Kandy Revamped
The crypto world and the DAO space was pretty shaken up by the events that occurred with the Wonderland team. Between MIM becoming unpegged and almost every DAO falling below the backing price, we felt that it was time to make some changes with Kandyland.
Kandyland Changes:
— Develop a sister platform to Kandyland that focuses on utility-based music and artwork NFTs, built from the ground up, which includes staking NFTs for bonus APY. Collaborations with medium-sized and large-sized music artists will be done. Funds raised from this platform will be shared with Kandyland for further growth. The KANDY token will be usable within the new platform to give KANDY external utility. Starting this project from the ground up is easier than redeveloping Kandyland completely. We will still be proceeding with reworking how Kandyland functions now for the better. This is considered a external investment that will benefit Kandyland in the long run, which is what the treasury’s purpose is, other than buybacks, which are no longer taking place within Kandyland.
— Implement NFT minting and staking within the dApp. We will be implementing this feature soon as development is complete and the audit is in the works! Our first of several NFT drops will be the “Kandy Kreatures”.
— Add more bonding options. We have already added more bonding options, including wAVAX, wETH, and wBTC. These will go live soon! We hope to partner with several other platforms and offer their token as a bond option.
— Get rid of backing completely. This sounds shocking and radical, we know. The backing, as all reserve protocols have recently learned, is just giving investors false hope. It is unsustainable to constantly burn the treasury to do buybacks. The buybacks turned into liquidity for some investors to leave, which would inevitably result in completely draining the treasury, which is not good for the project. The false hope that backing promises were especially demonstrated with the likes of Wonderland.
— Lower APY to a more sustainable realistic rate. This will help provide a much more realistic, sustainable APY for long-term growth. We do not want to overinflate the circulating supply.
Some Changes to Our Roadmap
As you all know, especially in the realm of DeFi , things change at a very rapid rate. That does not exclude Kandyland. We have decided internally that we will no longer be planning on implementing music NFTs within the Kandyland brand. However, this does not mean we aren’t still pursuing utility-based artwork NFTs, because we are! We genuinely feel like, with all that has happened to Kandyland and the complexity of implementing the music NFTs in an effective way, it would be better to build an entirely new platform with a sole focus on music and artwork NFTs. This would be drastically more scalable than Kandyland, considering its history. We have some very large collaborations in the works and we want to take advantage of them to the best of our ability. It would be very complex to rework the entire system of Kandyland, and considering the current market conditions, we do not believe this is the right time to do that. This new platform would be a sister platform to Kandyland, but not directly connected via its brand name.
The new platform will not take anything away from Kandyland. We will continue to market and develop Kandyland. Kandyland will take more of a utility-based artwork NFT focus for the near future. We will have future NFT drops and collaborations in the future! Additionally, the updated roadmap will be released soon with our updated vision for Kandyland.
Treasury Fund Withdrawal Proposal
With all of this said, this rework will not be cheap, along with the marketing we will be doing before and after the rework. We need to cover the cost of our developers and marketing team to have any chance at Kandyland having a successful future, as I’m sure everyone is aware. That is why we are asking for a vote on whether or not the community believes we should withdraw $35k to cover these costs. We currently have $90k sitting in the treasury not being utilized. This, in the team’s opinion, is a waste as it could be put to use to benefit the entire project as a whole. We understand $35k may seem like a lot, but it goes a long way to better the project and rework the protocol. What we want to do is relatively unique and custom, so it’s not as easy as simply forking other projects’ contracts.
With that said, the vote proposal can be found below via our snapshot. Only holders of KANDY will be able to participate in the vote. Please think about the proposal thoroughly before voting. This is an important move for Kandylands progression in the DeFi space.
