The first month of having GYSR live on mainnet has been a whirlwind. Our core team has been working around the clock, and we’re grateful to have the support of a small but engaged community. At the time of writing there are over 600 $GYSR token holders, 400 members in our Discord, and a stable $1.5 million locked in staking for our project token alone. We have over 1900 Twitter followers and over 800 members in our Telegram group.
As we transition from a successful proof of technology toward growing our ecosystem in the coming year, we’re excited to share an inaugural monthly update, which briefly covers what we have accomplished so far and what is coming up. For those who are just discovering us for the first time, here is a quick primer on our project to get up to speed before reading the below.
Looking Backward:
Our launch was a rollercoaster ride. The $GYSR token went as high as $10,800 per coin in the opening hour before dropping to a normal range of plus or minus $1. That said, even with the price fluctuations, we are extremely happy with how our smart contracts held up. They handled over $100 million in TVL without any hiccups!
After our first two weeks being live we compiled some notes about the lessons we learned from using our own Geyser to create GYSR token liquidity. Our hope is that other projects who want to use the GYSR platform for their own purposes in the future can learn from our experience (you can read the post here).
Beyond our initial set of Geysers, we’re excited to share that over the course of November there were 37 different Geysers created. Some have been experimental to allow for rapid prototyping and developing new ideas, but many are live liquidity mining programs.
For those who are interested in seeing how Geysers get used in action, one example of a project that ran a 30-day promotional campaign using our platform is PowerTrade. They set up two Geysers to reward LPs of their PFT token (one for Balancer LPs and the other for Uniswap LPs) and reached a combined $700K USD staked across both, which led to significant growth in the liquidity of their token. See the change in their Balancer pool for reference below:
Other than DeFi applications we have seen a huge variety of other interesting projects using GYSR, including NFT artists, social tokens, games, governance applications, and more. It’s been great to meet many of these creators, and we’re thrilled to see so many projects already putting the platform to good use. Please continue to reach out and connect with us!
On the dev side, we spent much of the past month responding to community feedback and improving on the application UI/UX. We implemented several changes to make Geyser metrics (e.g. APY) more accurate and accessible. We built a new way to monitor Geyser transaction history (i.e. events and unstakes). We have made countless updates to improve general app stability and performance. And we have introduced a project discovery page to easily find other projects using the GYSR platform. See below for a picture of the new Geyser history interface.
Looking Forward:
As we put the launch behind us, we have laid out a roadmap that goes through the end of 2021, which outlines our plan to grow both the capabilities and reach of the GYSR platform. We also had a substantive community call to help brainstorm and delegate several responsibilities. Our current focus is on a project referral program to spread the word about the possibilities GYSR can unlock for a variety of use cases. Ultimately, our intention with this project is to offer real value to developers who are building meaningful projects in the DeFi space.
In the immediate future, we have several front-end and back-end updates that are in the works. We brought on another engineer to lead the development of a second version of our web app. Look out for an announcement introducing them to the community soon. The primary goal of this redesign is to improve ecosystem value and enhance project searchability. Additionally, it will provide more metrics and statistics related to each Geyser so investors can make more informed decisions. We are also actively building out a GYSR subgraph to support this new web app and provide a public data layer for other developers. See below for a sneak peak at what the V2 application will look like.
Over the medium-term the GYSR team is focused on enhancing the capabilities of our core contracts and incorporating some of the great feedback and ideas we’ve been given by community members. This will include an option for friendly (non-competitive) farming, a profit-sharing model for GYSR holders, more compatibility with third-party tokens, and adding additional incentive mechanics.
We want to sign off here by saying thank you to our community! We’re so grateful to have thoughtful people feeding us ideas, helping answer questions in the Discord, and so on. If you’re interested in learning more about our project, please subscribe to this monthly update below and check out our website and social channels. We would love to connect with you, so feel free to reach out.
-the GYSR team