Dear Community,
Recent events in the crypto space have understandably caused uncertainty and concern among the community and users. However, it’s important to remember that the broader crypto market is still in its early stages. Like any new and emerging technology, there will be challenges and setbacks along the way.
At Lucidao, we are focused on building and developing our technology, and by doing so, we can help to drive the industry forward and contribute to its long-term success of driving the adoption of bridging real-world businesses. While it’s natural to have concerns during times of uncertainty, it’s also important to keep a long-term perspective and focus on building and innovating.
In this article, we want to reassure our community and highlight the reasons why Lucidao has been largely unaffected by the recent market turmoil.
- First and foremost, the Lucidao Treasury is healthy and well-capitalized, with sufficient runway to sustain development beyond the project’s go-live date. This means that we have been able to focus on building our technology without needing to seek additional funding. In fact, our Treasury was recently ranked the third largest among community-focused Web3 projects.
- Lucidao has no direct exposure to custodians or counterparties that recent events have impacted, and we only hold $LCD and stablecoins in our Treasury. This means that we have continued building on a solid foundation, undeterred by market volatility.
- Lucidao is building on Polygon, a solid infrastructure that is unaffected by FTX’s issues. Polygon is one of the most innovative platforms in the crypto space and has done an incredible job building partnerships that will aid in the mainstream adoption of Web3, with big brands like Nike, Starbucks, Meta, Stripe, Reddit, and Mercedes operating on their infrastructure. In November, Polygon set a new record for unique blockchain addresses, demonstrating their continued growth and resilience in the face of market turmoil. By building on Polygon, we benefit from its momentum and focus on mainstream adoption.
We are approaching the launch of our first dApp, the Altr Luxury Collectibles Marketplace, powered by Lucidao. We are on track to go live this month and will continue to provide regular updates on our progress. Make sure to follow our socials, and we certainly encourage everyone to join our discord and reach out to us if you have any questions.
We have been working hard to deliver something exceptional.
Thank you for your support and being part of the Lucidao community.
Brace yourselves for disruption 🚀
The Lucidao Team
PS: here’s a little sneak peek at what’s coming:
