Weathering the market and looking forward. A statement from our team on resilience.
The original contents of this statement can be found in the following thread: https://twitter.com/CompendiumFi/status/1590370793862889472
Responsible Treasury Management
The Compendium Ecosystem did not have any assets on #FTX during this week’s events. We currently support a team of 5 people and have plenty of treasury runway left to support our development and community-building goals.
Our treasury is also majorly unaffected by the market downturn effects ( $BTC & $SOL ) and contagion woes experienced by the industry as a whole. Our focus on stables like $USDC and neutral strategies during this time has helped to elongate our runway situation.
The treasury is also fully liquid with all funds in treasury custody and no counterparty risk through #Solana or #Ethereum protocols and smart contracts that may be affected by price volatility.
A Look Into The Situation
First off, We express full sympathy to all users who may be affected by locked withdraws on #FTX and will continue to support you however possible during this time.
While brokerage rebates through our partnership with FTX supplied one of our many sources of revenue, the launch of the PENDAX SDK platform and the addition of exchanges like OKX, ByBit, and more to our tools comes at a crucial time as we look towards the future.
Our ecosystem posted a total estimated volume of $2 billion to the #FTX ecosystem since inception. We have seen a drastic increase in volume through our tools to new partner exchanges (like OKX.com) in the last month signaling less reliance on #FTX international.
The addition of FTX.US has also been established during this phase and we plan to continue support for US users on this platform as long as they remain largely unaffected and can provide proof of reserves to distance themselves from their international sister company.
Stay Building No Matter What
While current industry sentiment may not be beneficial for new product launches, we do plan to soft launch our application upgrade we have been hard at work on for the past year.
We will also fast-track all new exchange integrations into the retail-facing tools provided on our application to make sure that users have access to free trading tools for whatever exchange they choose at this time of migration.
We will continue to provide free and unlimited access to our tools to help any and all users get back on their feet without the need for subscriptions. New partners like OKX are also providing additional incentives for users to help make the switch easier.
Our Views On Solana
Solana seems to be caught in the crossfire as both FTX and Alameda Research hold large portions of the network’s native SOL token. With the unwinding of assets and data provided showing the unstaking of large portions of funds, we can expect some network price volatility for the foreseeable future. Our decentralized exchange project, Compendex, currently supports Solana-native trading through several integrations and this product will continue to do so. We have no plans to halt development on our dextools but will gauge the market to possibly guide resources toward the implementation of new chains. It is important to note that this was an initial roadmap goal, to begin with, and may be fast-tracked depending on the need to migrate where larger volumes and user bases find a new home. The Solana infrastructure will not be deprecated and Solana technology provides abilities that other chains simply do not.
Our native CMFI token also calls Solana its home. We have already been approached to create a possible plan for chain migration and will be monitoring the situation closely and taking action if we deem it necessary. This does not mean that CMFI will cease to support Solana support, but may lead to CMFI also finding a home on new networks as well through bridging partnerships.
As a reminder, no new unlocks or vesting contracts are set to issue tokens into the ecosystem for yet a few months. This will not be changed or modified in any way and we remain confident in the development of utilities and new products.
A Closing Note
Stay safe out there and be vigilant. The markets and sentiment are beyond emotional right now and a trader’s number one goal should always be capital preservation. We pray that all users affected by the situation encounter a remedy and can be made whole.
Our team is also available to provide insight and guidance to other platforms and protocols that may be negatively influenced by recent events to help you make the most of your resources. This isn’t our first black swan event and it won’t be the last.
We would like to thank you for taking the time to keep up to date with CompendiumFi. If you would like to discuss anything in more detail about the discussed topics in this post, please feel free to contact us on any of our social platforms!
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None of the above should be utilized as financial advice. You are responsible for your own financial decisions. Please make sure to do your own research before investing in cryptocurrency protocols or digital assets.
