deFarm 2023 Recap and 2024 Outlook
TL;DR: deFarm 2023 Recap and 2024 Outlook
2022-2023: Despite market challenges and losing funds in the FTX crash, we committed to developing deFarm with a clear vision.
Early 2023: Faced initial VC rejections but pushed through, launching a successful private testnet and expanding to multiple chains. Introduced deFarm Seed and Interactive Social System.
Late 2023: Launched Public Testnet, gaining positive feedback and no major security issues. Secured key VC partnerships and launched our Ambassador Program.
2024 Outlook: Launching Mainnet Beta in January, introducing deFarm Seed on mainnet, distributing DEF tokens via Liquidity Bootstrap Auction, and integrating an enhanced User Experience.
Hey, deFarmers! Thomas here, your CMO at deFarm. As we're all sharing our year-end reflections, I'm excited to take you on a journey through deFarm's past and into our promising future.
2022 and 2023 have been rough years for us, with many ups and downs. Now that 2024 is around the corner, with a bright future ahead, let's look back and take time to appreciate our experience so far!
I. The Seed
We started thinking about the concept of deFarm in the latter half of 2022, right before the crash of FTX. At the time, the Market feels like dogsh*t. Everyone is so uncertain of the crypto future. Our team, too, was really stressed out about what to do next. We have been forming the concept of deFarm for 2 months now. Half of our funds got lost in FTX, and we only have the funds to do just one more project.
But we surprised ourselves with the love we have for DeFi, and all of our team members agreed to build deFarm. We all know that deFarm is an ambitious platform with a complicated technical layer that can't be completed within a few months. So if we wait till the Market gets warmer, we won't be able to finish it, or worse, we will have to publish an unfinished product (like Cyberpunk 2077 when it was first released).
So, we decided to start our journey.
We started building deFarm from scratch and our own fund. Honestly, the first 6 months, from Jan to June 2023, were really tough for us. We completed all the necessary materials in the first 2 months: the document, whitepaper, product MVP, social channels, etc, and started our Seed Round. We talked to many VCs, showing our ideas and passion, but they all shook their heads. It's too risky for them to invest in the market condition at the time.
Still, we continue to move forward.
In April, we have our first private testnet, running on Optimism and partnering with Perp Protocol, exclusively for 200 participants. The feedback and ideas we received at the time were the fuel for us to continue building deFarm. Once again, thank you all for your contribution, love, and support!
In the meantime, we also revamp our entire UI based on our testers' feedback. We also created and implemented the new social system, including deFarm Seed and Interactive Social System.
deFarm Seed is a Non-Fungible, Non-Tranferable Social Token representing users' reputation and trading performance. Seed can be bought or sold, with the price based on the current number of Seeds circulating.
Interactive Social System is an evaluation system that rewards users the more they use deFarm.
Check out the Social Layer of deFarm here: https://docs.de.farm/social-layer-13
III. The Fruit
As we continue to build deFarm without hesitation, we finally make it till everything gives us the answer we've been waiting for.
We released our Public Testnet on October 2023, attracting many new deFarmers. After a month, we received lots of feedback, giving us so much information about the minor things and bugs we needed to fix. Luckily, there are no significant exploits that can attack the platform.
The Market is getting warmer, and once again, we reach out to the VCs that can help us with the funding and the growth of deFarm. With the testnet's data, we gain VCs' trust and even get called "One of the most potential projects on Arbitrum in the next Cycle." Truthfully, we are not there yet, but we are trying hard to!
2023 was indeed an invaluable experience for the deFarm team!
IV. The Harvest
2024 is the year that we bring everything we have been cooking to the public. All preparation is in the final stage!
In January, we will launch our Mainnet Beta on Arbitrum, partnering with Vertex Protocol. Everyone can start using and earning with deFarm!
Along with the Mainnet Beta is a huge Incentive Event for all Early Adopters! With every social interaction and activity on deFarm, users will be rewarded with Airdrop Points that will later be converted into DEF tokens!
The deFarm Seed will also be published to mainnet in February 2024, allowing everyone to invest and own private access to their favorite Managers!
We will distribute the DEF token in March with the Liquidity Boostrap Auction (LBA). This is the best way for our Early Adopters to earn their reward while keeping the Launch fair & decentralized.
Curious about LBA? Check out how we will make it here: https://docs.de.farm/def-token-launch-55
The Interactive User Experience will also be integrated in April, giving users of deFarm more incentives for their contribution. Make sure to enjoy it, as we spend tons of time working on this with the benefits and enjoyment of our beloved users in mind.
Thank you all for reading my rant till now! I'm going back to work, so everything can be on time!