May 2021 — Notes on Savix Development and Strategy
The last weeks have been very complicated for us, things somehow went topsy-turvey for us. Instead of explaning everything in many small postings in our channel we decided to give you an overview of Savix project development and our next strategical steps here:
1) BSC or other chains
We are regularly checking options. Bridging is one option, switching the token to another network as well. BUT: We will only do anything in this direction if we actually see real profit for Savix holders! We will not do anything just out of actionism or because there is so much hype at BSC or because some Savix holders request it in our channel. Priority for us will always be the potential long-term profit for you, the savix holders. Your profit is Savix’ success is our profit.
Having made this clear, I can say that we already have had talks with projects experienced in building cross-chain bridges. Since Savix works a bit different than other ERC20 tokens there are some technical challenges, but they seem solvable. Still we are not clear about the strategic advantages.
After all one of Savix special features is the automatic and gas-free staking mechanism, which especially makes a big difference on the Ethereum chain. We cannot see how bridging Savix to BSC would actually bring new holders to the token. In case we could restart the token completely at BSC including a restart of the staking progression things might be different, but we cannot see how this could be achieved in accordance with everyone involved.
2) Current partnerships: SWFT
We are close to releasing the direct swap option at our homepage. You will be able to swap cross chain there, like swapping BTC, XLM and many more for SVX. The devs of SWFT are located in China and they have public holidays last week. They still did not manage to finally release the swap function for Savix. Nevertheless , our web GUI is close to be finished and we hope that next week we will be able to start swapping.
3) Current partnerships: BiP
Our partner BiP seems to experience serious problems. We apologize the delay in communication about this. But the situation has been confusing to us as well. We received the information that the developer of the BiP trading bot got ill with Corona. The BIP bots is working, but seems to be in deficit. We actually don’t have any idea if this partnership will lead to any benefit for Savix holders at all. If the developer in charge of the bot would not return to the project we actually see the BiP project in danger as such.
Because of this situation we have not pubished any top holder list for BiP rewards yet, since we don’t want to fuel false expectations.
At start of the partnership with BiP our team received some BiP tokens as compensation for some marketing support. In case the partnership with BiP fails we decided to provide these tokens to the Savix community. In this case we would create a kind of poll to decide how the tokens should be distributed to the community, for instance by creating a competition or lottery. We are open for all good ideas if this case should occur, of course.
Technically we are on track with Trinary for development. At the same time we have to take into account several circumstances we could not forsee and which are important to consider in order to make Trinary profitable. This results in some challenges, we have to pass:
🡆 Challenge A: The trading volume at uniswap is not as high as we would desire it to be. Low trading volume mean few fees. Since Trinary is supposed to redistribute fees of the pool. The challenge is, how to keep Trinary attractive even with low trading volume.
🡆 Challenge B: Participating in liquidity providing always bears the risk of impermanent loss. The current Trinary concepts requires participants to add liquidity to the Savix Uniswap pool. The challenge here is, to keep the risk for investors low, if the price action stays the way it has been lately.
🡆 Challenge C: Uniswap V3 has been launched. There are new features which came up with V3 and we want to understand potential advantages and disadvantages with regard to Savix Trinary. We consider this to be necessary in order not to miss important potentials.
The challenges A and B are of utmost importance in our opinion, if Savix shall be successful. Therefore our development team is discussing alterations of the original Trinary concept at the moment and even completely new approaches. As soon as the dev team can present one or more optimized concepts we will publish this here.
All our experience with centralized exchanges cannot fulfill the expectations or hopes we originally had. Neither do we recognize any significant increase of holders due to exchange listings nor can we see any marketing effects of significance. This accounts to all exchanges Savix has been listed so far.
Furthermore, LaToken created that many problems on our side that we decided to stop our engagement there. This exchange even traded the biggest part of Savix liquidity away because the trading system had a failure and nobody way able to repair it for a period of two days.
Our latest listing at Hotbit had been synchronized with the April marketing campaign originally. Because the exchange had been stopped completely for two weeks now due to the hack experienced, the positive moment of Savix at Hotbit has vanished. We will try to reactivate the marketing efforts of Hotbit as soon as possible.
We might have a closer look at further decentralized platforms like Dodo instead of exchanges in the future.
In the next weeks we plan the following marketing activities.
- stakingrewards.com: Banners and Ads
- hotbit.io: Promotion at Hotbit’s social channels, Twitter and global communities, AMA, perhabs trading competition
- criptopasion.com: Project review, YT-Video, Facebook groups, mailing
7) General Mid-Term Strategy
All of the above has impact on our mid-term strategy. We try to analyze all those aspects in order to create a positive mid-term vision for Savix. We understand well, that directly after our fulminant Unicrypt launch some mistakes had been done concerning our group moderation which most likely have cost us the good price dynamics we had at the very beginning.
In mid April we had launched an intensive marketing campaign in order to compensate for this. This campaign consisted of a competition to push votings on coingecko and CMC, YouTube videos, one of which was created by an acknowledged influencer, several Telegram shillers all of this accompanied by an expensive Twitter campaign by a known network of Twitter influencers. We could actually achieve getting back to the CMC trending list, for a while at rank 1 even. The price action reflected this positive trend, but as soon as the primary marketing push was over, too much selling pressure took over taking the price back to where it had been before. This experience leaves us with certain doubts whether marketing can really compensate for the loss in dynamics in the first two days after launch. The April campaign has been very costly, a high 5-digit amount of USD. It is neither possible nor sustainable to repeat campaigns of this size over and over again.
We still believe in the concept of Savix and protocol based staking. And we feel that it is our duty to create a realistic strategy with the potential to bring Savix back to where we believe the project belongs. But we have to admit, that this is not an easy task. We will try to build our development strategy in a sustainable way, maybe even including the need to rethink some of the concepts we originally had.
8) Final Words:
If we, the founders, appear to be silent for a while, this will never be a sign of missing interest or disregard for you, our Savix community. All of you are important to us and Savix is a matter close to our hearts. Since our core team is quite small we sometimes need time to figure things out and test things out. You will always have our mods here in the channel being able to connect you with us. The founders just cannot be present in the chats all the time, since we often have to focus on technically or strategically more essential tasks.
I hope you guys will “hold the line”! Savix and Easy DeFi For Everyone is a fantastic concept. Let’s do our very best to make it a big success in the longer run.