Pacific DeFi — Weekly Report: August 7–14

Current Weekly Summary:

Technical Development Progress

  1. Continue to work with a UX/UI specialist to design the framework of the Pacific DeFi platform. It is a milestone-based work project, with the first milestone currently in development: App Homepage. The App Homepage UX/UI is 90% done with a few more edits to complete
  2. Next on UX/UI agenda: Trade/Swap, liquidity pools, high-yield vaults framework
  3. Selected a front-end and well-established developer for our current needs and currently working on retrieving a quote from them for liquidity pool development and cross-chain token development for KCC/BSC
  4. The team will launch on the Binance Smart Chain (BSC) initially on PancakeSwap and bridge 50% of total liquidity to the KuCoin Community Chain (KCC). Since the KCC is interoperable with the BSC and Ethereum blockchains, there should not be any issues with the migration. We have selected to bridge with first KCC based on the following: (1) interoperable with both BSC and Ethereum chains, (2) less-crowded space with first mover advantages, (3) low-transaction costs and (4) contributes to the healthy growth of a new ecosystem

Marketing Progress

  1. No other major marketing has been done yet. The team is focused on working with a launchpad partner and finalising the tokenomics details
  2. Website has been revamped with an updated roadmap. The whitepaper has also been updated but the latest version has still not yet been released on the website

Product Updates

  1. The team has decided to have only two vaults for the liquidity mining process: PACIFIC and the PACIFIC-BNB LP vaults. This is to keep things simple
  2. The team has also decided to streamline the product offering and remove its auto-compounding features and instead focus on high-yield fixed income vaults from auto-staking strategies. Lottery, insurance and asset management products have been removed as the team focuses on (1) High-yield fixed-income products via auto-staking vaults, (2) lending and borrowing (3) structured products and (4) Leveraged finance
  3. Team will also create a ‘Lending’ feature so users can deposit stablecoins and earn yield. These stablecoins will be lent out in the high-yield vaults to generate higher stablecoin yields

Funding Progress

  1. Currently in seed stage via founders’ funds only. The team will partner with a launchpad to conduct private and public sales as we aim to be more community centric and rely less on VCs
  2. The team aims to raise between 300–500k USD in total funds from seed to public sale. We believe we do not need much funding at this point as we figure out the best products to work on and can obtain institutional capital at a later date if it is needed

Current Community Stats: