Pacific DeFi — Weekly Report: Oct 4th-11th

Current Weekly Summary:

3rd Week on PancakeSwap DEX

  1. Price continued to decline throughout last week, reaching a low of $0.017 range by the 10th October, eventually moving above $0.02 again and bobbing around that range
  2. IDO participants and private sale were unlocked again last Friday 4pm UTC (8th October) — currently 80% of total IDO tokens are ‘unlocked’ and can be claimed by users, while 55% of private sale tokens are ‘unlocked’
  3. It was somewhat expected that price could move back towards IDO price of $0.02 and dip below it. Given that there was buying ‘euphoria’ right after the PancakeSwap listing, many ‘bag-holders’ are probably selling at a steep loss if they bought at $0.15-$0.20 levels
  4. Current circulating supply is ~12mn $PACIFIC, giving a circulated market cap of ~$225–230k USD

The downward pressure on price is due to a number of factors:

IDO participants have fast vesting schedules. 20% of IDO participant holdings were unlocked on the token-generation-event (TGE), with linear vesting of 20% weekly. This is true with private sale participants also, with 10% unlocked on the TGE and 15% unlocked weekly. It is good to have fast vesting schedules for these participants as it allows users who aren’t long-term holders to cash-out and be replaced by long-term buyers looking to buy at discounted prices. The downside to this is sudden sell pressure as these participants cash out

Users who bought at inflated prices of $0.20 range are realising losses and are now selling at a discount

$PACIFIC price support:

→ Current fully diluted market cap is ~$1.9mn USD — it is quite small given the roadmap and plans we have ahead, but the team is positive that once (1) IDO users who want to sell are ‘flushed out’, (2) Dapp is live and users are able to stake/farm on the platform and (3) Pacific DeFi has its first CEX listing, there will be positive price momentum

→ If price does continue to tread at an even lower pace, given that 20% of IDO still needs to be unlocked before the fully 100% is fully unlocked by this Friday 4pm UTC, then the team will also come in and support price only if price has become heavily discounted from IDO price level

Technical Development Progress

  1. UX/UI for App Homepage, Liquidity Pools, High-Yield Vaults have been drafted and completed
  2. The integration of the UX/UI of the App Homepage has been complete and dev team has been testing the integrations, making sure everything is working as it should
  3. Staking and LP staking contracts for the PACIFIC and PACIFIC-BNB pools are completed for BSC. The contracts are audited by NonceAudits — https://nonceaudits.com/ and the team will share the official audit documents shortly on the Pacific DeFi website
  4. The team is currently working on the Polygon bridge and Polygon staking and LP staking contracts to expand future liquidity. Completion is likely to take 2 months for contracts to be fully developed, beta-tested and audited before going live
  5. Once team is near completion of Polygon bridge and relevant staking and LP staking contracts, work will begin on an ETH bridge with ETH staking and LP staking contracts

Multi-Chain Approach before High-Yield Vaults

  1. Our team has decided to pivot and create bridges across popular blockchains: BSC, Polygon and ETH
  2. These bridges will act as ‘gateways’ to access liquidity across multiple blockchain and acquire DeFi users in the process
  3. Staking and farming will be available on BSC, Polygon and ETH
  4. Integrations on Solana and Avalanche are also of high interest to the team and will be investigated
  5. Only once we have established liquidity on BSC, Polygon and ETH that the High-Yield Vault development will commence. It is essential to grab liquidity in multiple places across multiple blockchains to cast Pacific DeFi’s net wide and acquire users from all angles

CEX Listing Progress

  1. Our market maker partner and team are looking into a few CEXs that might fit the current scope. We have short-listed a couple CEXs but we are still assessing the best approach and when would be an ideal time to list — ideally once our staking and farming is live and IDO sellers are ‘flushed’ out so that circulating supply is minimal
  2. We would like circulating supply to be minimal (as a majority of public supply would be staked and farmed once live) as tokens in demand on the CEX are not part of DEX volume and liquidity, allowing for a large increase in token price if this scenario were to happen with increased CEX volume demand upon the exchange listing
  3. In order to get on a tier 1–2 CEX, $PACIFIC daily volumes will need to increase from current levels — this volume increase usually comes from increased brand awareness, staking and farming being live, and developing key partnerships with other DeFi protocols within similar niches

Partnerships

  1. No new partnerships this week apart from working closer together with our developer partner at NonceBlox and their VC, NonceVC
  2. Once staking and farming is live on the BSC, we will then begin our partnership outreach and development program, as we as a project now have something to offer other projects in return

Marketing Progress

  1. The airdrop on CMC has been completed with over 400k+ adds to the watchlist. You can view us on CMC here: https://coinmarketcap.com/currencies/pacific-defi/

→ This will be our last major airdrop as our team believes in promoting our project via word of mouth from existing users via referral-based marketing, and rewarding our existing holders with additional tokens or cash prizes to spread the word

2. Daily Twitter updates, and TG announcements/engagements will be continuing as it is important we are transparent and engaging with our community

4. We are working with a well-known crypto agency to help promote Pacific DeFi on well-known crypto threads — BitcoinTalk, Quora etc. We have started this initiative 3 days ago, and we will collect data over one-month to see if there has been high ROI on marketing dollars spent on this initiative

5. Medium is a great channel for Pacific DeFi brand awareness. Everyday new people follow our channel even if we post weekly, showing that our current follower count and reach has now allowed for more organic, crypto-centric viewers to start following our progress

6. Once staking and farming is live, we will start working with 2nd tier YouTube influencers to help promote the project discuss use-cases to DeFi users — we have shortlisted and are in communication with a few already

7. We will release PR articles across well-known crypto websites (e.g. AMBCrypto, Bitcoinist, NewsBTC) to build further brand awareness and mention that our staking and farming is live/will be live

Product Updates

  1. The team will initially operate two pools for the liquidity mining process: PACIFIC and PACIFIC-BNB on the BSC
  2. These BSC pools will run for 3 months and have 500k rewards for each pool (1mn in total rewards for 3 months) with a maximum staking limit of 5mn tokens per pool (10mn total max. staking/farming allocation)
  3. Polygon bridge is in development as well as staking and LP staking contracts on the Polygon blockchain to widen user-reach and also deepen liquidity
  4. Product focus is on high-yield fixed income vaults via auto-staking strategies for stablecoin and non-stablecoin deposits. These single token deposits allow for users to generate yields across high-grade DeFi protocols on the BSC, ETH, Polygon and Solana ecosystems
  5. A ‘Lending’ feature so users can deposit stablecoins and earn yield will also be developed. These stablecoins will be lent out in the high-yield vaults to generate higher stablecoin yields and increase leverage for non-stablecoin deposits (e.g. BNB)
  6. To deepen our liquidity pools, we will partner with other DEXs so that users are able to stake on these platforms to earn the 30mn additional $PACIFIC rewards out of the 100mn total token supply

Current Community Stats:

Official Telegram: 43.6k members

Contact us:

Official email address: info@pacific-defi.com