are in the pipe to mint with us in the coming months.
We are working on the few remaining features: vaults, NFT staking and moving all NFT related features from the DEX to the Marketplace.
Web 3.0 Play2Earn Games
We launched Candy Pool as promised, the online multiplayer pool game but we find ourselves lacking players to play multiplayer.
That’s why we are working on a solo play mode:
You buy a ticket to participate in a league and then play matches against the computer. Top 5 high scores of the league share the pot from the tickets sale.
Candy Flow game has been running since our very first day. A few players test their skills against it from time to time (last one 9 days ago) but no one has ever reached the last level yet.
For the lottery and casino games we find ourselves facing a small technical hurdle. Subgraph, a small piece of tech detrimental to these apps is missing from cronos chain for now.
We can do them without it but it’s not the safest route. We decided to put these on standby until subgraph is integrated. We’re in discussion with cronos team and a competitor of subgraph will be integrated soon.
Mobile Games
In our roadmap we promised you:
- Leaderboard daily earning. DONE
- Multiplayer mode. DONE
- Deposit/withdraw Candy. DONE
- NFT special powers. In Progress
- New mobile games. In Progress
The leaderboard and multiplayer modes have been working without a hitch for months. We’re only missing online players so that matchmaking happens a lot faster.
The deposit/withdraw candy feature has been the target of hackers twice now. They find a way to falsely increase their candy balance in the game then withdraw it without ever playing.
This is why we have stopped it. But this is old news now because we have signed a partnership with Altura (https://www.alturanft.com/) as soon as they came to cronos last week.
We will be using their product Altura Guard to deposit/withdraw Candy securely from the mobile game. The official announcement from their side is coming in a couple days.
Their product will also make it a lot easier to integrate the NFTs in the game. Way to kill two birds with one stone.
Now that these two problems are being fixed thanks to Altura. We have started developing our second mobile game.
I won’t say much about it but expect more information in the coming weeks. It will be in IOS and Android and have the same earning mechanics as Candy City.
What now !?
As you can see we’re staying true to our vision and roadmap. The market hasn’t been kind to any of us but we keep building.
Although we’re not just going forward blindly, we can see that some things need adjustment if we want to survive until the bull market.
Mainly the sell pressure on Candy token is very high at the moment. Because our emissions are very high.
Besides the effect on the price of candy, we all know that APRs in the hundreds are not sustainable. Unless there is revenue being made elsewhere financing it.
So we have decided to lower all Candy emissions to safeguard all your bags. This includes:
- Block emissions going to 2 candy per block (impacts farms, stakings, vaults)
- Fixed NFT staking going to 5k per day
- Shared NFT staking going to 1k per day
- Peppermint trading & listing rewards going to 5k per day
- Boost factor going back to 2x
- Candy Lock: will be reduced gradually, 3 months to 21%, 6 months to 49%, 1 year to 86%, 2 years to 123%.
Those are gradual reductions from 50% for the 3 months to 20% for the 2 years. I know we said It’s fixed and I explained this many times in discord.
It’s fixed because the APR doesnt go down automatically with new locks, but we have the option to lower it if it becomes unsustainable, and it has unfortunately.
I hope you will all understand and think of the perennity of the project instead of immediate gain.
Think of it like a household that’s been living a lifestyle over its budget. Meaning it’s been spending more than what it earns.
That household would have to cut off on spending, this is what we’re doing. But it would also have to look for more revenue and this is the next part.
If they won’t come to us we’ll go to them
Many of the problems I have cited in this article stem from the lack of users. Just take a look at the leaderboard of the mobile game and you’ll notice it’s the same players everyday.
It’s also the reason you never find players in multiplayer in the mobile game or in candy pool.
So instead of waiting patiently for the user base of cronos chain to grow, we want to go look for the users where they are. In the other chains.
Yes you got it. We have decided to go crosschain. Taking all our products with us, DEX, Marketplace, Games, Token, NFTs..
Thanks to Altura, The mobile games can be seamlessly played through any chain as long as Candy is there. We saw this as an opportunity to onboard a lot more users at once.
It is also a way of getting more revenue in to distribute back to all Candy Fam in cronos chain.
This is a lengthy process, it will take a couple months to test everything before launching on the first chain: Ethereum.
More details about this will be communicated to you in the coming weeks and i’ll be in discord answering any questions you might have.
God Bless Candy & Candy Fam wherever they might be,
Candy Man
Website: https://www.boredcandycity.com/
Twitter: https://twitter.com/boredcandycity
Discord: https://discord.gg/boredcandycity
Docs: https://bored-candy-city.gitbook.io/bored-candy-city-1/
Telegram Group: https://t.me/boredcandycityofficial
