A Message from Our CEO
It's been a while since we provided an update.
We hope other teams can find this helpful.
Today we'd like to share:
what led to where we are today
what's planned to address issues/failures with Domani Protocol (we're alive and well)
our goals for the rest of the year
What led to where we are today
In September 2020, we launched the DEXTF token when the digital asset management space was still dominated by few players.
The token quickly appreciated following the bull market and the DEXTF token reached an ATH in Feb 2021 of almost $4.
Our community was very engaged and provided much feedback. We really thank you all for the enthusiasm shown in our initial phase after the protocol launch.
We realized that we have been very slow to react to feedback despite our continued efforts to improve the product.
We launched V2 in Aug 2021. While we have continued to deliver improvements to the protocol, developments updates came in a little too slow. We missed the opportunity to grow faster and increase our TVL as the market grew.
Further, we also know some mistakes were made that led to the token price capitulation we have seen in recent months.
What we did and will do to address issues/failures
We tried to rekindle the community enthusiasm around the project by executing our multichain strategy.
We deployed on Avalanche and launched a protocol rebranding campaign concurrently to change the name from DEXTF to DOMANI Protocol.
While some fervour was building up during the campaign, we failed to significantly change the sentiment around the project.
This month we released the DEX aggregator in the Avalanche dApp. Enabling investors to create units of new fund tokens by simply providing 1 asset instead of all the underlying assets in kind.
The DEX aggregator takes the best quotes from TraderJoe and Pangolin (two DEXes on Avalanche) and swaps your 1 asset into the required assets needed to mint new fund tokens.
We believe this feature removes friction for investors and delivers to everyone an improved user experience when creating new units of fund tokens.
Our goals for the rest of the year
Last week we all sadly witnessed the de-pegging of $UST. Its implications for the entire DeFi crypto community will be leaving a mark for months, if not years. Many investors may have lost trust in the industry. Some projects will not survive the storm.
We have been managing our finances very tightly. We didn't have any exposure to the Terra/Luna ecosystem or investment in UST.
As such, we continue our journey as planned.
The team is busier than ever, and we have the experience and patience to overcome these hurdles. We have funding to continue the development of new features, and we have a busy pipeline of great updates lined up for the rest of 2022.
We are doubling down on our multichain strategy announced earlier in the year.
Soon, we will deploy the dApp on the Algorand testnet. Following this launch, more chains are lined up for deployments, such as zkSync, Zilliqa and Klaytn.
We will not relent until we complete our mission.
The goal is to make fund creation as easy as setting up a new crypto wallet. Streamlining operations and disintermediating within fund management is vital.
We believe in creating a reliable bridge for a diverse group of institutional money to reach DeFi. Our team is shy of having a century-long experience in knowing the inner workings of how traditional systems work pre-Web 3.0.
Eventually, digital assets (in the broad sense) will include anything tokenizable. Simply digitalizing assets will not remove the asset management industry's problems today. Tokenizing these digital assets will be.
When available for trade on the blockchain, the combination of crypto and traditional stocks, bonds, or REITs will instantly provide infinite portfolio offerings compared to the many weeks or months taken to set it up in TradFi.
About DOMANI Protocol
DOMANI Protocol is an asset management protocol that facilitates portfolio tokenization, rebalancing, and a multiswap DEX to trade a multi-token position in a single transaction.
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