Sirwin
Sirwin

CAIT Quarterly Report: October 1, 2021.


CAIT Quarterly Report
October 1st, 2021.

Introduction

Three months have passed since CAIT went live on WAX as a fully live project. In that time we have seen many market shifts and changes and we will continue to move forward together. Our team has grown by two new members, Marc and Alex, since our launch and we continue to build out the organization from the ground up. DeFi on WAX is really just starting to come together through our dev work and collaborations with different projects and platforms. Over the next quarter, our community can expect several major updates that will be revealed throughout the rest of the report. 

Our partners and associated projects have really taken off over the past several months. We have seen long-time official partners GnoCity and Immersys enter live status along with the ever-evolving world of Smelly Koala and the SuperPuft brand. Our collaboration with each of these projects has led to other major WAX projects asking for our services to be rendered. New associated projects include Little Monsters, Galactic123, The Uplift, Yoshi Drops, and Graffiti Kings. We expect to continue to grow with these partners and projects and bring more value to the entire WAX ecosystem. 

Updated Systems since July 1, 2021

This section of the report will review the new systems and additional services that we now offer that we did not offer at launch. 

In the time since launch, we have brought online our Custom Name Service which allows users to get a custom Anchor wallet name with a various selection of suffix names such as .ed or .ing. This service has had some momentum but due to lower than expected demand will see some changes in pricing during the next quarter. 

  • Currently, a CAIT Custom Name costs 250 WAX or the equivalent in CAIT with a 20% discount. 
  • The updated rates will be 100 WAX or the equivalent in CAIT with a 25% discount. 

One of the biggest additions to the CAIT arsenal this quarter was the initiation of the cpu.steak contract in collaboration with one of our newest team members Marc M. We were seeing constant complaints and discussions about CPU costs increasing and no real motivation by the chain to make significant changes like happened on EOS when they were going through similar issues. On EOS, users can utilize REX or the Rex Resource Exchange to reduce their CPU fees. On WAX, users can use CAIT’s CPU Rental Service which comes with rewards. We wanted to come close to emulating the effect of REX on EOS, on WAX and for now, it seems to be having some effect. Many R-Planet and Alien Worlds users have been using the system and earning STEAK, the reward token for using the system. Overall, we are close to the first STEAK burn as the account is nearing 10m STEAK redeemed. At the time that the contract reaches the 10m STEAK in the wallet, we will be burning or retiring 5m STEAK, and returning the other 5m through drops, rewards and selling back on the market to grow the liquidity pool. This service has reached expectations and you can expect to see more about how you can use STEAK in the future along with new incentive programs to come closer to full utilization of the liquidity.

Maybe one of the more exciting programs that we have been growing in the past few months has been the caitmusicnft collection and our roster of affiliated musical artists releasing music NFTs on WAX. Yesterday, we released our twelfth single through CAIT Music from our ninth different artist. Tracks have been released in English, Indonesian and Brasilian Portuguese with genres ranging from space trance to hip hop and metal to club. To date, artists released on the CAIT Music collection have sold a total of 1594 NFTs netting the artists a total of $2,504. All singles are sold at $2 USD in WAX and the artists get 80% of sales. We have brought on our newest team member Alex H. from the community to help connect artists on the platform with CAIT Music aiming to release more content every single week from here on out. This experiment will continue to grow as we grow, and will receive more treatment as our main NFT focus moving forward. (This doesn’t mean that we will not release non-music nfts, we will, but, our main NFT focus will be CAIT Music moving forward)

Another project that we ran during this period was the Alien Worlds mining hunt on Neri 19,4. Users who mined on the CAIT AW land had a chance to receive a single NFT that could be blended as a reward for mining on our lands. We have seen upwards of four thousand unique addresses mining in a single hour on the land and this engagement has enabled our first forays into yield farming on Pancakeswap as a way to increase the throughput of the project and to detach some amount of value from the WAX ecosystem for diversification reasons. Overall the investment in Alien Worlds land has been a profitable one and will continue to be utilized moving forward in other ways. 

One of the biggest additions to the project since launch has to be the release of the CAIT Shop where we have seen several hundred unique listings with 17 tokens currently supported with a listing active. Currently, listings are submitted via google form and this is something that will be changed shortly. The plan is to have a scheduler so that collection owners will be able to upload their drops themselves and have the ability to set a start and end date. At the moment this functionality is not built-in, but it is actively being worked on. Once that has been completed, expect to see an overhaul of the entire website including the store as we will then begin work on a site redesign in order to bring the system in line with other professional level dapps. 

We have recently begun to offer our services and contracts to other projects and we believe that this will be the main source of income for us moving into the future. Potential partners and organizations may purchase a yearly licence or service from CAIT for use of any of our existing smart contracts and platforms. As a non-profit, the funds received from the sales of these services will be returned directly into the project improving areas where we are lacking and hopefully opening up the opportunities to gain more exposure through these cooperative partnerships.

Some Services offered

  • Custom Token Creation
  • Liquidity Rewards Pools
  • Yield Farming Contracts
  • Auto-Faucets
  • Shop Listings
  • Advertising on the CAIT Shop
  • Custom NFT>Token Exchanger
  • Custom Unique Smart Contract Services

And Many More. 

For projects interested in utilizing our services, please email [email protected] for more information or we can be reached on Telegram as well. 

What’s Coming Next?

Over the next three months, we will be making improvements to the existing systems as well as building new ones. As a team, we have five major priorities for this coming quarter. 

  1. Scheduled Listings in the CAIT Shop
  2. NFT Staking with STEAK Rewards
  3. Releasing our new NFT art set, “Unstakable”
  4. Website redesign and overhaul
  5. Increased Social Media Presence. 

In the previous section, I discussed the CAIT shop and the utility that it is bringing to the community, offering tokenized projects a place where they are free to list, in their own token, with no gatekeeping. One important step for wider adoption of the CAIT Shop relies on the user experience and overall feature list that is included. The biggest step in that direction for us is to allow creators and collections a place to list their own drops whenever they want and to be able to schedule their drops themselves. Not having this feature really makes the seller experience less than ideal and so it is the top priority for us this quarter. We actually expect this to be implemented in the coming weeks so you won’t have to wait very much longer. 

CAIT Partner NFT Staking has been a request of the community basically since before we even launched the project and we had delayed and put it off for a while and we believe that the timing on a release like this is very important. The contracts and interfacing have begun being worked on and we will hopefully be moving into a testing stage sometime in the next month with a release potentially in late November. The purpose of this system will be twofold. One, to encourage the collectors of our partner projects to continue to collect their NFTs without them being tied up in a custodial contract like other projects. And two, to offer more utility to the STEAK token by being the token rewarded by holding the NFTs.

Here are some differentiation points that will make CAIT NFT Staking the most successful and collaborative staking project possible. 

  • Our system will be non-custodial, meaning that collections with a game utility or other utility will be able to be added without the collector having to choose between CAIT Staking or playing the game the NFTs were meant for. If the NFT stays in your account while using it, it can be staked on CAIT as well. 
  • The system of rewards will be a pooled system where each collection gets a daily allocation of STEAK that will be distributed throughout the registered holders based on rarity, or other factors. 
  • No additional CPU or RAM is needed for this system because the NFTs never leave your wallet.
  • Voting on which collections to be added with STEAK earned via rewards.
  • We will be offering super limited, rewards enhancers that users can stack to increase their overall staking rewards. The enhancement will be additive, not multiplicative. The profits from these sales will go to reinforce the cpu.steak WAX pool to allow for better rates and longer rentals.  

With the upcoming release of CAIT NFT Staking, we will be launching a fully hand-drawn art set that will be stakeable in the new system. The NFT Staking system will be rewarding NFT holders in STEAK tokens and give them the opportunity to get an on-chain reward that can be used right away. As we roll out more functionality and utility for the STEAK token, the NFT Staking Rewards will grow more valuable. One of the ways that we can foresee the value of STEAK increasing is by allowing sellers/buyers to trade in STEAK in the new shop.cait. Content Creators, Partners and other projects will be able to sell their NFTs for STEAK, CAIT or any other token in the relatively near future! Stay tuned for an update regarding the new platform. 

Alongside the release of the CAIT NFT Staking platform, we will also be releasing our first fully hand-drawn, comic-style NFT art set from our fantastic artistic partner James. We are expecting to have between 33-35 unique designs with static images to sketch cards and animated versions. It is a 90s inspired horror/vampire theme set that takes on a storytelling approach through the numerous frames and interactions inside the art. We cannot wait to start releasing some sneak peeks to the community. Expect to start seeing more about this in the next 4-6 weeks. 

CAIT’s current website and design are not to the standard where we are comfortable. We have been talking with designers and others to see if we can make this happen this quarter. It is quite a costly process to get this completed and we expect to use some of the funds raised from the Unstakable release to fund this upgrade. We are planning on a completely new design along with a completely reworked dapp UI. This process takes time to get done but we hope to have some more news on this front in the coming weeks. 

We have grown our social media presence by a decent amount over the last few months but it has not really exploded as of yet. The official CAIT account on Twitter has passed 2,500 followers, Youtube is under 1,000 subscribers, Telegram is nearing 2,000 members and our Discord is roughly 350 members. We will be looking for and recruiting existing community members to try to increase our overall footprint along with putting more time into releasing content for the community.

This quarter has some really exciting projects coming, and there is a lot more that we cannot talk about yet as it has not been confirmed. But, expect to see many new projects being connected to the CAIT ecosystem as time moves on. We are growing daily with new users and community partnerships. CAIT is now the #3 token on WAX by total holders sitting at the time of writing at 81,913 unique token holders. 

Other Important Tidbits

CAIT has now been registered in the United States as a 501.c.3 Non-Profit Organization federally with a state licence in Minnesota. Nels E. will be the leading core team member for  US-based CAIT operations. To get involved with the new American organization please contact Nels at @NFTnels on Telegram. 

Our current passive WAX generation has taken a significant downturn with the collapse of AETHER’s price and the insignificance that the token has played in the market over the past several weeks. Luckily, Nova Rally and Oliveland have really started to make up for some of the shortfalls we have had over the last several weeks. Buybacks have effectively stopped while we try to refill our reserve pools. Caittokenwax was emptied by a large pattern of sell-backs which was to be expected. The problem was that the profits from R-Planet dropped around 90% and so it has taken more time than expected to cover that minor shortfall. Because of this, we have changed some of our vision on how to increase CAIT’s value to our user base and one of the ways we plan on putting massive buy pressure on CAIT is by offering our services in CAIT and requiring potential partners to make the purchase for the contracts or services we are providing. We expect this change to bring in a significant amount of WAX/CAIT to the project which will help us accelerate the return to buybacks and to provide even more long-term value for our holders.

Statistics and Data

CAIT Marketcap: $231,415.59 USD
% of CAIT in LP or Staking: 59.01%

% of CAIT held in CAIT accounts: 12.50%

% of CAIT Team Vesting Paid Out via Buybacks: 26.6% (pre-October Distribution) 665,000/2,500,000 CAIT. 

Value of NFTs in a2dr2.wam 196047.81859461 WAX (does not include Staked R-Planet NFTs)

Passive Profits
AETHER/hour: 145041.69
ENEFT/hour: 122

WECAN/hour: 122

CAPON/hour: 171

WAXON/hour: 196

SHELL/hour: 243.12

SNAKOIL/hour: 45278

BOOST/hour: 1434

OLV/hour: 29935

CPR/day: 64.3535 

Neri 19,4 AW Land: Varies

Clash Dome Lands: 25 Lands Varies. 

BSC Holdings

BNB: 0.44387557 BNB

CAKE: 86.12620 CAKE (autofarm @74.07% APY)

This is not a complete list of assets and is intended to give a general approximation of where we are as a team.

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Collective Artistic Investment Token $CAIT
Collective Artistic Investment Token $CAIT

CAIT on WAX We're a community giving back to another community in a materially significant way. Micah’s Personal Wax Address : kj2ay.wam CAIT Staking/Market Wallet : a2dr2.wam Cait Token Reserve: caittokenres CAIT Wax Reserve: caittokenwax CAIT Airdrops Acct: caitairdrops

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