As we move into this consolidation phase of the crypto market cycle, I feel it is appropriate to update our stakeholders, partners, and advisors with our current efforts and plans.
PRüF was conceived during the last market winter and molded by that environment to seek tangible value in solving real-world problems.
The recent bull run has been exciting, but as much as it has opened doors, it brought with it a risk of distraction, a risk of chasing the hype.
In contrast, current market conditions are reminiscent of our origins, sharpening our focus as the distractions and FOMO of a market explosion fall into the background.
Tokenized assets on distributed ledgers hold enormous potential for reducing friction in commerce while eliminating the need for social and state coercion, replacing law backed by violence with mathematical determinism. None of this changes based on the current “hotness” of NFT collectibles or bitcoin price.
Here at PRüF, we are building a blockchain-based protocol that will enable entirely new classes of tokenized goods to be created, held, and commercialized across multiple blockchains and platforms.
The value of PRUF will be highly correlated with the infrastructure, so liquidity before the rollout of the infrastructure would be detrimental to short-term value, hurting token holders and investors. Because of this, we have no immediate plans to unpause the token contract or to fund liquidity until the contract infrastructure is live.
As we roll out staking, PRüF holders will be able to earn double-digit rewards, even before we have liquidity with EO tokenized staking. EO Staking will position token holders to maximize their holdings in this early, pre-release stage and provide a holding incentive when liquidity opens. In addition, EO stakes will have intrinsic value over and above the value of staked tokens, incentivizing holding since breaking the stake would destroy that added value.
These carefully designed measures will create and maintain value in the token to reward early adopters, investors, and the people that have helped us along the path.
Since the PRUF team holds a substantial amount of locked tokens that will be unlocked over four years starting in 2022, you can see where our priorities for token value are centered. PRüF focuses on long-term value, not short-term hype.
What we are working on:
As of Jul 22, we are finishing up the UI for the ETH <-> Polygon bridge and getting ready to bring the utility token live on Polygon POS.
We have the staking contracts prepared for 3rd party audit, and we are doing more documentation, polishing, and testing on the core protocol contracts.
Our community has grown to over 7000 members, and we are moving forward with welcoming more advisors, finding new partnerships, and identifying the ideal product-market fit.
What comes Next:
We have been funded and accepted into the Cardano Foundation’s Catalyst program to extend the PRüF protocol onto Cardano. Soon, we will begin Cardano development and extend the PRüF protocol to Cardano.
PRüF on Cardano will bring our cross-chain capability to a substantial and growing community on a 4th generation platform. We are working towards an IDO on a Cardano-based DEX as they go live, a premier offering for the ecosystem. We think this will be highly beneficial to establishing optimal token valuation.
As we wrap up work on the Cardano bridge, we will be leaning into our ecosystem outreach, onboarding important partners, incentivizing the community with referral bounties and developer grant programs.
In Conclusion, we want to convey to our community and partners that development and progress of PRüF is progressing and will continue to progress without regard to market conditions and that our value proposition only grows stronger as adoption increases globally for blockchain technologies. As the PRüF protocol expands to include more platforms, we multiply the value of the existing ecosystem while building bridges to new communities and technologies.
As always, feel free to reach out to us. We value our partners and are always open to suggestions and opportunities to expand our reach.