Hello Miners! Hope you are as stoked as us for another issue of our weekly newsletter, The Echo Weekly!
The Echo Weekly is a weekly newsletter where we recap the most recent developments in Concave, while highlighting some of the amazing contributions from the community. Now without further ado, let us get started!
- Major Crypto News
- Community Proposal 05
- Role and Incentive Restructure
- Team Interview with Convex
- Concave World Updates
- Miner of the Week
- Meme of the Week
Major Crypto News
Coinbase aired a 60-second commercial featuring a bouncing QR code. Once scanned, it led to a promotion offering $15 worth of free bitcoin to new users who sign up for its platform. This generated so much buzz that the Coinbase app and site briefly crashed. Cryptocurrency companies like FTX, eToro and Crypto.com, among others, touting crypto to the masses.
JPMorgan is bullish: The bank predicts that the metaverse will become a $1 trillion market opportunity in yearly revenues, given that its virtual worlds will “infiltrate every sector in some way in the coming years,” says the report.
Blockfi, which is backed by the venture-capital investor Peter Thiel, agreed to pay $50 million to SEC and another $50 million to 32 states to settle charges . As part of the settlement, BlockFi agreed to cease sales of its unregistered lending product.
Its intent is to register a new, compliant lending product, called BlockFi Yield, which it says would be the first SEC registered crypto interest-bearing security.
It could potentially remove retail investors by including the requirements for investor accreditation unless they are successfully awarded with specific exemptions. You can read more about this here.
Community Proposal - 05
Miaoshi's policy proposals are like Christmas gifts; they contain all sorts of alpha that make it a joy to read. This proposal is no different. In Community Proposal-05, Miaoshi talks about his initial treasury plan and how Concave could cover its operational costs without diluting the treasury. In the proposal, he states that ALL of the funds in the treasury will only be used to back the circulating token value of CNV. This means that the treasury funds will not be used to cover operational costs for the team.
Miaoshi proposes that since the treasury funds are just idle stablecoins right now, the Co-op should deploy the treasury funds for stable farming. The farming plan is outlined in Community Proposal-04. The conservative revenue estimate that would be generated from this strategy would be $250k-$300k, and this revenue would be used to cover Co-op operational expenses. Miaoshi also briefly goes over the Co-op treasury and talks about how a percentage of bonding revenue will go towards the Co-op treasury.
Role and Incentive Restructure
As we move past the whitelist phase, the community team is planning out a new role and incentive restructuring for the community. First of all, there has been a consolidation of roles into three new roles that honor our Concave OG members. These roles are Prospector, Pioneer, and Pathfinder. For more details, you can look at this post here. We are also moving toward a new tiered role structure that will be split into different departments: Engineering, Policy, Community, Marketing, and Partnerships. In each of these departments, there will be three tiers that you can move up in. You can read more about this here. With this new structure, we have very exciting incentives to miners who offer their skills and talents to Concave. Concave is a place where every miner can build along with us, and we want to make sure that we have a proper incentive structure that is aligned with this philosophy. We will have more news about this system coming soon. Thank you!
Team Member Interview with Convex
Note: This interview is for one of the core members of the team who is referred to as Convex. The interview has no affiliation to the Convex project.
A strong community needs a strong team, and the team has been busy at work getting Concave to be a powerhouse in the DeFi space. We wanted to drop by and have a short interview with Convex, one of the core miners for Concave.
What is your background?
How did you learn about Concave?
Concave is a beautiful and extremely talented community. There is no limit to what can be done when such bright minds get together in a flourishing environment.
I envision the community growing organically, and the team growing organically, and groups of people within the team coming up with great ideas by cross-group discussions - and then we build them. Like one big production studio where ideas are nourished and brought to reality.
I envision these conditions will make it a hugely important presence in defi, the nft space, and crypto in general. You probably wouldn't be able to not mention Concave when talking about space.
What are your personal hobbies?
Philosophy, Reading, writing, math, playing music, coffee, watching football - not American football, but actual football ;). I follow a very strict routine - even though the past couple of weeks the amount of work in Concave has thrown me sideways. I am slowly getting back to routine. I wake up at 5am, drink coffee and read, then code until 10pm, then sleep. Tuesdays and Wednesdays I watch Football Champions League; weekends I watch Premier League.
This routine is very important to me - I have barely broken it in the past 5 years and it gives me peace to concentrate on work.
I play the piano and make music with synthesizers. I wanted to be a musician before devoting myself to coding full time. A couple times a week I'll plug in my equipment and play - I have a couple albums and pieces out (very amateur) and am always thinking of some music.
What is a goal that you would like to achieve?
I really just want to build really cool shit with really cool people. My goal is for the vision I just mentioned to become true. It takes a lot of hard work. When building previous projects solo, it would haunt me that these project ideas only existed in my head; when I went to sleep they would be gone. And I had to carry them and bring them to reality - and it is a tough thing to materialize ideas and make them real and tangible - but once you do it is beautiful. Now, with Concave - it is a whole team dreaming up these visions - and it's on all of us to materialize these visions into actual real life things which bring value to others. My goal is to play my part in this and to play my part in helping nurture this environment where ideas triumph, where lively discussion, innovation, building and shipping occurs. Where everyone feels they are on the edge of some crazy new idea - because we are.
Concave x MoMB Event
With the release of the NonFungiTorium, we wanted to host an AMA event with the Rare Borpa Collector, where miners could ask them questions and receive cool gifts like a whitelist spot to their new Vincent Van Borp collection. The event was hosted in the NonFungiTorium, and over 50 people showed up. It was great fun seeing the two communities come together and halfway through the event, the amazing artist who made MoMB possible came to the museum to answer some questions. Truly a magical moment for everyone who was able to come by. Special thanks to the community and MoMB for making this such a fun collaborative event.
The whitelist sale for Vincent Van Borp begins 2/21/22 at 7:22PM UTC and runs for 24 hours. The public sale begins 2/22/22 at 8:22PM UTC.
The Club House
One location that is currently in the works for Concave World is the Concave Club House, a place located in the main hub area of Concave Town. After this area is fully built out, In this area, you will be able to hang out with your friends and play games in your own private rooms. We will be adding more features to this room soon to get it going so we hope you look forward to the finished clubhouse.
Meme of the Week
We have some amazing meme creators in our community, and they have been putting in their passion and creativity to create memes that miners can enjoy. One meme that made us chuckle was this meme made by purple_pige0n himself in the memes channel.
That’s all for this week miners — we hope you enjoyed this week’s issue of the Concave Echo and look forward to bringing you the next one.
Make sure to follow us on our socials!