Just over two months have passed since the redemption… and what a crazy journey through the unpredictable currents of the DeFi landscape it has been. As we continue to navigate these waters, we wanted to to share some insights the challenges we've faced and what lies ahead.
The recent issues with Multichain brought a fair share of uncertainty. After the USDC scare earlier this year our strategy team suggested we should transfer most of our funds to the Ethereum mainnet. This would allow us to react quickly if something similar occurred and thanks to deeper liquidity, minimize our exposure slippage. Even with our proactive approach, we encountered a roughly $500K depreciation in our Fantom network holdings—a setback, yes, but not a crippling one.
With everything going on we have been weighing up different options. The challenges of launching a token, even a replacement token are not insignificant. Every scenario has to be considered to ensure we are future proof and not in a position where we can be caught off guard again by a single protocol.
We are working towards accommodating the needs of every single holder, not just a few and that takes time to achieve. Rushing anything in DeFi is a mistake that we do not plan to make.
As we plan the next steps for BLNC, we're contemplating the token's launch on other networks supporting native USDC. This move will hopefully provide us an extra layer of protection against bridge exploits. Once we finalize our research, we'll share more details and present a proposal for a community vote.
Despite these trials, we've made significant strides. As mentioned in the last proposal, our team has shifted all focus to the development of Ryze, which is now nearing its final stages. We are look to start onboarding beta users fairly soon and we're thrilled about the opportunity it presents. For real-time updates on Ryze, join our Discord server https://discord.gg/ryzefi
It's worth noting that LIQD has already reached over $1.5M in loan volume while still in Beta. As we witness growing volumes each month (270+ Eth), we are confident that we will be ideally positioned when the NFT market turns around.
Thank you for standing by us. Here's to our continued Ryze!
Despite challenges such as the $500K loss on Fantom due to the Multichain saga, we've proactively moved most of our funds to Ethereum for enhanced liquidity. We're carefully considering our options with BLNC, including launching the token on networks with native USDC to avoid future bridge exploits. Our dedication shines through with the nearing completion of Ryze, and we invite you to join our Discord for real-time updates. LIQD has surpassed $1.5M in loan volume in Beta, with an increasing month-over-month volume and 270+ ETH in the last month.