[BIP-8] Approve 2022 Goals

Summary

Agree with the community some goals for 2022

Status

Agree final wording
This proposal has spent 1 week in the #concepts section of the forum so the community can brainstorm ideas and/or provide feedback to the goals suggested by galaxy members. It will now spend 1 more week in the governance section of the forum with its final wording. If no significant changes are made after 1 week, it will be moved to snapshot for the community to vote on.

Background

With the deployment of hard synths to main net imminent, galaxy members have been busy defining what we think our goals should be for the rest of the year. As always, we want to make sure these goals are aligned with the rest of the community before we go too much further with them

We have listed them below and the approximate order we expect them to be achieved.

When working with new technology anything can happen. You often run into unknown unknowns, which makes it hard to make an accurate assessment of how long things take. You can find lots of examples of this in the crypto industry - Ethereum promising to launch every 2 weeks for 6 months illustrates this well.

Instead of assigning dates to the items we will keep you up to date regularly with our progress. We do hope to complete them all, and more even, but it is also equally likely we run into problems that slow us down and leave some unfinished. As many of you already know, we are careful to only release products when we are as sure as we can be they are safe and secure.

Specification

The goals for BAO in 2022 will be as follows. The order of completion may change, and other smaller tasks including maintenance and other unspecified jobs will be completed too. The Intention of this list is to provide an overview of the path BAO will take in 2022. Future governance votes can can be used to change our priorities at any time.

  1. Deploy markets on main net. We plan on rolling these out very slowly. Contracts are expected to go live with a very small cap on the amount to borrow. To incentivize testing we will likely run a gas refund program. Over time as we gain in confidence and we have had our contracts thoroughly reviewed we will increase limits.
  2. Deploy Bao Baskets on main net with the oven from PieDao . First implementation will likely be bDEFI and bSTBL. A proposal is already in the works & the rollout should be fairly quick in comparison to hard synths because we have already deployed the contracts on polygon and they are battle tested.
  3. Bao Baskets as collateral for baoUSD . Allowing baskets as collateral will mean users can have a robust yield bearing token as collateral on markets and help to drive growth for both hard and soft synths.
  4. Audit of Hard Synths
  5. Token migration . As Baoman mentioned his annual roadmap concept last year (The Next Path for Bao (Annual Roadmap BIP) ) - we probably need to migrate to a new token with a smaller supply in order for it to work with the ve token code. It also presents an opportunity to resolve issues like BAOcx and formulate some new tokenomics. There have already been a number of discussions around this amongst galaxy members. There will be many more too, but expect to see some concept/s floated on the forum in the next month or 2.
  6. veBAO and staking After the token migration we will be able to enable veBAO and staking rewards.
  7. Develop new strategies and integration for Bao Baskets .
  8. Integrate more collateral types for Hard Synths
  9. Develop a new hard synth on main net . At the moment the most likely are an ETH or BTC synth because we can follow the same formula as baoUSD and use a curve pool to help us stay close to peg.
  10. Governance Bravo implementation . You can find some reading here to help you understand why this will be beneficial for BAO: Understanding Governor Bravo. A review of key changes versus… | by monetsupply | Tally | Medium
  11. Deploy Hard Synths on Polygon.
  12. Phase 1 of making Soft Synths permissionless . Allowing anyone to create a custom basket from a whitelist of tokens, with no rebalancing and each token following a preset, global strategy. Phase 2 will allow automate rebalancing and phase 3 will allow custom strategies for each token but they will most likely be out of scope for 2022.
  13. A new laboratory . The goal will be to create a research and develop a prototype synthetic linked to real world data in a test environment - this is the next step towards our long term goal.

As well as the goals above we will be be looking for partnerships and other ways to boost the adoption of our synthetic tokens on a continuous basis.

3 Likes

Are we ready to put this to snapshot for a vote?

If no, please comment why :)

  • yes - lets vote!
  • No - needs changes

0 voters

We have been waiting to start marketing until actual utilities are out. I think that having testing and real use of our synthetic products being released means we should implement man power and funds towards marketing our porject to attract a larger community and more support. Everything is here for BAO, we just need to start marketing. This isn’t necessarily just a project, it’s a community project. The more Eyes we can get on it, the more people join, the more help we can get to move it forward.
My 2 cents

2 Likes

Agree with the ☝️
Perhaps formulate Marketing as one of the 2022 goal after soft & hard synths are deployed on mainnet & polygon.

Also, there is no mention wether there is any more galaxies planned (other chains, franchises) expansion in 2022. There are quite a few chains that would be really good for BAO family to grow in 2022.

2 Likes

We recently held an internal “Digital Marketing Consultation” with a multi award winning digital marketing agency. So we have a clear idea of the things we need to do to.

Most of our current ideas center around a clear branding, SEO optimization and to partner/ integrate with other projects.

I know everyone is impatient to see “numba go up” but we will not have an audited product for a number of months and we want to do a token migration too, so we need to be careful with marketing something before we are really ready for it & the project has always seen “shilling” negatively.

The best form of marketing, in my opinion, is to have a strong product and integrations with the rest of DeFi.

If anyone wants to suggest anything specific they want to see on the marketing side, we are happy to listen. Generally the suggestion is just to “do marketing”, which isn’t too helpful.

4 Likes

The list of goals for 2022 is already quite ambitious, but that doesn’t mean we can’t do things not on the list, it just means they aren’t seen as a priority right now.

Moving to all EVM chains has always been part of our vision. Last year we were criticized for moving to other chains over concentrating on the core products. We agreed with the criticism and decided to focus on the products first, which should provide a much stronger foundation for any future franchises etc. Moving to other chains is relatively simple compared to creating the products themselves.

I know a lot of galaxy members are keen to see us move to some L2s. Maybe we will get time to do something like that if we are progressing well with the goals we have.

3 Likes

I’m glad to hear that there was a consultation with a digital marketing company. I hear what youre saying about people saying to “Market” but don’t give any specifics on how to do. It seems like that’s what the answer is every time that people up marketing to the Dev team. I think the proper way to market is to just Start! Marketing is fluid and ever changing in my experience… the later you start, the longer it takes to develop strategies that actually work. I feel like people are just scared because they don’t know how to do it or something. IDK…

There are other pros to marketing other than price going up I.M.O The more holders, more eyes on the project, the higher chance the utilities get integrated in the long run, the higher overall chance of success…

Even the companies with the “Best product” in the real world, still market their product. I do believe it starts with a great product and team but people need to find out about it somehow… That takes work and most of the time marketing dollars for 99.9% of people/ Companies.

I say all these things because I truly love the vision with BAO… I just would hate to see it fail because not enough people jump on the BAO train towards that vision. After all that’s what it takes to be successful. People…

1 Like

We didn’t want to start marketing before we had products to market, although there are probably still some things we could have done better that prepared us more for when we do.

That is the main reason we arranged the consultation - so we have a clear idea of how to proceed, which ne now have.

The first step is to define which key words we want to target for SEO - An example of something we could have already been doing. Ranking highly for terms we think are important will help get more eyes on us & provide an easy avenue to increase exposure, by increasing resources we use to push our ranking more ( like building backlinks etc)

Either way, I don’t think there will be a problem getting users for a product if it is attractive to use - word of mouth is powerful & some key listings or integrations can help accelerate that.

For example, if we provide some unique strategies to earn yield, or hedge against risk with our synthetics we probably wouldn’t need to market much at all. If we don’t have an attractive product, no amount of marketing will help.

What ever we do, it will probably be slow and steady - like everything we do.

2 Likes

Honestly, after years of dev work, this really needs to get finished and deployed so those who invested so early on can start to see some returns. It just feels like the project has been going around in circles for years.

1 Like

The project is 1 year old…

It takes most businesses 3-5 years to get where they want to be. We have had some bumps along the way but things are progressing at a reasonable pace. Soft synths were launched at the end of Q3 last year and a few months after we have hard synths.

We are a community run project - if you want things to move faster you can always contribute.

2 Likes

That’s how you build the value. Step by step. ‘Insta profit’ is something the crypto community is always after but I don’t belivee one can build a legitmate enterprise in such a manner.

2 Likes