Dear Bridge Knights,
This month is a busy month, and while we would love to give the community hard deadlines for milestones, the truth is that a lot of deliverables are being completed on a rolling basis with many moving parts and people.
We do not want to give deadlines and then miss those deadlines. More importantly, we don’t want to pressure our developers to meet deadlines. Pressuring our devs to push out code opens us up to the possibility of making mistakes. Our system is highly sophisticated, the size of our contracts barely fit the Ethereum limits in terms of both byte code file size and block gas limits. Please keep in mind that 1 critical mistake could cause enough harm to wipe out the past 8 months of our work. At his moment, nothing is delayed, but if we do have to make a small delay to ensure that everything is air-tight, we will take the time we need.
Our original intent was to release a new staking program early this month due to popular demand. To that end, our devs worked diligently to get the staking program coded, tested, and ready to launch. Our staking program is now fully coded and functional, but our quantitative analysts and advisors have convinced the rest of the team that releasing staking at this time will be bad for the token economy and lead to long-term value loss. It is for this reason that we have decided to launch staking simultaneously with our platform launch.
Our audit officially began on March 8th and is estimated to be finished by March 19th. Few things go as planned in crypto, and we are cautiously optimistic about keeping this deadline.
We’re working on our BEP 20 token and securing a solution for our BSC-ETH bridge. At the moment of writing it looks like we will be coding our own bridge on our app. Many people are confused about how a token on Binance Smart Chain works; rest assured that the creation of our BSC token does not impact or affect your current ERC20 BMI tokens in any way.
We have been rapidly expanding in preparation for our expected work load after launch and to maintain our momentum. We are hiring 3 more devs to add to our team of 20 people (not including advisors, chat moderators, and other non-core staff). Our most recent hire will be announced in a spotlight later this month, and will serve as an incredibly powerful addition as Head of Growth. In addition, we are currently interviewing a few data scientists, all of which have world-class qualifications and are at the pinnacle of their fields.
The product launch is scheduled to be 2 weeks after the start of our liquidity mining event. Read below.
Liquidity Mining Event:
This will be the next major event that we make an announcement for. The event is meant to raise and store capital (DAI) for our coverage pools, offering APY (in BMI) and unique NFTs as incentives for coverage providers. This event will be hosted in partnership with another very well-known project that has not yet been announced. Our liquidity mining event will be a competitive team-based event, with the largest contributing teams earning more rewards. Our app will have a leaderboard for a limited during the event so that users can see how their team is ranking compared to others. Over the next couple days, 90% of our effort will be focused on launching the liquidity mining event while our code is busy being audited.
Right now, everything is on track and there are no delays, just no hard answers for exactly when things will be done. We will do our best to announce everything at least a couple of days in advance. Keep your notifications on and regularly check our twitter feed and announcement channel to stay on top of our developments.