Connect Financial Progress Update
Good day to everyone in the Connect Financial and Crypto worlds. Today’s update will actually be covering the last couple of weeks progress as we did not have a weekly update last week due to various holidays. The core team returned after the long weekend a bit recharged and ready to continue our push towards the market release of our flagship products.
Over the last few weeks the team(s) have been focusing on these areas that we’ll review today:
- Client Portal Development
- Government and DAO deployment
- Treasury and Connect Protocols
- New Landing Site final checks
Client Portal Development
The work on the client portal continues to move forward. The majority of the work over the last two weeks has been focused on completing the wiring up of the entire site to the backend. This is essentially telling the website what to do when you click a button, what items on the database are updated when you do anything and making sure that everything updates correctly and is properly transacted with any vendor API’s.
The only major outstanding development left is the redesign of the user profile page. Our target is to allow user testers in by the end of the next sprint (two weeks).
Government and DAO Deployment
The DAO contracts themselves are fully deployed. What we are working on now is the update to the Token Portal that wraps in the Connect DAO portal that is provided from Snapshot.org. This portal will list all current and closed proposals, along with the capacity to propose, vote and delegate your voting power.
The Moderators have proposed opening some DAO specific channels in Discord, and we are all for it, but we want to make sure everyone has a full understanding of what proposals entail, what impact they can have etc. We are currently working on having this information written into a FAQ for the token portal site, but there are many resources out there if you want to research it.
The Airdrop of CNFD will be deployed with the main launch of the Portal update.
The remaining work consists of transferring controls in the individual other contracts over to the DAO contract addresses, which these updates are fully tested they are just waiting for blockchain deployment.
Treasury and Connect Protocols
This part really ties in directly with the DAO Governance but is worthy of its own section. The Treasury itself is the public-facing accounting of the Tokenomics for Connect Financial. The primary accounting is for the distribution and allocation of all CNFI tokens. The DAO is responsible for setting Treasury Policies for such things as:
- Control of distribution or release of new tokens
- Approving the increase in circulating supply as maybe necessitated by the card program
- Approving the allotment of tokens for staking reward or other future programs
- Setting the value of any Epoch for pCNFI tokens after the end of an period based on the performance of the Protocols and revenue in the treasury pool
- Controlling the interest rates and performance fees
These numbers will take shape on the Treasury page in the token portal, where all numbers will be pulled directly from the contract(s) and audited against expected values in each tranche.
The performance of the Connect Protocols are mainly tied into the Credit Pools that serve our Card members; the interest paid on these lines is charged a performance fee by the Protocol firstly, then paid out to the individual pool contributors. The performance fee or other revenue is then applied to our Credit Pools or other Vault Strategies to further enhance the value of the Treasury.
At the end of an Epoch (currently set to be Monthly) the DAO will assign a total performance value to that Epochs pCNFI which will then be redeemable by the pCNFI holders for either face value, or can be kept in the Treasury to compound on itself as it’s base value is left in the pool to earn more overtime.
Currently, pCNFI is earned by staking CNFI and by holding and participating in the DAO by holding CNFD tokens. Delegating your CNFD tokens to another use still rewards you with pCNFI as long as your delegate is active. pCNFI is broken into Epochs, or periods of time, and will increment at the end of each Epoch, i.e. the first epoch you would receive pCNFI1, then the subsequent epoch would generate pCNFI2.
Each pCNFI is given a share value at the end of its Epoch based on the pools performance, this share value will increase over time if it is kept in the pool. pCNFI is tradeable, assignable or sellable much like any other ERC-20 token.
New Landing Site
The new landing site has been completed and is currently going through a QA process. This QA process is optimizing all final images, ensuring every button/link works, and re-reading every letter on the page to ensure it is correct.
This will take most likely another week to complete as we are rewriting two sections at the moment and finalizing the deployment of it.
The new site will have future iterations that are already planned, such as the complete FAQ and Support site, plus additional support for the Token Portal.
Overall we love the new design and layout, though we admit it has taken a bit more work and planning than anticipated, we are sure you will all agree that it is a HUGE step up from the current page.
As always we appreciate our community and thank you all on the feedback, continued suggestions and support you provide the team. We will see you on the next update with more information regarding our release dates.