Void is coming to Osmosis!
Intro
As you surely all know, at the beginning of May, Terra crashed. A lot of people lost a great deal. Not just in terms of money, but also trust and hope. It was a dark time for everyone in the space, including us here at Void. Due to this, we have had to make some changes to Void Protocol in order to migrate across to Osmosis. Our newly updated Litepaper goes into more detail, but you will find the general gist of the move here.
Milestones to this point
At the point of the crash, Void was just weeks away from our IDO and launch. Our developers had spent nearly 9 months building, and had the platform 90% complete. We had built a lot of hype in the community in regards to our whitelist, public sale and airdrop. The community was buzzing and we were super excited to get our product out there and provide privacy to the ecosystem. Unfortunately, that wasn’t to be. Ironically, we were kind of lucky. Had the crash come after our sale and launch, Void would likely not be around anymore. We still had the opportunity to adapt and choose another direction for Void.
After a couple of days of shock and disbelief, we put our heads down to find a solution for Void. With uncertainty around Terra 2 and them starting somewhat from scratch with a very depleted community, we decided it would be more beneficial for Void to move to another chain, work towards cross-chain compatibility and keep the option open to service the new Terra fork if it succeeds. We believe that it will still be quite a while until users of Terra 2 are at the stage where they are seeking privacy.
Migration to Osmosis
Hence our move to Osmosis. We’re very excited for this new chapter of Void’s journey. Whilst we were extremely invested in Terra and its success before the crash, we actually believe that Osmosis will give Void the opportunity to achieve more and provide privacy more broadly across the Cosmos ecosystem.
To launch Void on Osmosis, we have quite a bit of work to do to make our code and logic compatible with the platform. We have hired a new backend developer, DT, to help the process along a bit, so we now have 4 devs working on getting Void to you as quickly as possible!
That said, we are still looking at several months until we are ready to launch. For the next 4 weeks or so, we will be working on retrofitting Void for Osmosis. This includes making decisions to make Void viable on Osmosis, such as yield options, as well as working to make our existing code compatible with Osmosis. After that, we will spend the following few weeks working to implement our new decisions into the codebase. From there we will move onto our rewards claiming mechanism. This is quite a big task as it needs to be extremely secure to prevent any kind of tracing of funds, and so it could take up to 2 months to complete. Following that, we will work on the airdrop and public sale structure, and from there we should be able to go live on the testnet whilst having the entire platform audited.
Runway
In terms of funding to complete this work, we are very happy to announce that Void Protocol has been accepted for a grant totaling $250k from the Osmosis Grants Program. This is paid in $OSMO and has been broken down into milestones with $75k released upfront, $75k when Void is live on the testnet and the remaining $100k once Void has launched on the mainnet. This grant is a very warm welcome into the Osmosis space and will enable Void to deliver the best version of the platform to the Osmosis community.
Regardless of this grant it is still important for Void to have independent runway, therefore we will also be holding a small strategic round to fund our progress until launch. This will be for 2.5% of Void’s token supply (2.5m) tokens at $0.075, or $187.5k. Combined with the grant, we believe this is enough to fund our progress up to and beyond our launch.
Updates and Changes
Thus far we have made some decisions about the direction and functionality of Void on Osmosis. Initially we will launch with Void Anonymity Pools (VAPs) for $OSMO, $ATOM and $USDC, but hope to expand our platform to include all major IBC currencies. After we have implemented the Void DAO, each new addition will be decided by proposal votes. The deposit sizes for each pool will be subject to change depending on price action, but at this stage will look something like this:
- $OSMO: 100 | 1,000 |10,000
- $ATOM: 10 | 100 | 1,000
- $USDC: 100 | 1,000 | 10,000
Our tokenomics have changed slightly and are displayed below, but here are the changes:
- Protocol Rewards: Up from 32% to 33.5%
- Liquidity: Up from 2% to 3%
- 2nd Investment Round: 2.5% (new)
- Airdrop: Down from 15% to 10%
Speaking of the Airdrop, in return for the Osmosis grant towards Void runway and the warm welcome we have received into the Osmosis community, 10% of Void’s token supply (10m) will be airdropped exclusively to the Osmosis community. We have decided to distribute this as 5% to $OSMO stakers and the other 5% will be distributed to LPs (TBD).
Concerning our vision and drives, not much has changed. We’re still dedicated to providing a secure and decentralized financial privacy solution with minimal opportunity cost to as many people as possible. With Osmosis being part of the IBC Protocol, we believe we will be able to provide our solution more easily throughout the Cosmos ecosystem.
Conclusion
We are extremely excited for our move to Osmosis and we can’t wait to launch Void! With our launch having been at our fingertips, it was a bit disheartening to have that ripped away from us, but we have come back with a refreshed energy to provide privacy to Osmosis and the greater Cosmos ecosystem, as well as get to know the thriving community. If you’d like to read more in detail about the changes to Void, you can find the link to our updated Litepaper below.
Void Protocol Links
🌑 Website: voidprotocol.io
🌑 Litepaper: protocolvoid.gitbook.io/void-protocol/
🌑 Twitter: twitter.com/ProtocolVoid
🌑 Discord: discord.gg/kB2cvnWgs6
🌑 Medium: voidprotocol.medium.com/
🌑 Telegram: t.me/Void_ann
