This is a ‘State of Kyoko’ release that contains all of the most important information regarding Kyoko’s current position and future objectives. Kyoko has the ability to withstand a multi-year bear market and the long-term vision to do so.
It’s been a minute since our last update. Our dev team has been working ‘round the clock to upgrade our cross-chain asset lending platform and consult with our partners to build the architecture and begin development behind a completely overhauled version of our P2P NFT lending platform.
In the meantime, our business development team has been busy vetting new potential partners to join the Kyoko Partnership Program while our marketing team continues to organize the next season’s community event schedule.
This is all to say: we have been — and continue to be — all hands on deck. Bear market be damned. There’s still plenty of opportunity to build and grow — and that’s exactly what we plan to do.
However, one of our key priorities going forward is to become more community governed. Kyoko is its community and the community is Kyoko — and we believe that we are now mature enough to transition towards community governance.
With this transition comes the need for complete transparency. After all, how can we expect our community to make important decisions without seeing the whole picture? So, buckle up Kyokoans. This is a rare glimpse into the operations of a crypto project that you’re unlikely to have seen anywhere else before.
Kyoko is financially secure for the next 3 years.
Kyoko raised just north of $6 million USDT across its seed, private, and strategic fundraising rounds. While a large portion of that has been allocated to technical development and long-term infrastructure costs, our current cash balance remains at approximately $2.4 million USDT.
Notable cash outflows
Kyoko’s current cash balance is net of the following notable cash outflows:
- Uniswap liquidity: $1 million USDT
- DAO-to-DAO liquidity: $1 million USDT
- Past 1 year of expenses related to technical development, community, marketing, audit, and strategic operations: $1.6 million USDT
Monthly cash burn
Kyoko currently operates on approximately $65k in monthly expenses. This funds salaries for the core team, supports operating costs, and marketing costs. In the unlikely circumstance in which Kyoko remains pre-revenue for the duration of the bear market, this $2.4 million USDT cash balance will be sufficient to sustain Kyoko’s operations for the next three years at minimum.
Kyoko is growing quickly.
Kyoko’s products are well suited for a bull market, but they find completely additional value in a bear market. Our DAO-to-DAO loans finance the future of Web3 development, while our P2P NFT lending releases liquidity for the traditionally illiquid NFT market. Our cross-chain asset lending platform allows guilds and players to monetize unused in-game assets, while also lowering the cost of entry into new play-to-earn games.
Since we closed fundraising in March 2022, we switched into build mode and worked on delivering. Here are some of our key deliverables:
- Twitter: 25k+
- Discord: 30k+
- Discord Discovery Program eligible
- DAO-to-DAO lending platform: publicly available
- P2P NFT Lending platform: v1 testnet; v2 to be released Q3 2022
- Cross-Chain Asset Lending platform: open testnet
- $KYOKO Staking platform: publicly available
Clients and partners
In addition to this, we’ve formed partnerships with 20+ teams that span P2E games, guilds, and other complementary industry projects.
The takeaway: Kyoko is here to stay.
So, Kyokoans, this is where we’re at. We know that there’s quite some concern over the state of the cryptocurrency market and that the effects of the slowdown are being felt across the industry.
However, if you take one point away from this announcement, let it be this: this is just the beginning for Kyoko. We’ve already come far, and we’ve still got further to go. Everything is in place — but we can’t make it alone.
We need each and every member of our community to help. Participate in events. Test our products. Vote in community votes. And, most importantly, keep on spreading the Kyoko gospel.
Kyoko.Finance is a DAO-to-DAO credit provider and cross-chain GameFi NFT lending market for guilds and players. Kyoko’s DAO-to-DAO lending offers liquidity to promote Web3 development, while its guild-to-guild lending, P2P NFT lending, and cross-chain asset lending platforms aim to solve the most pressing issues challenging the GameFi market, including the rising cost of entry and siloed in-game assets across different blockchains. Kyoko’s metaverse will also allow Guilds to display their history, progress, and other accomplishments, while players can connect with others in a world that can be built in, developed, and sold off.
Follow Kyoko at the links below to stay up to date on upcoming events, releases, and news.