tldr: Our Q1 update
hello Soceaners, hope that you all are doing well! Q1 has been an insanely turbulent time for everyone — the Omicron variant swept the globe, and just when we thought all was over, Russia invaded Ukraine. The Socean team has kept our head down and worked. We’ve been hard at work improving our offerings and building new and innovative products on Solana. In this update we’ll recap all of the things we’ve done in the past quarter and give you a sneak peek of our future plans
What did Socean do in Q1?
New integrations and partners
We’ve actively worked (and still are working) to ensure that Socean users can continue to do more with their SOL. We have integrated with many new DeFi partners and will continue to expand our partnerships.
We completely removed deposit fees and cut withdrawal fees to 0.03%, improving the composability of our $scnSOL staked token. Yet another reason to stake your SOL with Socean!
Our big focus in Q1 2022 was Socean Streams. We built Streams for ourselves after identifying the many tokenomics issues we saw on Solana. But many protocols wanted to use it too, and we were most happy to oblige.
Since our launch on 14th February, many protocols have successfully used Streams in many ways. UXD used Streams to participate in the Saber Wars. Atlas DEX used Streams for their token airdrop. And protocols like Port, Cropper, and Grape have used Streams to own their own liquidity, locking in a new long-term source of revenues.
Over the past two months, we’ve helped protocols raise almost half a million dollars. We will be aggressively expanding the use of Streams to new partner protocols.
Streams is a powerful DeFi primitive. We hope to build upon Streams to give protocols the most powerful and comprehensive set of tokenomics tools available on Solana. The Streams will continue to flow in Q2 2022!
Bounty Program Winners
We began the year announcing our pilot Bounty Program with the Solana Foundation. We’re happy to announce it has come to an end with some amazing entries!
As first mentioned in our Medium article:
“The Socean team will judge all bounty submissions sent by participants within the agreed time-frame. While there are no definitive criteria for judging submissions, the Socean team will look mainly at
- Adherence to the description of the bounty
- Timing of submission
- Quality of the submission
The Socean team reserves the right to change, amend or withdraw any of these judging criteria. Any decisions made by the Socean team are final.”
New Team Members
The Socean Team is happy to welcome a new full-time front-end developer, Albert, to the team, as well as Pixisu, our new Community Manager! We’re still seeking to expand the team by hiring a front-end developer and full-stack developer so hit us up!
Improving our documentation
We rewrote our public-facing page from the ground up! Check out Socean Finance for all things Socean.
We are also making public our Socean Labs (the team that works on Socean Finance) Notion page. There you can see what we’re thinking and what we’re working on. We’re hiring: see Work with Socean Labs for open roles.
What’s next for Socean?
NEW PRODUCT: Secret Beta Launch for Pathfinders 🤿
Coming next week 🎚
IDO: Moving forward with our token launch
We released parts 1 and 2 of our Tokenomics series back in January, and we know you’ve been waiting for Part 3 (and the IDO). Where is Part 3? Wen token? We’re sorry we haven’t communicated the reasons for the delay well. Hopefully this gives you some context:
First and foremost: as we were preparing to IDO, Russia invaded Ukraine. We thought it would be tone-deaf and inappropriate to hype up our IDO at such a time.
Secondly, even though our IDO gives early users and contributors the same price as our seed investors, poor market conditions could still screw people over, and we didn’t want that to happen to anyone.
Finally, while we’ve been able to ship products that have quickly become powerful primitives on Solana, we’ve struggled to figure out the “endgame” for these two products. Socean Streams has gotten great traction and organic demand from protocols without any unsustainable rewards. Socean Stake is a fundamental piece of the Solana infrastructure that helps to decentralise and secure the network.
But we weren’t sure how these products would fit together or how to build upon them. We didn’t want to dilute Socean’s brand identity with a series of unrelated products. We wanted to ensure that we launched with a strong long-term roadmap and a cohesive product so that the DAO has a clear direction and mandate. After thinking very deeply with our advisors and investors, we think we have the answer, and are now confident in our next steps.
We still can’t give a certain date on the IDO, but I promise that we will update the community with our thoughts and plans. We know the wait is frustrating — it’s especially frustrating for the team, who only start vesting on token release — but we only get one shot at a token release, and we want it to be a good one. We’re sorry for the delay and hope you understand the need for it.
While we could have launched the token ASAP and called it a day, we think being careful and considered is the right approach here. As the price of SOCN will track Socean’s revenues (see our rising tide mechanism), taking the time to build the best protocol possible will help increase SOCN’s price in the long term.
Partnering with NFT DAOs + improving our Pathfinders
We will be collaborating with and forming close-knit partnerships with a few NFT DAOs that we like. Our thinking is still nascent but we also think that our Pathfinders need some refreshing: no promises on this front but we might be making them genuinely non-fungible. I (@eggpanned) get very excited talking about this — happy to discuss this in our Discord. We have also secured Whitelist slots with over 20 projects for Pathfinders over the last 30 days, thanks to Pixisu and Arf!
Engaging our community
The Socean Team is good at working hard — but not really good at showing our work. I’m sorry that we haven’t given our community a chance to see what we’re working on. This ends today. I (@FP) will start giving regular progress reports (monthly/fortnightly) to the community, and will work with @eggpanned to host community calls (where you should feel free to ask me anything at all).
With Pixisu and Arf now on board, we will keep building our Socean community with more community events. We’ll continue our customary Thursday DJ Nights and will run game nights and movie nights. Please drop your suggestions for fun activities we can do in the Discord. And reach out to @eggpanned if you’re interested in becoming a Helmsman/Discord Community Mod (English)!
Finally — we are thinking about starting up our very own podcast very soon! Watch this space!