We’re active, committed, and setting ambitious goals to improve the Avalanche and Penguin ecosystem.
What we’ve built so far (Q2-Q3)
To start things off, let’s go over notable achievements Penguin Finance has managed to accomplish since our inception four months ago:
- Launched the PEFI and xPEFI tokens.
- Staking & farming protocols for Penguins to earn awesome returns on their liquidity.
- A sleek and intuitive UI design for all of our applications.
- A first-of-its-kind, Penguin Emperor game with fully customizable characters and different game-modes.
- Altruistic “Penguins without Borders” Emperor Penguin event to raise funds and awareness towards the India Crypto COVID Relief Fund.
- The cheapest and highest-yielding auto-compounding protocol on the Avalanche network, with pools from Pangolin, Gondola, Lydia, and Penguin.
- A smart-contract and token audit by the Certik team, which helps us build legitimacy and trust within our community.
- Partnerships with Ava Labs, Snowball Finance, Lydia Finance, and Gondola Finance that help strengthen our relationships with other communities and builders.
- Introduction of the Club Penguin initiative and the Penguin Launchpad, which add even more value to our token.
- Received the biggest allocation for the Sherpa Initial Token Sale (30%+).
- Created 5 Collectible NFTs for our COVID Charity and Launchpad events.
- Airdropped 656,250 tokens to our Nest and burned an equal amount, rewarding our long-term holders.
- Burned over 1,500,000+ (~$750,000) worth of PEFI.
- Social media platforms experienced immense growth, with Twitter reaching over 13,000 followers and our Discord & Telegram channels having over 2k members each.
- Released the staking phase for our upcoming SHERPA IDO, with unique tiers and fair distribution. These users will also receive our new limited-edition Penguin Launchpad collectibles.
This was all done in 4 months, and should give you a pretty good idea of what Penguin Finance is capable of. The team has been working hard and has grown to a total of 17 Penguins to make sure our targets are reached.
It is clear that we far surpassed expectations for Q2 highlighted in our previous roadmap, which didn’t account for the incredible efficiency and delivery made possible by the Penguin Finance team.
Consequently, we’ve decided to revise the old roadmap and bring to fruition a newer, intricate plan that we will work in conjunction with for the rest of the year.
As a highly ambitious and rapidly evolving project, our plans for the future are subject to change and are not set in stone. This roadmap serves as a guide with our current goals, and will be updated in the future if the community agrees it’s for the best.
Introducing the new Penguin Finance Roadmap for 2021
Through the rest of Q3 and Q4, the platform will develop/introduce the following projects:
Igloos & Nests V2
There will be a complete revamp of how the Igloo & Nest contracts function.
Regarding the new Igloo contracts, the option to enable double rewards for your LP tokens (e.g SNOB + PEFI rewards on the PEFI/SNOB pair) will be available, as well as cheaper gas fees and lower withdrawal fees.
Our Nests will also be upgraded to provide automatic rewards to the users in the pool and include new withdrawal fee mechanisms. Additionally, the withdrawal fees of the Nest will no longer get burned but will instead be distributed to other Penguins in the Nest to increase the value of their xPEFI.
The Club Penguin will function as a single-asset xPEFI staking protocol. You stake your PEFI and get xPEFI, which you can then stake in different contracts to earn tokens from your favorite projects native to Avalanche. We will provide plenty of options, all without risk of impermanent loss.
The Penguin Finance team has already met up and partnered with multiple projects in the Avalanche ecosystem. The purpose of these meetings is to introduce other tokens to the Club Penguin, and form lasting relationships with these projects. The teams at Verso Finance, Snowball, Sherpa Cash, AVME, Gondola, Lydia, ELK, and others have been contacted to benefit all communities mutually and help grow the Avalanche network as a whole.
As we all know, the Chainlink VRF integration has taken a while to get integrated to Avalanche, which has delayed some development on the dApp, which is still a priority for us.
We’re looking for ways around this and may temporarily bridge random numbers from Chainlink VRF-supported chains like Polygon in order to make sure the Arena is fair and free of any vulnerabilities. Regardless of our integration, we won’t ever compromise on security and decentralization.
Both unique collectible NFTs and algorithmically generated “cryptoPenguin” NFTs with in-game utility will be implemented into the Penguin Finance ecosystem this year. You’ll be able to showcase your NFTs within the Penguin Emperor and Penguin Arena just as you would with game skins for CS:GO, League of Legends, Fortnite, etc.
You will also earn revenue generated from the Penguin Ecosystem by holding certain limited-edition NFTs in your wallet.
Penguin Finance Merchandise
This year, clothing and plushies will be made available for our Penguins with the help of an exciting crypto apparel company we’re working with. Our wonderful design team will come up with unique artworks and we’ll make sure these are sold at cost price, with no added margin whatsoever. This is done to increase the availability of our merch to further expand our brand visibility and total market capitalization.
We have already met up with plenty of top-tier exchanges and are negotiating the best deals to provide CEX support without compromising the token price and distribution. As our project matures, every Penguin will have access to this convenient option to exchange their funds for PEFI. You can expect a faster on-boarding route and an influx of new users as we’ll be available on CEXs with C-Chain support this year.
Bridging to other chains & mass onboarding
Penguin Finance is one of the top players on Avalanche. Our reputation precedes us, it’s just a matter of time before we start to expand to other chains to bring more Penguins home and make the platform more convenient for everyone. By being a multi-chain project, we’ll target various crypto communities and increase the potential market capitalization of the PEFI token.
One of the hottest features to be announced this year are the Penguin Prediction Markets. We’ll be providing the option to bet on your favorite sports and events directly on-chain. With no lousy fees or unfair odds, we’re developing a completely transparent, provably fair and low-cost Prediction Market protocol that is fast and convenient.
This will not be limited to sports, Penguins will be able to bet on absolutely anything as long as it’s voted on through our decentralized autonomous organization (Penguin DAO).
Penguin DAO Launch
Our xPEFI token is one of the most fairly distributed assets on Avalanche and we’ll take advantage of this by implementing it into our governance system. Right now we have been community-driven through votes on Discord and Twitter to make important decisions about the direction of the project.
As a new platform on a quickly-changing ecosystem, having no DAO at the beginning has allowed us to develop much quicker and build the foundation for a prospering platform. We are close to the maturity point in which the Penguin DAO can be implemented to allow for a 100% decentralized protocol.
About Penguin Finance
Penguin Finance is a platform powered by Avalanche building an innovative set of decentralized applications, financial products, and documentation for both technologically savvy individuals and those with absolutely no knowledge of cryptocurrency.
We’re bridging the gap between DeFi and mass adoption by offering ultra-low fees, an intuitive UX design, and the best documentation/tutorials. PeFi is made for penguins, by penguins.